No matter what time of year it is, it’s never too early to prepare company accounts. Whether this is for tax returns, cash flow forecasting or just keeping finances organised, it should be done all year. In preparation for tax returns, accountants can always offer solutions to any problems that arise.
Coleman & Co have several years of experience helping small business throughout Lisburn organise finances. If you require support with any aspect of tax returns, we will always help prepare company accounts.
What To Include In Tax Returns
At the end of each financial year, both full annual accounts and a company tax return must be prepared by your business. Both are needed to meet deadlines for filing with Companies House and the HMRC. Annual or ‘statutory’ accounts and prepared from the company’s financial record at the end of the year and these accounts must be shared with several people, including:
- Attendees of Company Meetings
- Companies House
This must be sent to the HMRC as part of your tax return, despite different deadlines. Statutory accounts will help the HMRC work out accurate tax returns to ensure the correct amount is paid every year. When filing your tax return, you must consider profit or loss for Corporation tax and your overall corporation tax bill.
Many people find tax returns a daunting process. With the assistance of an accountant, you will always have the support you need for accurate tax returns.
Keep Record All Year
The best way to prepare your company accounts for taxes is to ensure every detail is recorded. From the past year, all transactions should be considered and included in company accounts, no matter how little or large.
When submitting your final tax returns, having the history of your transactions will always make this process easier. Without keeping a record, getting accurate tax returns can be a difficult challenge and something that you could be caught out with by the HMRC. Every single business expense should be recorded as well as any income. All money adds up and it is important you make tax returns as accurate as possible.
Know Tax Law Changes
Although you may have great knowledge of tax returns and what to submit, you must know any tax law changes. Not only when annual tax changes take place, but any other laws that could affect your business.
Our accountants are always updated with any potential tax laws that could affect any small business. If you do not have a good understanding of tax laws, any changes could massively influence your final tax returns. Failure to keep up with these tax laws could lead to warnings or fines from the HMRC. With the support of an accountant, you will always be in-the-know regarding all tax laws and changes you should make.
When To Prepare
Although your tax returns can be constantly changed over a financial year, your preparation can begin at any point. However, there are some deadlines that you must consider to avoid any major fines heading your way. Annual accounts must be submitted to Companies House within 9 months of the company’s financial year-end and Corporation Tax must be paid 9 months and 1 day after the ‘accounting period’ for Corporation Tax ends.
‘Accounting period’ is the time covered by your Company Tax Return. This is usually the same 12 months as the financial year covered by your annual accounts. Regardless of when you begin to prepare taxes, you must be ready for every deadline. Our team can always support you, ensuring tax returns are submitted accurately and on time.
For more information regarding the services we have available or for support during your tax returns, do not hesitate to contact our team. Call Coleman & Co today for advice in Lisburn regarding any business finances. Call us on 028 9266 3599 or fill in the contact form to make an enquiry for a quick response.