Professional Company Accounts in Foolow

Get in touch

Company Accounting in Foolow

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 Foolow

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 S32 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 Foolow (Derbyshire)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Linton Heath Broadholm Spondon Oakerthorpe Warmbrook Belph Coxbench Slack Hassop Hallowes Cromford Little Eaton Hearthstone Upper Town Cinderhill Old Tupton Mugginton New Houghton Chesterfield Ible Idridgehay Green Milltown Nether Heage Newhall Edensor Hasland Harlesthorpe Brightgate Woodseats Staden Belper Milton Old Glossop Barlborough Netherseal Chellaston Derby Grindlow Chapel-en-le-Frith Cubley Common New Smithy Tapton Winsick Egginton Common Ednaston King Sterndale Old Dam Brackenfield Peak Dale Wensley Wash Priestcliffe Ditch Walton Duckmanton Flagg Buxworth Litchurch Aldwark Longfordlane Repton Church Gresley Dronfield Shatton Hazelwood Morton Nether Burrows Farley Greenhillocks Taddington Renishaw Darley Bridge Danesmoor Risley Upper Midway Bolehill Sheldon Woodside Town End Shirland Common Side Hollins Emmett Carr Darley Hillside North Wingfield Chinley Head Tunstead Chisworth Riber Holmesfield Wilsthorpe Nether Padley Grangemill Beeley Dimple Model Village Boulton Gallows Inn Lightwood Oxton Rakes Tansley Knoll Shirley The Flourish Shireoaks Barrow Hill Owler Bar Oxcroft Pikehall Ambaston Grassmoor Sawley Little Hucklow South Wingfield Smalley Green New Bolsover Clay Cross Bradbourne Northwood The Holmes Uppertown Doehole Sinfin Moor Thornhill Great Longstone Robin Hood Woodlinkin Doveridge Miller's Dale Holbrook Oakwood Grindsbrook Booth Cross o'th hands Barrow upon Trent Cowhill Highlane St Luke's Marston Montgomery Sterndale Moor Parwich Swathwick Stanton Gate Boothgate Spinkhill Annwell Place Pomeroy Bolsover Idridgehay Hollington Stenson Osmaston Bole Hill Bakestone Moor Brimington Common Cartledge Markeaton Birchover Gorseybank Mount Pleasant Dale End Oaks Green Edlaston The Gutter Millers Green Kedleston Alderwasley Burbage New Brimington Oaker Farlands Booth Hales Green Blackbrook Cutthorpe Hobroyd Etwall Chaddesden Osleston Ockbrook Lower Crossings Larklands Chunal Limekiln Field Birdholme Eagle Tor Perryfoot Quarndon Darley Abbey Little Hallam Eckington Commonside Kirk Hallam Two Dales Mapperley Breadsall Newtown Coal Aston Blackwall Horwich End Codnor Gate Scotches Sinfin Temple Normanton Shacklecross Wardlow Bubnell Pye Bridge Shuttlewood Williamthorpe New Stanton Freebirch Pilsley Sandiacre Churchtown Lee Head Inkersall Rylah Langley Green Bradwell Hillcross Upper Town Stony Houghton Hodthorpe Oxcroft Estate Kelstedge Ashopton Thurvaston Osmaston Ashbourne West Handley Common Side Whittington Moor Calver Sough Parkhouse Green Harpur Hill The Forties Crich Carr Alkmonton Stonegravels Langwith Junction Moorfield New Sawley Dove Holes Tibshelf Ashford in the Water Brushfield Whitwell New Whittington Middleton Rowarth Litton Mill Morley Park Holmewood Longlane Ingleby Cowlow Lea Kirk Ireton Holmley Common Holloway Shottlegate Long Duckmanton Burntheath Matlock Bath Openwoodgate Palmer Moor Grindleford Bonsall Cotmanhay Millthorpe Hill Top High Moor Smalley Common Malcoff Brailsford Brockhurst Elmton Sparrowpit Great Cubley Short Heath Smalldale Stonebroom Thornsett Farhill Over Haddon Coton Park Ripley Trentlock Bridgeholm Green Pleasley Slaley Little Hayfield Crist Moorend Riddings Charlestown Roston Duffield Matlock Bridge Willington Townend Lane Head Boythorpe Overseal Summerley Pentrich Shipley Waterloo Marehay Rowthorne Thorpe Shipley Common Thurvaston Common End Crich Dale Abbey Arkwright Town Lane End Golden Valley Cherrytree Hill Abney Upper Hackney Moravian Settlement Simmondley Holmesdale Sutton Scarsdale Fenny Bentley Little Bolehill Bridgemont Windley Stanton in Peak Elvaston Ashover Hay Press Cotes Park Loscoe Rise End Clifton Compton Great Hucklow Foremark Hady Coplow Dale Matlock Bank Crowden Rose Hill Langwith Cowers Lane Crowhole Slackhall Bramley Holbrook Moor Ashover Stretton Ilkeston Astwith Bullbridge Moorhall Alton Hallam Fields Fallinge Calton Lees Quarndon Common Heathtop Longway Bank Coton in the Elms Shottle Woolley Hull End Walton-on-Trent Inkersall Green Hardstoft Common Twyford Church Wilne Stoney Middleton Denby Bottles Doe Lea Whaley Hathersage Booths Ballidon Kniveton Dunston Alvaston Somersal Herbert Biggin Nether Loads Rowland Great Wilne Lower Hartshay Pilsley Green Brindwoodgate Littlemoor Allenton Cockyard Sutton on the Hill Upperdale Nether Moor Bullhurst Hill Brookfield Foston Hartington Baslow Tupton Nether Handley Codnor Park Shelton Lock Town Head Wadshelf Killamarsh Matlock Dale Morley Smithy Monyash Rosliston Stoneyford Nether End Southwood Far Laund Winster Slatepit Dale Nether Booth Heath Deepclough Snelston Palterton Westthorpe Tunstead Milton Aston-on-Trent Cowley Little Cubley Newton Solney Upper Padley Low Leighton Flaxholme Shardlow Pinxton Rowsley Higher Chisworth Heage Lullington Little Longstone Swadlincote Rodsley West Edge Findern Tintwistle Upper Hartshay Pear Tree Lower Birchwood Apperknowle Upperwood Stainsby Millington Green Sapperton Hulland Ward Burnaston Hope Stanton Lees Newlands Ironville Bretby Hargatewall Somercotes West Hallam Upper Booth Birch Vale Bradford Ridgeway Ireton Wood Fallgate Boylestone Furness Vale Staveley Bakewell Scropton Wirksworth Moor Bradley Biggin Bramley Vale Dalbury Hulland Moss Glutton Bridge Woodthorpe Woodside Normanton Coldeaton Middlecroft Codnor Breach Codnor Hilcote Egginton Swarkestone Lower Midway Boylestonfield Radbourne Hilton Yeaveley Horsley Woodhouse Bradwell Hills Hill Somersal Blackwell Dronfield Woodhouse Blackbrook Matlock Wirksworth Combs Horsley Froggatt Glapwell Sheepbridge Tomthorn Sleet Moor Allestree Langley Mill Snape Hill Cock Alley Smisby Mapleton Smalldale Hilltop Atlow Darley Dale Trusley Pilsley Swanwick Gosforth Valley Hallfield Gate Highcliffe Hargate Hill Hare Edge Birleyhay King's Newton Longford Unstone Whaley Thorns Priestcliffe Norbury Wilday Green Aldercar Hulland Village Bamford Blackwell Ashleyhay Northedge Lydgate Marston on Dove Tissington Chelmorton Alfreton Elton Stanley Common Denby Village Heanor Breadsall Hilltop Unthank Morley Hartshorne Mickley Mount Pleasant Holymoorside Upper Langwith Makeney Lane Ends Wheatcroft Newhaven Foolow Holestone South Normanton Lower Pilsley Wigley Ashgate Farnah Green Carsington Peasehill Hollingwood Butterley New Horwich Morleymoor Sunny Hill Dalebank Norwood Creswell Yeldersley Hollies Westhouses Padfield Upperthorpe Breaston Leadmill Camphill Ticknall Upper Birchwood Handley Toadmoor Brampton Lower Thurvaston Whitehough Peak Forest Stanton-by-Dale Nether Chanderhill Sudbury Marsh Lane Old Brampton Mackworth Troway Tideswell Long Eaton Crowdicote Dunsa Castleton Middleton Highfields Cliff Loundsley Green Litton Bargate Duffieldbank Youlgreave Alport Weston-on-Trent West Broughton Longcliffe Wessington The Brushes Brough Ladmanlow Hadfield Wheston Newbold Pride Park Weston Underwood Lees Park Head Rawson Green Aston Gamesley Earl Sterndale Caldwell Canholes Belper Lane End Potter Somersal Bagshaw Hognaston Aston Boundary Holehouse Langley Heanor Gate White Moor Chinley Gowhole Carr Vale Cross Hill Calow Green Heathcote Ridgeway Moor Lower Kilburn Boulton Moor Whaley Bridge Denby Common Wingerworth Charlesworth Bretton Wyaston Over End Cokhay Green Barlow Netherthorpe Upper Loads Upper End Ollerbrook Booth Buxton Waterside Brimington Wormhill Calke Snitterton Stanton by Bridge Knockerdown Owlcotes Goseley Dale Littleover Hollington Grove Shirebrook New Mills Mount Pleasant Street Lane Hillclifflane Woodville Curbar Dale Moor Tansley Marlpool Fairfield Newton Castle Gresley Poolsbrook Taxal Kilburn Brookside Mickleover Hatton Brookhouses Hathersage Callow Hopton Smalley Milford Calow Bolehill Stanley Higher Dinting Kirk Langley Leam Brassington Melbourne Fritchley Wingfield Park Brailsford Green Waingroves Hillstown Spitalhill Muggintonlane End Mercaton Draycott Penny Green Hague Bar Glossop Clowne Greenside Thulston Brook Bottom Crewton Ford Eyam Etwall Common Smithy Houses Ridgeway Cressbrook Stanfree Scarcliffe Pilhough Matlock Cliff Borrowash Hammersmith Harehill Hardstoft Hayfield Mastin Moor Calver Linton Higham Leabrooks Langley Common Unstone Green Over Burrows Edale Butterley Whatstandwell Middle Handley Waldley Chapel Milton Hepthorne Lane Corbriggs Hundall Ault Hucknall Alsop en le Dale Church Broughton Barber Booth Little Chester Upper Newbold Turnditch Old Whittington Edale End Fernilee Starkholmes