Professional Company Accounts in Stockton-on-Tees

Get in touch

Company Accounting in Stockton-on-Tees

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 Stockton-on-Tees

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 TS19 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 Stockton-on-Tees (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
Bolam Thorpe Thewles Sheep Hill Carlbury High Handenhold Brancepeth Cotherstone Knitsley Consett Harrowgate Hill Cleatlam Heighington Bowburn Seaton Carew Aykley Heads Trimdon Grange Barnard Castle Owton Manor Northlea Roseworth Cockfield The Grove Monk Hesleden Bollihope Eastbourne Town Kelloe Ferryhill Station Lingfield Blackwell Low Etherley East Hedleyhope Low Dinsdale Roddymoor North End Mickleton Maltby Leadgate Horsleyhope Stony Heap Maiden Law West Cornforth South Hetton Wolviston Haswell Moor Low Coniscliffe Great Burdon Muggleswick Middlestone Dean Bank Coundongate Bishopton West Kyo Deaf Hill Slack, The Plawsworth Tindale Crescent Peterlee West Pelton Thornley South Stanley Hesleden Low Westwood Hutton Henry Witton Park Langley Moor Wynyard Village Old Cassop Longnewton Sadberge Causey Cowshill Woodside Carrville Gilmonby Crimdon Park Redmarshall Langdon Beck Stanley East Kyo Thinford West Park Ushaw Moor High Haswell Faverdale Oxhill Station Town Elstob Pickering Nook Harrowgate Village Shadforth Hilton Delves Allensford Hamsterley Littletown West Auckland Thornaby-on-Tees Hunwick Langley Park Mount Pleasant Running Waters Waldridge Cornriggs Benfieldside Newton Ketton Chester Moor Thringarth Western Hill Hallgarth Ettersgill Westwick Preston-on-Tees Wearhead Wall Nook New Kyo Clough Dene Old Quarrington Kelton Westerton Sherburn Howden-le-Wear New Brancepeth Whinny Hill Shotley Bridge Middle Side Barningham Templetown West Blackdene Evenwood School Aycliffe Stainton Trimdon North Bitchburn High Westwood Whinfield Cowpen Bewley High Stoop Urpeth Sunderland Bridge Dalton Piercy Harperley West Lea Beamish Fishburn Greencroft South Church Hamsterley Leeholme Walworth Gate Toft Hill High Coniscliffe Wycliffe Elvet Hill Archdeacon Newton St Helen Auckland Eden Vale Great Chilton Croxdale Butterwick Egglesburn Esh Houghton Bank Crookhall Denton Middleton Morley Neasham Sunniside Pelton Fell Witton Gilbert Snaisgill Newton Aycliffe High Dyke Wingate Elton Ireshopeburn High Friarside St John's Chapel Lintz Trimdon Colliery Fulthorpe Annfield Plain Bowbank Great Lumley Broom Hill Stanley Crook Moor End Edmondsley The Headland Wheatley Hill Redworth Pittington Meadowfield Parkside High Forge Little Newsham Cornforth Ouston Quebec Hobson Cold Hesledon Embleton Preston-le-Skerne Blackhill Whitton White-le-Head Rookhope Tantobie Lowes Barn Sheraton Houghton-le-Side Close House Crookgate Bank Greatham Newbiggin Tan Hills Eldon Seaham Startforth Holwick Rushyford Hill Top Elwick Sockburn Easington Woodland Seaton Hedley Hill Stillington Oak Tree Haughton Le Skerne Burnopfield Aukside Bildershaw Bradbury Cornsay Colliery Brafferton Aycliffe Village Kinninvie Burnhope Tursdale Mount Pleasant Dalton-le-Dale Headlam Eldon Lane Hilton South Pelaw Egglescliffe Shotton Colliery Hill Top Middleton in Teesdale Esh Winning Old Eldon Green Head Aislaby Lanchester Rise Carr Garmondsway Holmside Thornley Brandon Rift House Eastgate Fir Tree Satley Lanehead Beaumont Hill Haswell Plough Coundon Hartlepool Old Wingate South Moor Nettlesworth Middleton St George Wolsingham East Stanley Hawthorn Dipton Firth Moor Cockerton High Urpeth Witton-le-Wear Sandy Carrs Thorpe Larches Ebchester Port Clarence Westgate Lartington Crawleyside Newfield Eggleston Tanfield Newton Hall Black Banks Hill Top Walworth East Law Bishop Middleham Leamside Barmpton Craigside Hartburn Little Thorpe High Grange Inkerman Middleton One Row Etherley Dene Carlton Framwellgate Moor Helmington Row Newlands Shotton Perkinsville Rainton Gate Coatham Mundeville Esperley Lane Ends Langton Portrack Sedgefield Fairfield Grindon Tanfield Lea Frosterley Ovington Daddry Shield Old Stillington Hutton Magna Bowlees Dene, The Hury Pity Me Mainsforth Darlington Hurworth Place High Leven Castleside Hill End Greta Bridge Brotherlee Waterhouses Billy Row Townfield Chester-Le-Street Bearpark Bishop Auckland Horden Evenwood Gate Kip Hill Bedburn Blackhall Colliery Sacriston Lintzgarth Summerhouse Phoenix Row Blackhall Rocks Metal Bridge Dent Bank Laithkirk Pelton Waskerley Grange Villa Oakenshaw Escomb Branksome East Briscoe Murton Romaldkirk Middlestone Moor Hurworth-on-Tees Hett Skerne Park Killerby Deneside Fleming Field Yarm Woodham Coundon Grange Toronto Spennymoor Bridgehill Urlay Nook West Butsfield Page Bank Kirklevington Chilton North Close Piercebridge Nevilles Cross Hunstanworth Ramshaw Newfield Copley Byers Green New Hunwick Stanhope Healeyfield Boldron Medomsley Haverton Hill Shincliffe Flint Hill Ornsby Hill Boltshope Park Dawdon Moorside South Wingate Merrybent Harelaw Cornsay Leasingthorne Quarrington Hill Catchgate Billingham Craghead High Hesleden Grange Hill Foxton Newbiggin Kelloe Eaglescliffe Castle Eden Morton Tinmouth Hart Station Ludworth Brierton Coxhoe Forest-in-Teesdale Upper Town Easington Colliery Whorlton Cassop East Blackdene High Shincliffe Royal Oak Tow Law Belmont West Rainton The Middles Chilton Lane Edmondbyers Coal Bank Hart Staindrop Shotton Winston High Throston Tudhoe Grange High Etherley Sunny Brow Stockton-on-Tees Quaking Houses Ferryhill Norton Greenhill Great Stainton Hunderthwaite Ingleton West Pasture Gilesgate Durham New Ho Mowden Harwood Lumley Thicks Todhills Gainford South Side Hummersknott Shildon Wackerfield New Coundon Newton Bewley Bowes Kimblesworth Ramshaw Sherburn Grange Middridge Hardwick Binchester Blocks Sherburn Hill Shield Row Copthill Butterknowle Mordon West View Broompark Bournmoor Kirk Merrington Haswell Little Stainton Gilesgate Moor Crook Bridge End Brignall Scargill Willington Bishopsgarth Iveston Tudhoe Thorpe