At NRB we pride ourselves as working as efficiently as we can to give our clients the most up to date and relevant advice we can within their financial year end.
Efficiency in Action
As a demonstration of this philosophy we have already completed five financial year ends ending in March 2024. In addition to this, a further 5 year ends ending in February 2024. There are a further 19 expected to be completed in the next two weeks.
This means that these clients have peace of mind that their financial affairs are in order. From this, they have certainty over when their tax liabilities are falling due and how much they will be.
Key Factors
For financial year ends to be completed so efficiently relies on two factors; clients are maintaining their records to a high standard (either internally or externally) on a regular basis. This is so they can be passed to their accountant very quickly after the year end. Also, an accountant that invests in their systems to ensure that work can be completed to the same high standard, but in a much smaller time frame.
NRB offers a bookkeeping service than can also assist with the first factor. This not only allows the year end to be completed efficiently, but also allowing owners to concentrate on what they do best, which is running their business.
Dispelling Misconceptions
A common misconception is that if you complete your year end quicker, then the tax is due sooner. This is simply not the case. Businesses that pay corporation tax, pay this 9 months a day after their financial year end at all times. For businesses that pay on their Self Assessment Return must pay their year end liability by 31 January. This is following the end of the tax year in the prior April.
Click here to find out more about the Self Assessment Tax Return Deadlines.
Further Information
If you would like more information on NRB’s offerings on efficient financial year end services, ensuring client peace of mind and tax certainty, please contact accounts@nrb.co.uk.
If you would like to find out more about the other services we provide, click here.
