What do I need to give my Accountant?

Gemma Pearce
Sep 6, 2024
2 min read

As a sole trader or a limited company, the end of the financial year can be a busy time. Ensuring you have all the necessary documents and information ready for your accountant can make the process smoother and help you stay compliant with HMRC regulations. Here’s a comprehensive guide on what you need to provide your accountant at year-end.

Income Records

Your accountant will need a detailed record of all your business income. This includes:

Sales invoices: Ensure all invoices issued during the year are accounted for.
Bank statements: Provide statements for all business accounts to verify income received.
Cash receipts: If you’ve received cash payments, keep a log of these transactions.

Expense Records

Accurate expense records are crucial for calculating your taxable profit. Gather:

Receipts and invoices: For all business-related purchases and expenses.
Bank statements: To cross-reference with your expense records.
Credit card statements: If you’ve used a credit card for business expenses.

Mileage and Travel Logs

If you use a vehicle for business purposes, keep a detailed log of your mileage and travel expenses. This should include:

Dates of travel
Purpose of each trip
Mileage covered

Payroll Records

If you employ staff, you’ll need to provide:

Payroll summaries: Including details of wages paid, PAYE, and National Insurance contributions.
P60s and P45s: For all employees.

VAT Records

If you’re VAT registered, ensure you have:

VAT returns: Copies of all submitted VAT returns.
VAT invoices: For both sales and purchases.

Loan and Finance Agreements

Provide details of any loans or finance agreements, including:

Loan agreements
Repayment schedules
Interest paid

Stock and Inventory Records

If you hold stock, you’ll need to provide:

Stocktake records: Detailing the value of stock on hand at the year-end.
Inventory logs: Showing purchases and sales of stock throughout the year.

Personal Income Records

Individuals are taxed on their total income, include:

P60s and P45s: If you have other employment.
Interest certificates: For any savings or investments.
Dividend statements: If you receive dividends from shares.
Rental income: Details of any property income.

Final Tips

Organise your records: Keep everything well-organised and categorised to make it easier for your accountant.
Use accounting software: Consider using accounting software to track your income and expenses throughout the year. This can be excel or a paid software.
Communicate with your accountant: Regular communication can help ensure you’re on track and avoid any last-minute surprises.

By providing your accountant with all the necessary information, you can ensure a smooth year-end process and accurate tax filings. This not only helps you stay compliant but also allows you to focus on growing your business.