Year-End Accounts

Accounts Services

Year-End Accounts Services

For sole traders and partnerships, year-end accounts will form the basis of the business owners' self-assessment tax returns.

For a partnership, the year-end accounts will also state the balance on each partner's current account. For owner-managed limited companies, the Limited company accounts will house details of the directors' salaries and the dividends paid to shareholders, which will need to tally with their self-assessment tax return.

The year-end accounts provide invaluable information about your business. You can see if the margin on your sales prices is set appropriately and how the latest performance compares to last year. Movements in sales and expenses are laid bare, allowing you to make better decisions in the future. Anomalies are highlighted and can then be investigated. Having year-end accounts brings you closer to your business and will help drive success.

Banks will also prefer to see a set of accounts for self-employed applicants looking to raise finance or apply for a mortgage.

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Choosing on a Year-End

Limited companies, partnerships and sole traders are free to pick whatever year-end they like.

Many business owners will pick a calendar year or the tax year (either 31st March or 5th April). Choosing the tax year will make your tax liability based on the latest finalised accounts and, therefore, as current as possible. Consequently, some business owners prefer to have a tax year-end because they better feel for their tax liability. Opting for the 31st March or 5th April will also avoid complicated overlap relief calculations for sole traders or partners.

Alternatively, you might choose a year-end that suits your business - a quiet time of the year when you can have the time to get everything together: count up stock and summarise your unbilled work, etc.

If you have other business interests, think about making the year ends all the same. This means the deadlines are easier to remember because they will be similar, but they all come at once!

It would help if you looked to prepare sole traders accounts and partnership accounts well ahead of the tax return deadline of 31st January. Companies typically have nine months from their year-end to complete their accounts, but it's always best to check the company accounts filing deadline on Companies House's website.

Give yourself as much time to prepare the accounts as possible. Rushing can lead to errors, and there may be receipts or bank statements you need to find. However, it also allows you to consider if you've claimed everything you're entitled to and whether any tax planning opportunities available.


We can prepare your accounts from whatever bookkeeping records you have - whether they be computerised, spreadsheets, a cashbook or a bag of receipts. And we can advise you on how to strengthen your record-keeping procedures, which in turn will help you run your business more effectively.

Your accounts will be prepared following accounting standards, and we will check that you are claiming everything you are entitled to.

Whether you are a sole trader, partnership or limited company, letting us prepare your year-end accounts will relieve you of what can be an extremely stressful and time-consuming exercise.

Self-Assessment Tax Returns

The UK has one of the most significant tax codes globally, so preparing even the most straightforward tax return can be complicated. In addition, there are various deadlines and responsibilities for taxpayers to be aware of.

The most common reasons that a tax return may be required are as follows:

  • You are self-employed or a partner in a partnership
  • You are a company director
  • You have large amounts of savings or investment income
  • You have untaxed savings or investment income
  • You own land or property that is being let
  • Your household receives Child Benefit, and you have income above £50,000
  • You have income from overseas
  • You have sold or given an asset away (such as a holiday home or some shares)
  • You've lived or worked abroad or aren't domiciled in the UK

The HM Revenue & Customs staff are not tasked to advise you on organising your affairs and minimising your tax. Therefore, if you want to make sure you are paying the correct tax, consult a professional.

At Top-Notch Accountants, we use HM Revenue & Customs-approved software to:

  • Complete your tax return
  • Calculate your tax liability
  • File the return online
  • Liaise with you on the amounts to be paid and when they are due

As part of the above service, we can analyse your self-assessment to see if any tax savings can be made, and we can also review the form to see if any anomalies need to be addressed before the return is submitted.

This process helps to minimise your risk of an HM Revenue, and Customs enquire into your tax affairs. If you are experiencing cash flow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue and Customs on your behalf.

We can take the worry away regarding self-assessment tax returns by giving you a fixed, competitive price, allowing you to concentrate on running your business.

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