Year-end accounts and corporation tax returns for small businesses

Year-end accounts and corporation tax returns for small businesses

All businesses are required to submit a final set of accounts for each trading year. But submitting year end accounts is not simply about ticking a statutory compliance box. There are other matters to consider such as tax mitigation and calculation of the corporation tax liability. 

As a Haggards Crowther client, you will not have to worry as our experienced team will guide you through the process, asking relevant questions and dealing with the year end accounts process in a smooth and efficient manner. 

We always try to keep input required from you to a minimum, enabling you to focus on the day to day running of your business, but there are typically questions that we need to ask in order to make the right decisions about how to treat specific transactions. Once we have the information we need, we can usually complete the process remotely, sending you a copy of the final accounts ready for signing and dropping back to us. 

Minimising the tax burden

Small business owners are very focused on the tax they are paying and so we pay close attention to this during the year end accounts process, considering how best to minimise the tax payable by the business and, where relevant owners and directors. Typical strategies for tax mitigation at year end can include:

  • Putting in place the right balance between salary and dividends.
  • Saving surplus cash in the company.
  • The transfer of mobile phone contracts into the company.
  • Getting the company to contribute to childcare costs.
  • Make pension contributions direct from your company to your pension scheme.
  • Claim as expenses a reasonable proportion of your home costs if your office is at home.
  • Reclaiming business expenses from the company, even if they are not allowable for tax.
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