There have been some regulation changes to the way accounts are produced in the UK and there are a number of things that you can do now that will make your life easier when it comes to complying with these new rules at your year end:
Align your holiday period with your year end
If you have a different year end for your business and your staff holiday allowance, you’ll need to complete some additional work at the year end to calculate a figure for your accounts. If these two are aligned, you’ll save yourself a fair bit of work. You can align them by operating a shortened or lengthened pro-rata holiday period in the current financial year.
Dig out all lease agreements
All leases will need to be reviewed by your accountant at the year end (including property leases) to see how they will be treated under the new rules, and whether they should be on the P&L or Balance Sheet. All you need to do for now is scan a copy of these and keep them in a safe place, ready for us to review at your year end.
Keep your accounts up-to-date
This applies regardless of the new rules, but it’s never been more important to stay on top of your finances. With the move to HMRC’s digital accounts coming, it’s important to get into good habits right away and produce monthly management accounts for your business.
