One of the core responsibilities as a Company Director or business owner is to prepare and submit end of year accounts. Our teams of local accountants can help you by extracting the information we need from your financial records and preparing your accounts in a clear and concise format so you can accurately review performance.
The year end accounts are an opportunity to strategically review performance. Don't just see them as necessary compliance.
The year end process is a crucial time in the financial cycle of a business. Many businesses leverage their bookkeeping records for ongoing financial information, whether it be cloud accounting or otherwise, but the year end accounts present the annual picture in a unique and comparable way. It is this ability to compare performance to earlier years which allows business owners to scrutinise their financial performance at this time.
- Meet your basic compliance obligations as a business owner or Director
- Compare annual performance with earlier years or budgets
- Review and discuss areas of fluctuation and change with your accountant
- Set accurate performance targets and budgets for the year(s) ahead
- Review tax liabilities and calculations
The year end process is also an ideal time to review tax planning and capital investment strategies. We always recommend engaging with us at this stage and ahead of the next year end to consider possible measures.
Different because you are
We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.
Our teams of local accountants are highly skilled in working with businesses to prepare and deliver end of year accounts but utilising the data available to make strategic decisions is crucial to maximising the potential of your business.
How easy is it to change accountants?
It is generally very straightforward to move to Lovewell Blake from another accountant. We will write to your previous adviser for professional clearance and also obtain copies of selected historic information such as last years accounts and tax references. We will then issue a letter of engagement and register as your tax agent direct with HMRC.
What is Cloud Accounting and how does it work?
Cloud Accounting put simply means that your bookkeeping software is accessed online via website or app. This means that the data is automatically backed up and can be accessed from a variety of devices in any location with an internet connection. So rather than purchasing software to load onto your PC or laptop, you pay a monthly subscription for access to the software.
Functionality is much improved with automatic bank feeds commonplace and documentation scanned and archived electronically. You can issue electronic invoices with immediate online payment options which can help improve cashflow. Receipts can be scanned and posted automatically by the software which can save huge amounts of time data imputing.
If you're considering Cloud Accounting get in touch and one of our experts would be happy to guide you through the process.
Do I need to register for VAT?
If your business is expected to turnover £85,000 of VATable turnover in the next 12 month period, you will need to register for VAT and start charging VAT on your supplies. You can reclaim VAT incurred on relevant expenditure and you pay the balance of VAT collected and recovered over to HMRC.
If your sales are standard rated for VAT, you will be charging an additional 20% of VAT on top of the invoice value. For customers who are not VAT registered themselves, this will make your invoices 20% higher. If your customers are VAT registered themselves (i.e. other businesses) they will be recovering the VAT themselves so your charges will not be higher.
If all or the majority of your customers are VAT registered, you may wish to voluntarily register for VAT even if your turnover is less than £85,000. You would then be able to recover VAT in your expenditure and as your customers recover any VAT you charge them, your invoices are effectively no more expensive.