Company Accounts
Year-end accounts are a legal requirement for both limited companies and sole traders, and they give a clear picture of how your business has performed over the financial year. They summarise your income, expenses, assets, and liabilities, helping you understand your profitability and meet your tax obligations. Well-prepared year-end accounts also support better decision-making and give confidence to HMRC, lenders, and other third parties if required.
Limited Companies
For limited companies, year-end accounts must be prepared in line with statutory requirements and submitted to Companies House and HMRC. This includes producing statutory accounts, a corporation tax computation, and filing the corporation tax return (CT600). Directors also use these accounts to confirm dividends, assess business performance, and ensure compliance with UK company law.
Sole Traders
For sole traders, year-end accounts focus on calculating your business profit or loss for the tax year. These figures are then used to complete your Self Assessment tax return. Accurate accounts ensure you claim all allowable expenses, pay the correct amount of tax, and avoid surprises when tax is due.
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