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19 Sep 2019
Fantastic feats for filing your year-end accounts
If you run a limited company, you will know all about filing your year-end accounts with HMRC and Companies House. Time often plays tricks and the reminder that your deadline is fast-approaching seems to come around sooner each year. There always seem to be a lot of records that still need to be rounded up.
You need to be confident that all your information is flawless and inaccurate information could lead to an agonising inspection!
Of course, the spell-binding sorcery of your bookkeeper and accountant will help you to complete your quest, but splendid processes can minimise the extra work they need to do, saving everyone time and money. That’s where our Genies can work their wonders .
The right ingredients for your year-end accounts
Submitting your year-end accounts within 12 months of the end of your company’s financial might seem like an eternity. However, it’s surprising how many details you might forget and how many documents, receipts and invoices can simply disappear in that time.
Income and expenditure records - receipts for all sales and purchases, cheque books, petty cash and up-to-date bank statements for a whole year can be quite a lot or records to wrangle.
Outstanding debtors – you will need a list of all your sales invoices that haven’t been paid on the final day of your financial year. If you think a payment has evaporated into thin air your accountant can count as an allowable business expense.
Creditors – a list of the people you owe money to, in date order, will help you decide which creditors decide who will be at the front of the queue for silver and gold.
Unsold stock and uncompleted work – if you’re a service provider, some work might still be in progress at the end of the year. If you provide products, you’ll need to defeat the dreaded stock-taking demon to work out total value of your stock and any depreciation.
Fixed assets – you’ll need a list and receipts for all the things your business owns, like IT equipment, premises and vehicles. Top this up with descriptions and locations, dates they were bought, prices and anything you have disposed of or sold during the year previous year.
Company liabilities – to be sure the HMRC don’t think you’re using smoke and mirrors to hide important information your records of debts or investments must to be up-to-date and accurate.
Staff payroll - HMRC is especially interested in payroll and expenses, so your PAYE and NI calculations must all be crystal clear too.
Our Genies are magical beings with extraordinarily powerful administrative gifts. If this list of records is causing you to quake, a Genie can be there to lend a hand in a twinkle. They can work with your bookkeeper to create pristine processes that will make keeping everything up to date a breeze.
Don’t let your records rule you, let our resourceful Genies help you to get ready for your year-end accounts. Get in touch today.
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