Preparing for your year-end

In order for us to produce your accounts we will need the following information, where it is relevant to your business.

A breakdown of stock

A copy of the bank statement(s) showing the balance(s) at the end of the reporting period.

A copy of the credit card statements for the year.

The balance of the cash account at the end of the reporting period, if any.

Please confirm the balances of your aged receivables and aged payables on your accounting system at the year-end (or provide us with a list of them). [The aged receivables is the list of customer balances which were owing to you at your year-end. The Aged payables is the list of supplier balances owed by you at the year-end.]

Make sure all your bookkeeping is up to date if you are in charge of it.

Collect copies of all new hire purchase or leasing agreements, if any.

Collect copies of any new loan agreements, if any.

Keep a list of any assets disposed of during the period and make sure you have inform us of any new ones purchased in the year.

Have you checked whether you can save any tax by looking at our How to save tax page?

In particular, make sure you look at the requirements for the following:

Home office (keep a record all your home expenses)

R&D claims

A summary of business mileage for the period. This must be for a private vehicle, not owned by the business, as you will be putting fuel and repairs through for those, instead of mileage. Driving to and from work must not be included in mileage, unless it is for a van.

Keep a list of any non-cancellable leases. We would need to know who the supplier is, how often you pay them, how much you pay, and when the lease payments will end.

Are there any invoices dated after the end of the reporting period that relate to work already completed in the period?

Similarly, are there any invoices dated before the year-end, but which relate to work done after the year-end?

How to share this information with us

Your account manager at Xoba will get in touch close to your year-end to remind you to make a note of any relevant information from the list you see here. We will ask you again when we start your accounts. We will always help you to save tax wherever possible, unless specifically asked not to.

All information can be shared with us via the client portal, or if easier, feel free to email this across.

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