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Your Business Year End and Getting it to Us – Guidance on Year End Procedures

This page is a guide to getting Year End information to us, what we need, and common problem areas, so that your year end accounts run smoothly.

If there is anything you are not sure about, or have difficulties with content or timescales, please let us know as soon as possible – the more notice we have, the more we can help.  Get in touch with your Normal Whitefield / YogaTax contact

Because our clients range from small to large, paper records to full double entry systems, this section of our website is inevitably quite detailed, so we ask that you take the time to read it carefully.

 

General Guidance

 

What We Need

Generally what we need is:

  • Your records of Incomings and Outgoings, paper or electronic.
  • Passwords and logins for any cloud or electronic files.

We then need the following supporting information where relevant:

  • Bank statements for business bank accounts including loans, savings and credit cards (a scan of these is fine).  If your accounting system includes a reconciled bank control, then sometimes we just need the last statement covering the year end.
  • Payroll and CIS records (CIS, only if you are in the construction industry).
  • VAT records.
  • Debtors, creditors, work in progress and stock.
  • Private use and Use of Home adjustments.
  • Your Self Assessment Data Request form.
  • Companies only (including PSCs) – You also need to send us your Register of People with Significant Control each year, as part of your year end pack – You can do this here.

A few pointers:

  • If you have records of incomings and outgoings, generally we don’t need supporting Invoices, Receipts and Vouchers.  We will request anything we need to see.
  • Please make sure your records cover the whole period – if you sent us paper information overlapping the year end last year, please make sure you’ve taken it out of last years records to include it again for the start of this year!
  • Obviously not everything in the list above will be applicable in every instance.
  • If you are used to sending accounts information in a specific format, please carry on and send us what you have – we will let you know if what you have sent isn’t complete.
  • Likewise, if you are not sure, what you sent last year is a good start!

For a full list of what we need you can use the checklist on our website
Submit Your Year End Checklist Online (you are welcome to print a hard copy of this, if you are giving us hard copy information)

 

Using FreeAgent or other Cloud Software

Where businesses use FreeAgent or other Cloud Software, we’ve found clients sometimes assume that all we need is login information.

Unfortunately, whilst these systems make life easier and, indeed, are now largely mandated under Making Tax Digital, we still need a little more that just the login.

First, we need you to let us know that your records are complete and ready for us to work on.  We can’t assume that everyone updates and reviews the data contemporaneously, so need you to advise us when yur data is ready for us to prepare your accounts.

Secondly, we need Supporting Information from the preceding section where relevant.  At the very least:

The checklist on our Website is probably the quickest way to work through this

 

How To Get It To Us

A few pointers for sending the Year End Information to us:

  • Please do not enclose correspondence on other subjects eg tax returns, personal tax information or similar with your books – send them under separate cover so they can be dealt with promptly.
  • We will keep your records for as short a time as possible – please ensure that you have any information you may need in the interim, eg for vat returns or to chase debtors.
  • If you need anything copied and returned to you then please let us know.
  • Please pack your books in as small a parcel as possible – boxes, crates or files may not be returned to you.
  • Please don’t send a bulky collection of invoices or receipts – more often than not we don’t need to see these.
  • Where possible we prefer information digitally.

 

When Do We Need It?

We ask for your accounting and tax papers by

  • 30 September for businesses with 31 March / 5 April year ends
  • 6 Months after the year end where the year end is not 31 March / 5 April

If this creates a problem, do let us know; we are a small team, and we can normally accommodate something special.

Whilst the statutory deadline for filing personal taxes is 31 January, and the statutory deadlines for companies is normally 31 December (assuming 31 March year end) we ask you to work to this earlier date to ensure our workload is spread evenly, and to avoid last minute rushes with attendant stresses and risks of errors.

After 30 September, we’ll always do our best for you although things may be rushed.

 

Late Processing Charge

For business clients, if information is received after the 30th September a £100+vat Late Processing Charge will apply.

The Late Processing Charge doesn’t normally apply to Personal Tax Clients, but please try and work within the time-scales above.

If you join us as a new client after 30th September then the Late Processing Charge doesn’t apply in the first year we look after your affairs.

Why do we make a Late Processing Charge?

Well, late information puts a huge strain on our staff team to get things done on time, and increases the risks of errors and things being rushed, which in turn means we can’t offer the service we would like to and puts us at risk of claims against us for mistakes.

We suspended the Late Processing Charge for 2019-20 and 2020-21 filings due to the Covid-19 Disruption, but it applies from April 2023 onward for 2021-22 filings.

 

Statutory Filing Deadlines

The normal filing deadlines for HMRC and Companies House are below:

Sole Traders/Partnerships

  • Accounts due to HMRC by 31 January after the tax year, with Self Assessment Return
  • Please get information to us by 30 September
  • Example
    • 5/4/22 or earlier year ends, to us by 30 September 2022, HMRC 31 January 2023

Companies / LLPs

  • Accounts due to Companies House 9 months after year end
  • Corporation Tax payable 9 months after year end
  • Accounts due to HMRC 12 months after year end
  • Deadlines may be shorter for first trading year if its longer than 365 days
  • Please get information to us 6 months after year end
  • Example
    • 31 March 2022 year end
    • to us by 30 September 2022
    • Companies House 31 December 2022 (maybe sooner if its your first year)
    • pay Corporation Tax 1 January 2023
    • File HMRC by 31 March 2023

 

Expenses

Before sending information to us – we suggest you check your expenses are complete:

From experience the common things that can get missed are:

  • Expenses for Working from Home / Using Home for Business
  • Motoring / Mileage costs

 

What Happens After We Get Your Books and Records

  • We try to prepare your accounts and get your records back to you as soon as possible – normally we aim to complete your accounts within 60 days; however  at busy times our turnaround times can exceed this  – when this happens we do everything possible to reduce our work backlog, and to keep you informed.
  • Please help us by telling us:
    • If your accounts are urgent, eg required for bank, proposed business sale, etc
    • You wish to use our express service (see below)
    • You would like any of your records copied and returned to you

We offer an express service for clients on request – please let us know when sending us your records if you wish to use this.  The cost is a surcharge of 10% on your normal contracted fee, subject to a minimum of £100 + vat. Provided your information is complete we will start work on your accounts as a priority and guarantee to let you have draft accounts within an agreed time-scale, normally 21 day, maybe sooner by agreement.

 

Complete your Your End Questionnaire on our Website

  • Online (via our website – you can also attach accounts files) – Online Checklist
  • Companies only (including PSCs) – You also need to send us your Register of People with Significant Control each year, as part of your year end pack – You can do this here