The UK SME Year-End Close Checklist: Getting Ready for Your Accountant or Auditor
A good year end starts before the year ends. The businesses that file quickly and cheaply are the ones that hand their accountant a reconciled ledger and a complete set of schedules.
Accountancy and audit fees rise with the time spent chasing information. A structured year end — prepared in the weeks before the balance sheet date — cuts fees, speeds up filing and avoids late adjustments that change the reported result.
Before the year end
- Agree the timetable and information list with your accountant or auditor.
- Plan the stock count: date, teams, count sheets and cut-off procedures.
- Review the fixed asset register — disposals, write-offs, assets no longer in use.
- Chase old debtors and decide on any bad debt write-offs or provisions.
- Clear suspense accounts and resolve long-standing reconciling items.
At and after the year end
| Area | What to prepare |
|---|---|
| Bank | Reconciliations for every account, with statements at the year-end date |
| Debtors | Aged listing, reconciled to the ledger, with provision workings |
| Creditors | Aged listing and supplier statement reconciliations for key suppliers |
| Accruals and prepayments | Schedules with supporting invoices or calculations |
| Stock | Count results, valuation basis and any obsolescence provision |
| Fixed assets | Register reconciled to the ledger, additions and disposals evidenced |
| Payroll and tax | PAYE, VAT and pension control accounts reconciled to returns |
| Loans | Lender statements and split between current and long-term |
Cut-off is where errors hide
- Goods dispatched before the year end invoiced in the right period.
- Supplier invoices for goods or services received before the year end accrued.
- Deferred income recognised for work invoiced but not yet delivered.
- Stock movements around the count date recorded consistently.
Use the year end to improve next year
Every adjustment your accountant posts is a sign of something the monthly close missed. List them, fix the underlying process, and next year's management accounts will match the final result far more closely.
Doing this in MouCFO
MouCFO's month-end close checklist, compliance calendar and balance sheet reporting keep the ledger reconciled through the year, so the year end becomes a final check rather than a clean-up exercise.
Frequently asked questions
When are UK statutory accounts due?
For most private limited companies, accounts must be filed at Companies House within nine months of the year end, and the corporation tax return within twelve months. Corporation tax payment timing differs; check GOV.UK for your company's specific dates.
Do we need a physical stock count?
If stock is material, a count at or close to the year end is strongly advisable, and an auditor will usually expect to attend or rely on it. Counts away from the year end need to be rolled forward reliably.
How is the year-end close different from the month-end close?
It includes everything in the monthly close plus annual items — stock valuation, fixed asset review, provisions, tax computations and disclosures — and it must stand up to external review.