Professional Company Accounts in High Forge

Get in touch

Company Accounting in High Forge

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 High Forge

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 DH9 0

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 High Forge (County Durham)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
High Urpeth Wynyard Village Ferryhill Station Crimdon Park Lowes Barn Harelaw Greencroft Stillington Esh Winning Deneside Eldon Barnard Castle Coxhoe Meadowfield Stanhope Wolviston Bradbury Newton Ketton Bowes Peterlee Leasingthorne Hutton Magna Langley Park Hedley Hill Whinfield Elvet Hill Trimdon Grange Scargill North End Woodham Thorpe Larches New Kyo Gilmonby Lintzgarth Evenwood Gate Muggleswick Snaisgill Kirk Merrington Hill End Barningham Witton Gilbert Cornsay Colliery Lumley Thicks Haswell Moor Bedburn Stony Heap Eaglescliffe Fulthorpe Carrville Aukside Walworth Hummersknott East Blackdene Archdeacon Newton Oakenshaw Cowshill Maiden Law Low Coniscliffe Cockerton Westerton Hartburn Metal Bridge Middleton St George Langton Shotton Chester Moor Shield Row Sunny Brow Witton-le-Wear Sacriston Shotton Colliery Port Clarence Heighington Blackwell Mowden Toft Hill Hett Firth Moor Yarm Station Town Newton Hall Rookhope Cowpen Bewley Egglescliffe Preston-le-Skerne Aycliffe Village Middleton in Teesdale Fairfield Newfield Burnopfield Lingfield Maltby Howden-le-Wear Tantobie Norton Copley Dent Bank Old Eldon Royal Oak Cornsay Wall Nook North Close Thringarth Bollihope Slack, The St John's Chapel Durham High Westwood Ireshopeburn Woodland Wheatley Hill Bowlees Mount Pleasant Benfieldside Morton Tinmouth Boldron Bearpark Kelloe Clough Dene Startforth Forest-in-Teesdale Urlay Nook Brancepeth Whorlton Seaham Little Thorpe Gilesgate Satley High Throston Tan Hills Coal Bank Bildershaw Leadgate Littletown Eastbourne West View East Stanley Ushaw Moor Houghton-le-Side Waterhouses Belmont Hunstanworth Beamish Rushyford Chilton Lane Mainsforth Holmside Chilton Middle Side Bowburn Oxhill High Forge Boltshope Park Neasham Lintz Harperley Hurworth-on-Tees Middleton One Row Bishop Auckland Skerne Park Rift House Holwick Plawsworth Bolam High Etherley Mickleton Willington The Grove Hill Top West Pelton Barmpton Page Bank South Moor Healeyfield Langley Moor Dean Bank West Pasture Carlton Cassop New Ho Beaumont Hill South Church Tudhoe East Law Bishopton Kimblesworth Little Newsham South Side Crookhall Crawleyside Western Hill Todhills Newfield New Coundon Tursdale Lanehead Sheep Hill Westgate Owton Manor East Briscoe Sunderland Bridge Staindrop Dawdon Ludworth Newbiggin Harwood Roddymoor Seaton Carew Gainford Redmarshall Sheraton Nevilles Cross Esh Moor End Brierton Hilton Egglesburn Broom Hill Shildon Stainton Aislaby High Dyke Thornley Old Wingate Blackhill Brafferton Tow Law West Butsfield Sunniside Quarrington Hill Thorpe Thewles Ramshaw Mordon School Aycliffe Rise Carr Copthill Shotton Eggleston Kelton Spennymoor Hawthorn Billy Row Middlestone East Kyo Sherburn Grange Kinninvie Kip Hill Lartington Summerhouse Butterwick Townfield Brotherlee High Shincliffe New Brancepeth Hury Pelton Fell Eastgate Bridge End St Helen Auckland Castle Eden Low Westwood High Hesleden Wearhead Whinny Hill Moorside Wackerfield High Friarside Winston Harrowgate Hill Medomsley Gilesgate Moor Hill Top Aykley Heads Ovington Coundongate Carlbury Binchester Blocks Headlam Low Etherley Cleatlam Iveston Templetown Catchgate Coatham Mundeville Hardwick Toronto Longnewton Town Kelloe Haughton Le Skerne Newton Bewley Hesleden Eldon Lane Knitsley Tindale Crescent Helmington Row Delves Hart Station Urpeth Thorpe Butterknowle Grange Hill Pittington Bishopsgarth Stockton-on-Tees Sedgefield New Hunwick Allensford Fir Tree Greta Bridge Crookgate Bank Branksome High Leven Cold Hesledon Hart Coundon Castleside Whitton Middridge Haverton Hill Ramshaw North Bitchburn Edmondbyers West Rainton Faverdale High Handenhold Billingham White-le-Head Witton Park Northlea Quebec Great Stainton Little Stainton Middlestone Moor Preston-on-Tees Edmondsley South Pelaw Westwick Wolsingham Romaldkirk South Hetton Newlands Hurworth Place Easington Colliery Laithkirk Lanchester Old Cassop Tudhoe Grange Stanley Crook Great Burdon High Haswell Hill Top Hunwick Sockburn Portrack Evenwood Deaf Hill Escomb Blackhall Colliery The Middles Hobson Redworth Blackhall Rocks Embleton Hutton Henry Perkinsville Pickering Nook Greenhill Roseworth Morley Houghton Bank Chester-Le-Street Sherburn Hill Daddry Shield East Hedleyhope Hamsterley Brignall Elton Hartlepool Stanley Sandy Carrs Burnhope Horden Kirklevington Haswell Plough Piercebridge Thornaby-on-Tees Merrybent Leamside Cotherstone Flint Hill High Stoop Running Waters Killerby Esperley Lane Ends Green Head Low Dinsdale Great Chilton Tanfield Lea Thinford Easington Cockfield Darlington Shotley Bridge Ferryhill Annfield Plain Horsleyhope Craghead Great Lumley Parkside West Park Bridgehill Ouston Dalton Piercy Old Stillington Consett South Stanley Shincliffe Hilton West Blackdene Byers Green Bowbank Etherley Dene Inkerman Sadberge Ornsby Hill Seaton Middleton Pity Me Ettersgill Walworth Gate Dalton-le-Dale Leeholme Shadforth West Cornforth Fishburn Harrowgate Village High Grange Haswell Eden Vale Fleming Field Nettlesworth Monk Hesleden Brandon Old Quarrington Upper Town Cornforth West Kyo West Auckland Coundon Grange West Lea Ebchester Quaking Houses Murton Elstob Langdon Beck Garmondsway Trimdon Grange Villa Denton Wingate Hunderthwaite Tanfield Bishop Middleham Woodside Hallgarth Newton Aycliffe Newbiggin Oak Tree Rainton Gate Crook Foxton The Headland Wycliffe Trimdon Colliery Bournmoor Craigside Greatham Phoenix Row Sherburn Grindon Black Banks Framwellgate Moor Hamsterley Waskerley Dene, The Elwick Cornriggs Broompark Causey Croxdale Waldridge High Coniscliffe Mount Pleasant Ingleton Dipton Pelton South Wingate Thornley Close House Frosterley