Your First Year Accounts
If you’ve never had an accountant before then you may be confused as to what to expect and what will be expected of you in preparing your first year accounts.
We don’t want you to be scared of us so the most important thing to remember is that from the moment that you sign with us we are here to help! Don’t be afraid to ask any questions or seek any advice, we’ve heard it all before! We’ll be in contact with you quite regularly but that doesn’t mean that you need to wait to speak to us.
As soon as we become your accountant you’ll receive a welcome pack. This will explain what to do next in addition to what we’ll need from you and when.
Also, once it gets close to the end of the tax year we will write to you to remind you that you need to submit your records. You’ll have a few weeks to submit these records and then we will produce your accounts. Once we’ve produced your first year accounts for you we’ll then invite you in to discuss them and in addition, offer advice on how to move forwards.
EXAMPLE TIMELINE FOR FIRST YEAR ACCOUNTS AS SOLE TRADER
- You will have an Initial Meeting, which will be free of charge to get things started.
- We will then provide you with a quote within 48 hours of our meeting in order to show you what we think we can do to help.
- If you give us the go ahead you will receive from us an engagement letter and forms to register you with HMRC 1-2 weeks later.
- Within 6 weeks you should be registered with HMRC.
- 1 month before your first accounting period end date you will receive a letter from us asking you to start to compile your accounting records for delivery to us.
- If you have not provided your accounting records 2 months after your accounting period you will receive a reminder from us to let you know that it’s overdue.
- Once we have received your accounting records, we aim to have sent draft accounts out to you within 6 weeks.
- You will then be invited into the office to discuss the accounts with your nominated contact.
- The accounts will be finalised at this point.
- Once it gets to May you will receive our spring/summer newsletter, this is a great way of keeping yourself informed with what’s going on!
- The April following your business start date– you should receive from us a tax return questionnaire which asks for the information we need in order to complete your personal tax return.
- The following September, if you have not yet returned your tax return questionnaire you will receive a reminder from us.
- Once we have received your personal tax return records we aim to have sent your tax return to you for review within 4 weeks.
- Once it gets to December you will once again receive our seasonal newsletter.
- In January, if you have a personal tax liability due by 31 January you will receive a payment reminder from us in early January.
- On 31st January your first personal tax return needs to be submitted to HMRC and any tax due needs to be paid.
- If you are required to make payments on account, we will write to you in early July to remind you of your payment due by 31 July.
EXAMPLE TIMELINE FOR FIRST YEAR ACCOUNTS AS A COMPANY.
- You will have an Initial Meeting, which will be free of charge to get things started.
- We will then provide you with a quote within 48 hours of our meeting in order to show you what we think we can do to help.
- If you give us the go ahead you will receive from us an engagement letter and forms to register you with HMRC 1-2 weeks later.
- We know it’s a lengthy process but within 6 weeks you should be registered with HMRC. We can also set up your company for you if this has not already been done.
- 1 month before your first accounting period end date you will receive a letter from us asking you to start to compile your accounting records for delivery to us.
- If you have not provided your accounting records 2 months after your accounting period you will receive a reminder from us to let you know that it’s overdue.
- Once we have received your accounting records, we aim to have sent draft accounts out to you within 6 weeks.
- You will then be invited into the office to discuss the accounts with your nominated contact..
- The accounts will be finalised and submitted to Companies House and HMRC.
- If you have tax to pay then you will receive a corporation tax reminder from us one month before your payment is due.
- Once it gets to May you will receive our spring/summer newsletter, this is a great way of keeping yourself informed with what’s going on!
- The April following your business start date– you should receive from us a tax return questionnaire which asks for the information we need in order to complete your personal tax return.
- Following September, if you have not yet returned your tax return questionnaire you will receive a reminder from us.
- Once we have received your personal tax return records we aim to have sent your tax return to you for review within 4 weeks.
- Once it gets to December you will once again receive our seasonal newsletter.
- In January, if you have a personal tax liability due by 31 January you will receive a payment reminder from us in early January.
- On 31st January your first personal tax return needs to be submitted to HMRC and any tax due needs to be paid.
- If you are required to make payments on account, we will write to you in early July to remind you of your payment due by 31 July.
If you have any questions or would like a bit more information, don’t hesitate to contact one of our dedicated Startup Team members.
David.Cook@ttrbarnes.com Startup Specialist, 0191 567 0304, Bio
Karen.Crozier@ttrbarnes.com Startup Specialist, 0191 567 0304, Bio
Beverley.Kelly@ttrbarnes.com Startup Specialist, 0191 567 0304, Bio
