Year End Procedures – Businesses Not Using Cloud Software

This Content Was Last Updated on March 15, 2023 by Susan Albest

 

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, with a variety of approaches to record keeping, this section of our website is inevitably quite detailed, with this in mind we’ve segmented our clients.

This section is for Business Clients – Sole Traders, Partnerships, Companies and LLPs – using a spreadsheet, paper records or desktop software.

 

General Guidance

 

What We Need

Generally what we need is:

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.

A few pointers:

  • Generally we don’t need supporting Invoices, receipts or 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 Year End Checklist
(you are welcome to print a hard copy of this, if you are giving us hard copy information)

 

Income and Expense Records

We need records of your business Income and Expenses

If you keep a spreadsheet then that can be emailed over to us

If you use desktop software – that is to say software which cannot be logged in to remotely, then we need in printed or PDF format (preferred):

  • Trial Balance
  • Nominal ledger – a line item breakdown of each nominal code
  • Aged Debtors/Aged Creditors
  • Audit trail – a listing of each transaction by date

If you keep manual records, eg an accounts book or diary, then we need this either in as an original or good quality copy.

 

How To Get It To Us

  • Your Year End Information can be sent to us by whatever medium is convenient

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/6 months, we’ll always do our best for you although things may be rushed.

See our Deadline Policy to understand how we work with deadlines

 

Late Processing Charge

If information is received after the 30th September/6 months a Late Processing Charge will apply.

The Late Presentation Fee recognises the pressure which bookkeeping and records provided to us late puts on our staff team, and also the increased risks to us around errors and mistakes.

The Late Presentation Fee is:

  • £100 plus vat where the accountancy fee is £500 or lower
  • 20% of the contracted accountancy fee where the fee is over £500

Staff have discretion to waive the Late Presentation Fee in appropriate circumstances.

We do not normally charge the Late Presentation Fee in your first year of service with us.

 

Statutory Filing Deadlines

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

Companies House – this applies to Companies and LLPs

  • Business Accounts due to Companies House 9 months after year end*1
  • Example
    • 31 March 2023 year end
    • to us by 30 September 2023
    • Companies House 31 December 2023 (maybe sooner if its your first year)

 

HMRC Income Tax – this applies to Sole Traders, Partnerships, LLPs and Company Directors / Shareholders in respect of their personal taxes

  • Self Assessment due to HMRC by 31 January after the tax year
  • Please get information to us by 30 September
  • Example
    • 5/4/23 or earlier year ends, to us by 30 September 2023, to HMRC 31 January 2024

 

HMRC Corporation Tax – this applies to Companies

  • Corporation Tax payable 9 months and one day after year end*1
  • CTSA Return CT600 along with accounts in iXbrl format due to HMRC 12 months after year end *1
  • Please get information to us 6 months after year end
  • Example
    • 31 March 2023 year end
    • to us by 30 September 2023
    • Companies House 31 December 2023 (maybe sooner if its your first year)
    • pay Corporation Tax 1 January 2024
    • File Corporation Tax with HMRC by 31 March 2024

*1 Deadlines may be shorter for first trading year if it is longer than 365 days

 

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, mortgage or tenancy, 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, subject to staff resources, 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