As your company year end date approaches, it’s important to plan ahead for the financial, tax and administrative tasks required to keep your business compliant. Preparing early makes the process smoother, reduces the risk of errors and ensures your company is ready to file annual accounts with Companies House and submit your company tax return on time.
Why early year end preparation matters
Taking control of your company year end brings several key benefits:
- Smoother processes – organised bookkeeping and admin lead to a stress-free year end.
- Better tax planning – reviewing figures in advance allows you to optimise tax efficiency and reduce liabilities.
- Personal wealth planning – directors can balance salary, dividends and pensions effectively before the tax year ends.
- Stronger financial position – timely adjustments and accurate reporting help you secure funding and investment.
Key company year end tasks
Here’s a practical checklist of the main tasks businesses should prepare before their accounting reference date:
Administrative tasks
- Value stock and work in progress (WIP) accurately.
- Ensure all invoices are issued and sales recorded.
- Resolve outstanding supplier and customer queries and provide for any doubtful debts.
- Reconcile all balance sheet accounts and confirm bookkeeping is up to date.
- Prepare draft figures at least one month before the year end.
- Keep copies of supplier statements and utility invoices for cost accruals.
Tax-driven tasks
- Plan asset purchases early – payment must usually be made within four months of year end for tax relief.
- Bring forward pension contributions to maximise relief within the accounting period.
- Make charitable donations before the year end to qualify for corporation tax relief.
- Review shareholder remuneration policy – balancing dividends, salary and pensions efficiently.
- Check directors’ loan accounts to avoid potential Section 455 charges.
Cosmetic and financial planning tasks
- Consider deferring non-essential expenditure to improve reported profits.
- Review the timing of discretionary transactions to present stronger year end figures.
- Plan ahead for future goals and growth by setting clear financial targets for the next 12 months.
Understanding filing deadlines
Every company registered with Companies House has an accounting reference date, which sets the end of its financial year. Normally, private limited companies must file annual accounts within nine months of the year end and submit a company tax return within 12 months.
It’s also important to remember that corporation tax is due nine months and one day after the year end date. Missing deadlines can result in fines, penalties and interest charges, so planning ahead is essential.
How Huddart can support your year end
At Huddart, our experienced team of Manchester chartered accountants work with small businesses and limited companies to simplify the year end process. We provide:
- Full preparation of statutory accounts and company tax returns.
- Tax planning advice to reduce liabilities and improve cash flow.
- Guidance on filing deadlines and compliance with Companies House.
- Business advisory services to set achievable goals for the next financial year.
Next steps: Prepare for your year end with confidence
The better prepared you are, the easier your year end will be. Our tailored support helps you manage compliance, tax and long-term planning, giving you peace of mind and freeing up time to focus on growing your business.
Contact us today on 0161 703 8353 or email hello@jeffreyahuddart.co.uk to discuss how we can help prepare your company year end.