One of the key advantages of using the best online bookkeeping software is that it is integrated. This means that when your year-end accounts need to be filed, getting them ready in the statutory format for HMRC and Companies House is much more straight forward. And here’s the best bit… because you have been using the software all year, the opportunities to save tax before we finalise your accounts are greatly increased.
What has to be done?
Each year there are a number of compliance benchmarks any business must satisfy. The first of these is the submission to Companies House of the annual return.
Secondly, HMRC will want to see your accounts and receive the due amount in tax.
What about before that?
Right from our initial meeting we are thinking forward to the year ahead. We draft a strategy for the business that is then monitored and reviewed each quarter leading towards the final quarter.
During the final quarter of the business year, we work with our clients to ensure that a review of tax planning has occurred. We ensure that all aspects of tax minimisation (UK legal and compliant) have been taken into consideration including things such as :-
- Pension planning
- Other financial planning
- Asset purchases
- Review of expenses and discuss any areas potentially missed
When completing these reviews, we want to ensure that the accounts filed show an accurate reflection of the year of trade while also complimenting your situation as the owner, manager and shareholder within the business.
We genuinely believe that completing the accounts is the boring bit, although an essential element of our role, we gain far more enjoyment delivering a set of accounts safe in the knowledge that any tax bill is the lowest you can legally pay.
Thereafter we commence the cycle again to ensure that the year ahead doesn’t hold any unwelcome surprises for you. As you can see, year end isn’t just a one-off piece of work for us – we work in partnership with you throughout the year to ensure we make the compliance easy and painless for you.