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

In this page we give 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

 

General Guidance

 

What we need

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!

Generally what we need is:

  • Your records of Incomings and Outgoings, paper or electronic
  • Passwords and logins for any cloud or electronic files
  • Bank statements for business bank accounts including loans, savings and credit cards
  • 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
  • Please make sure your records cover the whole period – if you sent us 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!
  • 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

Generally we don’t need supporting Invoices, Receipts and Vouchers.

Obviously not all of this will be applicable to every case.

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

 

How to get it to us

  • Your Year End Information can be sent to us:
    • Electronically
    • Via email
    • Royal Mail
    • Uploaded via our website
    • Dropped off at Arnold House during office hours, but please call ahead

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

  • Please do not enclose correspondence on other subjects, tax returns, personal tax information or similar with your books – send them under separate cover
  • We will keep your books 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 electronically

 

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 human, there is a small team, and we can normally accommodate something special.

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

Outside of the 30 September deadline, we’ll always do our best for you although things may be rushed.

 

Late Presentation Fee

For business clients, if information is received after the deadlines above a £100+vat Late Presentation Fee will apply.

The Late Presentation Fee doesn’t normally apply to our YogaTax clients or to Personal Tax Clients, but please try and work within the deadlines above.

Why do we charge a Late Presentation Fee?  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.

For 2019-20 and 2020-21 the Late Presentation Fee is suspended due to the Covid-19 Disruption.

 

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
      • 5/4/21 or earlier year ends, to us by 30 September 2021, HMRC 31 January 2022
  • 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 2021 year end
      • to us by 30 September 2021
      • Companies House 31 December 2021 (maybe sooner if its your first year)
      • pay Corporation Tax 1 January 2022
      • File HMRC by 31 March 2022

 

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
  • Utilisation of Spouse allowances if you and your spouse have differing income profiles / tax allowance utilisation.

 

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 avail yourself of our 21 day express service (see below)
    • You would like any of your records copied and returned to you

We offer a guaranteed 21 day express service for clients – please let us know when bringing your records in 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 with 21 days, normally sooner.

 

Complete your Your End Questionnaire on-line

  • Online (via our website – you can also attach accounts files) – Online 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