Professional Company Accounts in Kilninian

Get in touch

Company Accounting in Kilninian

At The Tax Advisors, we understand that preparing and filing company accounts can be daunting for many business owners.

As a professional and affordable group of tax accountants based in the UK, we are here to help you navigate the complexities of this process and ensure that your financial records are accurate, compliant, and filed on time.

Contact us today to find out how we can help with your professional company accounts.

Get in touch

What Are Company Accounts?

Company accounts are financial statements that provide a detailed overview of a company's financial performance over a specific period, typically a fiscal year.

These accounts are essential for informing stakeholders, such as shareholders, creditors, and regulatory bodies, about the company's financial health.

Why Is It Important to Prepare and File Company Accounts?

  1. Legal Requirement: In the UK, all limited companies must prepare and file annual accounts with Companies House and HMRC. Failure to do so can result in penalties and legal repercussions.

  2. Financial Transparency: Company accounts offer transparency to stakeholders, helping them make informed decisions about investments, loans, and partnerships.

  3. Tax Compliance: Accurate accounts are crucial for calculating corporation tax liabilities and ensuring that your company pays the correct amount of tax.

The Process of Preparing Company Accounts

1. Gather Financial Information

The first step in preparing company accounts is gathering all relevant financial information. This includes:

  • Sales Invoices: Records of all sales made during the financial year.

  • Purchase Invoices: Documentation of all expenses and purchases.

  • Bank Statements: Detailed statements of all transactions made through the company's bank accounts.

  • Payroll Records: Information on salaries, wages, and other employee benefits.

  • Receipts: Proof of any other business-related expenditures.

2. Record Transactions

Once you have gathered all necessary financial data, the next step is to record these transactions accurately. This can be done using accounting software or manually in ledgers. Proper categorisation of income and expenses is crucial to ensure accuracy in the final accounts.

3. Prepare Financial Statements

The key financial statements that need to be prepared include:

  • Profit and Loss Account (P&L): This statement shows the company's revenues, costs, and expenses during the financial year, resulting in the net profit or loss.

  • Balance Sheet: A snapshot of the company's financial position at the end of the financial year, including assets, liabilities, and shareholders' equity.

  • Cash Flow Statement: This statement tracks the cash flow in and out of the business, highlighting the company's liquidity.

4. Review and Adjust

Before finalising the accounts, reviewing and adjusting them for any discrepancies, such as unpaid invoices or unrecorded expenses, is essential. This ensures that the accounts accurately represent the company's financial status.

Filing Company Accounts in Kilninian

1. Filing with Companies House

Once the accounts are prepared, they must be filed with Companies House. The deadline for filing is typically nine months after the end of the financial year. This process can be completed online or by post.

2. Filing with HMRC

In addition to filing with Companies House, companies must also file a Company Tax Return (CT600) with HMRC, including the full statutory accounts and tax computations. The deadline for filing is usually 12 months after the end of the financial year.

3. Pay Corporation Tax

After filing your accounts and tax return, you will need to pay any corporation tax due within nine months and one day after the end of your accounting period.

FAQs about Company Accounts in PA74 6

What happens if I file my company accounts late?
Late filing can result in penalties from Companies House, starting at £150 and increasing the longer the delay. HMRC may also impose fines and interest on unpaid corporation tax.

Can I file my company accounts myself?
Yes, you can file your company accounts yourself. However, seeking professional help to ensure accuracy and compliance with UK accounting standards is advisable.

What is the difference between abridged and full accounts?
Abridged accounts are a simplified version of full accounts, omitting detailed profit and loss information and reducing the detail required in the balance sheet. Small companies often file abridged accounts to maintain privacy.

The Tax Advisors: Your Partner in Preparing and Filing Company Accounts

At The Tax Advisors, we offer a comprehensive range of services to help you prepare and file your company accounts with ease. Our team of experienced tax accountants provides tailored advice and support, ensuring that your accounts are accurate, compliant, and submitted on time. With our professional and affordable services, you can focus on growing your business while we take care of the numbers.

Why Choose The Tax Advisors?

  • Expertise: Our team is well-versed in UK accounting standards and tax laws, ensuring that your accounts are prepared to the highest standards.

  • Affordability: We offer competitive pricing, making professional accounting services accessible to businesses of all sizes.

  • Personalised Service: We take the time to understand your business, offering bespoke advice and solutions that meet your specific needs.

Contact Us Today

For more information on how we can assist with preparing and filing your company accounts, contact The Tax Advisors today.

Simply drop us a message and we will be in touch with help and advice.

Let us help you stay compliant, save time, and avoid unnecessary penalties.

Get in touch

We cover Kilninian (Argyll and Bute)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for professional company accounts
Acha Sorisdale Sandaig Port Askaig/Port Asgaig Asknish Craignure Cnocbreac Melfort Stronmilchan Ardanaiseig Poltalloch Cornaigmore Keils Hunter's Quay Cleigh Clachan Kelhurn Geilston Salen Otter Ferry Balemartine Keillmore Ascog Tobermory Townhead Lagavulin Drimnagall Kilmahumaig Kilkenneth Uisken Keillbeg Kilmichael Glassary Uragaig Bridgend/Beul an Atha Kilbridemore Nerabus Benmore Portinnisherrich Kilninver Strongarbh Ardoch Port Ellen/Port Eilein Kenovay Newton Park Lochgilphead Ardfernal Mambeg Bunessan Cairndow Carnassarie Lochdon Port Ann Inverlussa Clachan Cairnbaan Kilchiaran Mannal Portsonachan Bealach Maim Strone Black Crofts Kilfinan Machrihanish Dalintart Garvie Muasdale Cornaigbeg Craobh Haven Strachur Baile M Gribun Kinuachdrachd Torinturk Innis Chonain Creagan Whitehouse Montford Ardalanish Caolas Minard Castle Whistlefield Calgary Dervaig New Ulva Ardifuir Achleck Inverbeg Blarbuie Kilcreggan Ichrachan North Connel Tostary Bullwood Port Charlotte/Port Sgioba Cuan Succoth Ballochgoy Fionnphort Garvard Uig Balevullin Millhouse Salum Bowmore/Bogh M Blackrock Claddach Kilchenzie Braevallich Inverchaolain Middleton Inverarnan Redhouses Craigendoran Middle Kames Inveruglas Ardinamir Gortonronach Meikle Kilchattan Butts Heylipol Craighouse Taynuilt New Danna Barnluasgan Tayinloan Killean Lerags Barrapol Cladich Soroba Ruaig Gartnagrenach North Shian Kerrycroy Cardross Balnahard Moss Portnahaven/Port nah-Abhainne Pennyghael Bunavullin Inveraray Ardrishaig Kiel Crofts Achnahard Inverneill Sandbank Kirn Kilmeny Vaul Knockrome Ardentallen Achanelid Gott Tarbet Inverinan Kintallan Ardchonnell Kilmichael of Inverlussa Achnamara Risabus Ardentinny Arduaine Imeraval Dunamuck Brochroy Kilmelford Ashfield Rhu Clachan of Glendaruel Portavadie Leargybreck Kingarth Carrick Castle Aridhglas Carsaig Laganbuidhe Mill Knowe Kilnave Gariob Ford Dunbeg Ardminish Campbeltown Port Appin Invernoaden Eilean Duirinnis Birdfield Clachaig Dunollie Ballimore Innellan Bunnahabhain Kilninian Ballygrant Sutherlands Grove Ardnadam Daill Tayvallich Rothesay South Shian Caol Ila Mill Park Strathcoil Portnacroish Arden Achahoish Luss Balinoe Laphroaig Bridge of Awe Fanmore Lephinmore Stewarton Toward Grogport Fasnacloich St Catherines Carradale Carsaig Barcaldine Corfhouse Lochbuie Tarbert Clabhach West Hynish Dunrostan Minard West Tarbert Ardbeg Baile Boidheach Auchindrain Kilmun Bellochantuy Achaleven Pulpit Hill Knipoch Dalavich Colintraive Grishipoll Arrochar Calton Eredine Rahane Coulport Balephuil Appin Crinan Daill Ledaig Cullipool Inveresragan St Colmac Bousd Glenbranter Creggans Southend Bonawe Kilmichael Beg Garelochhead Port Bannatyne Upper Kilch Goatfield Furnace Soroba Kintra Baligrundle Tullochgorm Heanish Kilchattan Bay Clachan Sraid Ruadh Narrachan Tayvullin Shandon Creich Balimore Drumlemble Crarae Lee Coshandrochaid Balliveolan Ardlui Rosneath Waterfoot Straad Balephetrish Portkil Barrahormid Barsloisnoch Kames Askomill Balnahard Kirkapol Port Wemyss/Bun Othan Hough Auchenlochan Ormsary Blairmore Glenegedale Lephinchapel Glen Branter Sandhole Achnacroish Ledaig Claonaig Killinochonoch Kilberry Slockavullin Leorin Glenbarr Tighness Crossapol Largiemore Tarbert Port Ramsay Craigenhouses Baleromindubh Glac Mh Kilmoluaig Cove Lower Kilchattan Faslane Port Ballygown Clynder Ardbeg Barbreack Ellenabeich Kilmory Balvicar Lochgoilhead Easdale Knockan Ballimore Scalasaig Scarinish Ellary Stroul Kilmore Clachan-Seil Gruline Kilchoman Hynish Toberonochy Lower Ardtun Baravullin Ardfern Helensburgh Dalmally Ardtun Baugh Connel Portincaple Lochgair Kilbride Lochawe Kilkerran Bruichladdich Peninver Newtown Ardgartan Bridge of Orchy Java Barran Ardpeaton Kilmartin Garbhallt Croggan Kiloran Bridgend Lagg Ardmenish Oban Seil Dunans Conisby Conchra Crinan Ferry Kilchrenan Ballymeanoch Clachbreck Daltote Annat Craigmore Benderloch Bridgend Oban Skipness Tighnabruaich Ardskenish Arinagour Saddell Bellanoch Glenview Dunoon