Gravitate will collaborate with you, help you automate the process of preparing your accounts and optimise your tax position. We will handle complexities of your year-end accounts, wrap up your financial year properly and ensure compliance, accuracy and peace of mind.
Year-end accounts (also known as statutory accounts) are one of the most important documents for a compliant and financially secure business.
Our cloud-based year-end process starts the moment we start working together. We help you maintain accurate digital records so will have a live, up to date view on how your company is performing at all times.
Prior to the company's year-end, we will arrange a pre-year-end tax planning meeting to review your tax position, advising on what options you have to reduce your tax burden.
When the year-end passes, you will know exactly where you stand, and we will work with you to finalise your year-end accounts within a few months.
There are a few other benefits to this approach.
We’ll hold an accounts finalisation meeting to walk you through your figures, clearly explaining what they mean for you and your business. Our goal is to make your accounts understandable, actionable, and useful for informed financial decision-making. That’s the difference going digital makes.
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Your year-end accounts are mandatory financial statements that summarise your business’s financial performance over the financial year. It includes profit and loss statements, a balance sheet, and tax calculations.
In the UK, limited companies and LLPs must submit year-end accounts.
Limited Companies must file accounts within 9 months of the financial year-end, with Corporation Tax returns due 12 months after the end of the accounting period.
Filing your year-end accounts may result in financial penalties from Companies House and HMRC. HMRC will also charge interest on any late tax payments.
Gravitate track this weekly and should an extenuating circumstance occur where you can’t file accounts on time we will arrange an extension with Companies House.
There are several useful accounting software platforms that can be used to make the year-end accounts process much easier. These include Xero, Sage, QuickBooks and FreeAgent.
It is important that accurate and up-to-date records are kept all year-round to assist with your year-end accounts. These include your invoices, bank statements, receipts for business expenses, payroll records, asset purchases or disposals, and VAT returns (if applicable).
It is also worth noting things that don’t typically go through the bank for example mileage, use of personal assets and using your home as an office.
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