What to Expect from an Accountant During Year-End

Year-end can feel daunting for many business owners. It’s the time when financial records must be finalised, statutory accounts prepared, and tax liabilities calculated. Having a reliable accountant by your side makes the process far less stressful and ensures your business stays compliant. But what exactly should you expect from your accountant during year-end?

Reviewing and Finalising Financial Records

One of the first steps your accountant will take is to review your bookkeeping and ensure all transactions are recorded accurately. This includes reconciling bank statements, checking outstanding invoices, and making adjustments for accruals and prepayments. Accurate records are the foundation for preparing statutory accounts and tax returns.

Preparing Statutory Accounts

For limited companies, statutory accounts must be submitted to Companies House and HMRC. Your accountant will prepare these in line with UK accounting standards, ensuring they present a true and fair view of your business performance. These accounts typically include a profit and loss statement, balance sheet, and explanatory notes.

Calculating Tax Liabilities

Your accountant will calculate the Corporation Tax owed, taking into account allowances, reliefs, and any expenses that can be deducted. They will also advise on payment deadlines to help you avoid penalties and interest charges. For sole traders and partnerships, this stage includes preparing self-assessment tax returns.

Providing Strategic Advice

A good accountant does more than just compliance. Year-end is the perfect time to assess your financial position and plan ahead. Your accountant may highlight opportunities to improve tax efficiency, manage cash flow, or prepare for growth. This advice can help you enter the new financial year with clarity and confidence.

Communicating Deadlines and Responsibilities

Clear communication is key during year-end. Your accountant should provide a timeline of key deadlines and outline what information they need from you. This ensures you remain on track and gives you peace of mind that nothing will be overlooked.

Final Thoughts

Year-end is a critical period for every business, but with the right support, it doesn’t have to be overwhelming. Your accountant should not only handle compliance but also act as a trusted adviser, guiding you through the process and helping you plan for the future. By knowing what to expect, you can approach year-end with confidence and focus on growing your business.