Your year-end accounts form the basis of a self-assessment tax return. Year-end accounts give invaluable information about the business and are particularly useful when you apply for a mortgage or when you are looking for ways to raise finance. A dedicated and systematic daily bookkeeping services ensure that year-end accounts services are carried out in a cost-effective and time-efficient manner. Year-end accounting also ensures that various aspects throughout the year are tracked that can be improved. Advance year-end tax planning helps you know how much tax you have to pay and creates ways to arrange the money.
But submitting year-end accounts is not as simple as ticking the statutory compliance box. There are other matters to consider such as tax mitigation and calculation of corporation tax liability. Typically strategies for year-end tax mitigation may include:
- Striking the right balance between salary and dividends
- Make pension contributions directly from your company to your pension plan
- Saving surplus cash in the company
- Receiving contributions towards childcare costs from the company
- Withdrawing business expenses from the company, even if they are not allowable for tax
- If your office is at home, claim a reasonable proportion of your home costs as expenses
With the level of business increasing every day, there is an urgent need for a person who can manage corporate finance, corporate tax and improving business conditions. Due to such a huge demand for the service, my account filing are also on a high level. The requirements for accountants are also skyrocketing in recent times.
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