Professional Company Accounts in Great Wilbraham

Get in touch

Company Accounting in Great Wilbraham

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 Great Wilbraham

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 CB21 5

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 Great Wilbraham (Cambridgeshire)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Offord D'Arcy Little Shelford Heathfield Little Green Upwood Steeple Gidding Pymoor The Green Kirtling Green Great Gidding Coppingford Stilton Molesworth Broad Hill Croxton Trumpington Park End Newark Millfield Conington Broad Green Cottenham Foxton Etton Wicken Abbotsley Church End Needingworth Little Abington Fenstanton Wimblington Brinkley London End Ely Landbeach Bluntisham Eye Sawtry Great Raveley Morborne Fengate Stonely Pymore/Pymoor Newnham Streetly End Comberton Burrough End Green End Brandon Bank Barnack Elton Brington Graveley Orton Southgate Duck End Guyhirn Little Wilbraham Owl End Easton Fenton Sutton Over End Leighton Bromswold Mepal Teversham Linton Denny End Harlton Shudy Camps Helpston Arbury Eltisley Westwood Wilburton Great Eversden Great Paxton Chapel End Over Manea Flood's Ferry Hardwick Werrington Peas Hill Eldernell Elford Closes Dullingham Tadlow Hinxton St Ives Black Bank Dogsthorpe Carlton Green Little Chishill Gatley End Holywell Gamlingay Cinques Ditton Green Oxlode Ellington Thorpe Elsworth Maxey Town End Eastgate Stanground Eye Green Dunkirk Frog End High Cross Kneesworth Great Green Folksworth Coton Soham Cotes Murrow Moor End Alconbury Hail Weston Chittering Sapley Westry Westley Waterless Haddon Thriplow Newborough Church End March Pidley Ravensthorpe Gorefield Willingham Green Stibbington Wennington Yelling Nosterfield End Weston Colville Water Newton Down Field Woolley Diddington Orton Brimbles Bartlow Litlington Wothorpe Glinton Tilbrook Upton Hilton Steeple Morden Shingay Swaffham Bulbeck Newton Houghton North Brook End Brampton Green End Woodditton Ashley Eastfield Staughton Green Eastwood End Thornhaugh Southoe Grantchester Clayhithe West Wratting Second Drove Barham Hardwick Black Horse Drove Abington Pigotts Chesterton Purls Bridge Caldecote Odsey White Cross Hill Stirtloe Ferry Hill Ellington Pondersbridge St Neots Horseway Great Stukeley Ickleton Newtown Southorpe Leverington Deeping Gate Caxton Collett's Br Buckworth Kimbolton Little End Westwick Ramsey Fitton End Upend Christchurch Dyer's Green Queen Adelaide Bottisham Somersham Buckden Gamlingay Farcet Offord Cluny Duxford Bury Castor Impington Papworth St Agnes Keyston Lode Orton Wistow Badgeney Mill End Oakington Stetchworth Little Raveley Peakirk Hildersham Great Staughton Holme Coldham's Common Thorney Toll Leverington Common Hamerton Witchford Castle End Wendy Ailsworth Snailwell East Perry Shepreth Huntingdon Wittering Sutton Knapwell Lolworth Great Wilbraham Bretton Frog End Little Catworth Horseheath Aldreth Burton End Orton Goldhay Barway Little Gidding Babraham Hampton Hargate Little Ditton Fowlmere Barrington Old Wimpole Reach Northborough Colne Tetworth Denton Roman Hill Benwick Colnefields Sandhill Cambridge Longstanton Dullingham Ley Caldecote Littleport Peterborough Doddington Burrough Green Turves Foul Anchor Stow Longa Tholomas Drove Sawston Wardy Hill Claypit Hill Ramsey Mereside Wansford Washingley Stow cum Quy Gunthorpe Kennett End Guilden Morden Swavesey Wisbech Church End Wimpole Great Chishill Great Abington East Fen Common Coveney Ramsey St Mary's Staughton Highway Orton Malborne Chiswick End Fen Ditton Castle Camps Coldham Hatley St George King's Dyke Fulbourn River Bank Weston Green Meldreth Orton Longueville Whaddon Highfields Stonea Thorney Pilsgate Yaxley Boxworth Chesterton Conington Milton East Hatley New England Whaddon Gap Oldhurst Bunker's Hill Olmstead Green Melbourn Fordham Bainton Chainbridge Warboys Waterbeach Childerley Gate Hook Pampisford Great Gransden Paston Winwick Abbots Ripton Harston Little Thetford Toseland Widgham Green Tydd St Giles Church End Papworth Everard Hemingford Abbots Church End Ufford Haslingfield Ashton Woodston Chatteris Longthorpe Horningsea Girton Morden Green Swaffham Prior Little Gransden Stuntney Kings Ripton Toft Saxon Street Little Ouse Bythorn Little Paxton Rampton Newton California Wistow Walton Catworth Woodhurst The Hermitage Friday Bridge Little Stukeley Ramsey Forty Foot Willingham Orton Waterville Knight's End Earith Chettisham Gamlingay Great Heath Covington Mile End Bourn Islands Common Eaton Ford Sibson Fen Drayton Burwell Upware West Wickham Carlton Swingbrow Whittlesey Dry Drayton Cheveley Marholm Stretham Kingston Old Fletton Eynesbury Kennett Dillington Grafham Isleham Begdale Godmanchester Romsey Town Heydon Chapel Head Ring's End Four Gotes Boxworth End Alconbury Weston Bar Hill Madingley Guyhirn Gull Waresley Spaldwick West Perry Coates Flint Cross Bassingbourn Longstowe Mill Green Commercial End Barton Glatton Norman Cross Broughton Prickwillow Whittlesford Kirtling North Side Orwell Wisbech St Mary Upton Croydon Eaton Socon Cardinal's Green Kings Hedges Haddenham Camps End Chippenham Soham Witcham Alwalton Little Eversden Eastrea Sutton Gault Wood Walton Great Shelford Hartford Cherry Hinton Cambourne Arrington Little London Long Meadow Parson Drove Balsham Elm Hauxton Norwoodside Hemingford Grey Little Downham Old Weston Stapleford Histon New Fletton Brook End Wentworth Haddenham End Field Iron Bridge Brampton Park