At the close of your financial year, a year-end summary brings together the movements on your Credicorp facility over that period in one document. It is designed to make preparing your statutory accounts and Corporation Tax return more straightforward.
What it helps you do
- Reconcile the facility against your bookkeeping in one pass rather than statement by statement.
- Give your accountant a clean overview of the year's activity.
- Support the figures that appear in your company accounts.
How it differs from a regular statement
A periodic statement covers a single statement period. A year-end summary takes a longer view across your whole financial year, so it is better suited to accounts preparation while the individual statements remain the detailed underlying record. You will normally use both together at year-end.
A note on tax
We can show you what happened on your facility, but we are not your accountant or tax adviser. How any cost of borrowing is treated in your accounts depends on your circumstances, so your own adviser should confirm the treatment. Credicorp lends only to UK limited companies and LLPs, so this document is always part of your company's records, prepared for business purposes.
See also: Is my statement an official document I can rely on?, What is the summary panel at the top of my statement?, Can I use my statement for VAT and Corporation Tax?.