Year-end accounts are crucial for understanding your business’s financial health and serve as the foundation for your self assessment tax return. For sole traders and partnerships, these accounts form the basis of the owners’ tax returns, while for owner-managed limited companies, they include details of directors’ salaries and dividends paid to shareholders, ensuring accuracy in self assessment tax returns.

These accounts offer invaluable insights into your business, helping you evaluate sales margins, compare performance with previous years, and analyse movements in sales and expenses. Such detailed information aids in making informed decisions, identifying and investigating anomalies, and ultimately driving business success. Banks also prefer to see a set of accounts for self-employed individuals seeking finance or mortgages.

Choosing a year-end that suits your business is essential. Many opt for the tax year end (31st March or 5th April) to align tax liability with the latest finalised accounts. Others choose a quiet time of the year to manage stock counts and unbilled work efficiently. It’s crucial to prepare your accounts well ahead of deadlines to avoid errors and explore all tax planning opportunities. HBBS ensures your year-end accounts are prepared meticulously, giving you the time and accuracy needed to succeed.