Prepare expenses
Ensure all expenses are included in your accounts. This can include:
Office costs (e.g. stationery, printing, phone bills)
Travel costs (petrol/mileage, parking costs, train travel)
Clothing costs (e.g. uniforms)
Staff costs (e.g. salaries)
Only costs that are solely for business purposes can be claimed for
Chase unpaid invoices
Ensure you chase all debts and consider whether any need to be written off. If you use software you can automate this chasing process to save you time.
Note important deadlines
Corporation Tax Returns must be filed with HMRC 12 months after your year end date. However - the deadline for paying is 9 months and 1 day after year end so realistically you need to have your tax return prepared by this date.
Companies House accounts need to be filed 9 months after year end.
Reconcile bank transactions
Ensure all bank transactions have been reconciled and the balances tally with the amounts shown on the statements. This is a relatively straightforward process if using software such as Xero.
File documents with HMRC and Companies House
This step is where an accountant can step in and assist to ensure you prepare your accounts correctly.
Contact us at katie@bluearrowaccounting.co.uk to see how we can help
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