Year-end accounts are a legal requirement for most self-employed business owners and partnerships, forming the foundation of your Self Assessment tax return. But they’re also a valuable tool — giving you a clear picture of how your business has performed, highlighting areas for improvement, and helping you plan ahead with confidence.
What Are Year-End Accounts?
Year-end accounts (also called annual accounts or financial statements) summarise your business income, expenses, and profit or loss over a 12-month period. For sole traders and partnerships, these are used to calculate the tax owed and complete your Self Assessment return with HMRC.
Banks and mortgage lenders also commonly request a set of accounts when you apply for finance — making accurate, professionally prepared accounts important beyond just tax purposes.
Key Deadlines
- 31 January — online Self Assessment tax return deadline
- 31 October — paper return deadline
- 31 January — payment of any tax owed
We recommend starting the accounts preparation process as early as possible after your year-end to allow time for tax planning and to avoid last-minute pressure.
How PBAS Helps
At PBAS, we prepare year-end accounts from whatever records you have — whether that’s a spreadsheet, a shoebox of receipts, or a cloud accounting system like QuickBooks or Xero. We’ll review your records, advise on how to strengthen your record-keeping, and ensure you claim every allowable expense you’re entitled to.
- Accounts prepared to accounting standards
- Full review to maximise allowable expenses and tax savings
- Advice on tax planning opportunities
- Flexible appointment times to suit you
- Competitive, fixed pricing
Let PBAS handle your year-end accounts so you can get back to running your business — with the peace of mind that everything is accurate, compliant, and submitted on time.
Contact Us
Call us on 07548 281 129 or use our online enquiry form to get started.
”Frequently Asked Questions — End of Year Accounts
What records do I need to prepare my year-end accounts?
You’ll need records of all income received, all business expenses, bank statements, and any receipts or invoices. The more organised your records throughout the year, the smoother the year-end process. Read more: What Records Do I Need to Keep as a Sole Trader? →
What expenses can I include in my accounts?
Allowable expenses include business travel, equipment, home office costs, professional subscriptions, phone and internet, marketing, and more. Claiming every expense you’re entitled to reduces your tax bill. Read more: What Expenses Can Sole Traders Claim? →
Can I claim for working from home?
Yes — self-employed people who work from home can claim a proportion of household costs such as heating, electricity, and broadband. There’s also a simplified flat rate option. Read more: Working From Home as a Self-Employed Person — What Can You Claim? →
Do I need to pay tax in advance?
Possibly — HMRC uses a system called payments on account, where you may need to pay a portion of your estimated next year’s tax bill in January and July. This can come as a surprise if you’re not prepared. Read more: What Is a Payment on Account? →
Should I stay as a sole trader or consider a limited company?
It depends on your profit levels, risk appetite, and plans for growth. There’s no one-size-fits-all answer — but it’s worth reviewing as your business grows. Read more: Sole Trader vs Limited Company — Which Is Right for You? →
Who We Serve
PBAS provides end of year accounts for sole traders and micro-businesses across East Lothian, Edinburgh, Midlothian and the wider Scotland area. We’re based in Wallyford, Musselburgh — conveniently located for clients across the Lothians — and we work remotely with clients throughout Scotland.
Whether you’re a tradesperson in Musselburgh, a freelancer in Edinburgh, or a small business owner anywhere in East Lothian, we offer the same personal, affordable service. Get in touch for a free, no-obligation chat →
Related Guides
- Sole Trader vs Limited Company — Which Is Right for You?
- How to Pay Yourself as a Sole Trader
- Do I Need a Bookkeeper or Accountant as a Sole Trader?
- Our Bookkeeping Services
For authoritative HMRC guidance on end of year accounts, visit the GOV.UK guide to annual accounts.
