YEAR-END ACCOUNTS FILING 

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If you're looking for a year-end accounts filing service, Brilliant Accountants in Milton Keynes provide several options to help manage this process efficiently and accurately. 
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We do it all for you 

These services handle everything from preparing your financial statements to submitting them to tax authorities and relevant regulatory bodies Submissions of all mandatory accounts and returns would be made at the same time to both HMRC and Companies House. 
 
A range of services are available from straightforward accounts filing from established clients information where the client is confident of the validity and accuracy of their information through to a thorough year end analysis of information provided. 
 
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What are year-end accounts? 

Year-end accounts are the financial statements prepared at the close of a company’s financial year. They provide a snapshot of the business's financial health and performance, covering its assets, liabilities, income, and expenses over the year. Here is an overview of the key steps and components involved in preparing year-end accounts: 
 
1. Gather All Financial Records 
 
Invoices and Receipts: Collect all sales and purchase invoices, along with receipts for any expenses paid during the year. 
Bank Statements: Ensure you have bank statements for all business accounts, including loans and credit cards. 
Payroll Records: If you have employees, gather payroll records to account for wages, taxes, and benefits. 
Inventory Count: For product-based businesses, conduct a physical count of inventory and record any stock losses or write-offs. 
 
2. Organise and Review Expenses 
 
Categorise Expenses: Group expenses by category (e.g., rent, utilities, marketing) for easier reporting and analysis. 
Separate Personal and Business Expenses: Ensure personal expenses are excluded from your business accounts to maintain accuracy and compliance. 
Reconcile Bank Statements: Match all transactions recorded in your books with those on your bank statements to ensure no transactions are missed. 
 
3. Record All Revenue 
 
Sales Records: Verify that all income generated by the business is recorded, including revenue from goods sold, services provided, and any other income streams. 
Accounts Receivable: Review outstanding invoices and consider creating a provision for bad debts if certain payments are unlikely to be collected. 
 
4. Calculate and Record Depreciation 
 
Identify Depreciable Assets: Assets like equipment, machinery, and vehicles lose value over time and should be depreciated. 
Choose a Depreciation Method: Use a method such as straight-line or reducing-balance depreciation based on your business needs and local accounting regulations. 
Record Depreciation Expense: Reflect the annual depreciation expense in your accounts to accurately report asset values and reduce taxable income. 
 
5. Prepare Financial Statements 
 
Profit and Loss Statement (Income Statement): This shows the total revenue, cost of goods sold, expenses, and profit or loss over the year. 
Balance Sheet (Statement of Financial Position): This statement provides a snapshot of the company’s assets, liabilities, and equity at the end of the financial year. 
Cash Flow Statement: This shows the movement of cash in and out of the business, categorising activities into operating, investing, and financing. 
 
6. Adjustments and Provisions 
 
Accruals and Prepayments: Record any expenses or income that have been incurred but not yet paid or received (accruals) and payments made in advance (prepayments). 
Provisions: Set aside funds for known expenses, such as taxes, warranties, or doubtful debts, even if they haven’t been paid out yet. 
 
7. Review and Finalise Accounts 
 
Double-Check Figures: Review the accounts for any inconsistencies or errors. 
Seek Professional Assistance: If you have a complex business structure or are uncertain about certain entries, consult with an accountant to ensure compliance with accounting standards and tax regulations. 
 
8. Submit Required Reports and File Taxes 
 
Tax Filing: File your tax return based on the financial statements. Ensure all income is accounted for, eligible expenses are deducted, and any tax credits or allowances are applied. 
Statutory Reporting: Certain reports may be legally required to be filed with government authorities such as HMRC. 
Audit (if required): Some businesses, particularly larger ones, may need to have their accounts audited by a certified public accountant. 
 
This process helps ensure your business’s accounts are accurate, compliant, and provide a clear picture of financial performance over the year. 

What are year-end accounts? 

Year-end accounts are the financial statements prepared at the close of a company’s financial year. They provide a snapshot of the business's financial health and performance, covering its assets, liabilities, income, and expenses over the year. Here is an overview of the key steps and components involved in preparing year-end accounts: 
 
1. Gather All Financial Records 
 
Invoices and Receipts: Collect all sales and purchase invoices, along with receipts for any expenses paid during the year. 
Bank Statements: Ensure you have bank statements for all business accounts, including loans and credit cards. 
Payroll Records: If you have employees, gather payroll records to account for wages, taxes, and benefits. 
Inventory Count: For product-based businesses, conduct a physical count of inventory and record any stock losses or write-offs. 
 
2. Organise and Review Expenses 
 
Categorise Expenses: Group expenses by category (e.g., rent, utilities, marketing) for easier reporting and analysis. 
Separate Personal and Business Expenses: Ensure personal expenses are excluded from your business accounts to maintain accuracy and compliance. 
Reconcile Bank Statements: Match all transactions recorded in your books with those on your bank statements to ensure no transactions are missed. 
 
3. Record All Revenue 
Sales Records: Verify that all income generated by the business is recorded, including revenue from goods sold, services provided, and any other income streams. 
Accounts Receivable: Review outstanding invoices and consider creating a provision for bad debts if certain payments are unlikely to be collected. 
 
4. Calculate and Record Depreciation 
 
Identify Depreciable Assets: Assets like equipment, machinery, and vehicles lose value over time and should be depreciated. 
Choose a Depreciation Method: Use a method such as straight-line or reducing-balance depreciation based on your business needs and local accounting regulations. 
Record Depreciation Expense: Reflect the annual depreciation expense in your accounts to accurately report asset values and reduce taxable income. 
 
5. Prepare Financial Statements 
 
Profit and Loss Statement (Income Statement): This shows the total revenue, cost of goods sold, expenses, and profit or loss over the year. 
Balance Sheet (Statement of Financial Position): This statement provides a snapshot of the company’s assets, liabilities, and equity at the end of the financial year. 
Cash Flow Statement: This shows the movement of cash in and out of the business, categorising activities into operating, investing, and financing. 
 
6. Adjustments and Provisions 
 
Accruals and Prepayments: Record any expenses or income that have been incurred but not yet paid or received (accruals) and payments made in advance (prepayments). 
Provisions: Set aside funds for known expenses, such as taxes, warranties, or doubtful debts, even if they haven’t been paid out yet. 
 
7. Review and Finalise Accounts 
 
Double-Check Figures: Review the accounts for any inconsistencies or errors. 
Seek Professional Assistance: If you have a complex business structure or are uncertain about certain entries, consult with an accountant to ensure compliance with accounting standards and tax regulations. 
 
8. Submit Required Reports and File Taxes 
 
Tax Filing: File your tax return based on the financial statements. Ensure all income is accounted for, eligible expenses are deducted, and any tax credits or allowances are applied. 
Statutory Reporting: Certain reports may be legally required to be filed with government authorities such as HMRC. 
Audit (if required): Some businesses, particularly larger ones, may need to have their accounts audited by a certified public accountant. 
 
This process helps ensure your business’s accounts are accurate, compliant, and provide a clear picture of financial performance over the year. 

Key Documents Typically Required in Year-End Accounts: 

Trial Balance: Summarises all ledger balances to confirm accuracy before preparing financial statements. 
General Ledger: Contains detailed records of all financial transactions throughout the year. 
Supporting Schedules: Detailed reports that support the balance sheet and income statement figures, such as accounts payable and receivable schedules. 
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