Professional Company Accounts in Shiptonthorpe

Get in touch

Company Accounting in Shiptonthorpe

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 Shiptonthorpe

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 YO43 3

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 Shiptonthorpe (East Riding of Yorkshire)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Laytham Anlaby Park Lund Wansford Beverley West End Upton Cottingham Newton upon Derwent Asselby Fordon Snaith Gransmoor Gembling Rolston Thirtleby Harlthorpe Bempton Little Airmyn Hilston Little Leven Preston Ellerton Foggathorpe Market Weighton North Frodingham Rascal Moor Bubwith Thornton Meaux Water End Bridlington Brigham East Newton Huggate West Ella Skipsea Brough Wetwang Yapham Breighton Out Newton Spaldington Wilberfoss West Park Walkington Garton-on-the-Wolds Waxholme North Newbald Londesborough Nunburnholme Bellasize Aldbrough Boothferry Dringhoe Hutton Bessingby Tickton Adlingfleet North Cave Long Riston Welwick North Howden Allerthorpe Faxfleet Eastrington Burton Fleming Yokefleet Skirpenbeck Old Ellerby Kirkburn Brind Moor End Melton Barmby on the Marsh Rawcliffe Ryehill Garton Carnaby Skidby Boynton Burton Pidsea Victoria Dock Village Thearne The Ings Barmston South End Sancton Langtoft South Field Millington Holme on the Wolds Arram Grimston Sand Hole Ousefleet West Hill Rise Bilton Keyingham Great Hatfield Newport Grindale Westhill Thornholme North End Fimber Roos Saltmarshe Atwick South Dalton Howden Towthorpe Paull Woodmansey Laxton Weeton Holme-on-Spalding-Moor Hurn Weel Kilpin Pike Cawkeld Skipsea Hive Mappleton Dunswell West Cowick Town End Elstronwick Winestead Elmswell Ganstead West End Goodmanham Patrington Haven North End The Lawns North Ferriby Catwick Great Kendale New Village Hedon Lissett Meltonby Danthorpe Painsthorpe Burnby Kilnsea Ruston Parva Arnold Welton Great Kelk Storwood West End Broomfleet Sutton upon Derwent Thorngumbald Thorpe le Street Low Catton Stoneferry Tibthorpe Elloughton Newland Skirlaugh Middleton-on-the-Wolds East Cowick Coniston New Arram Anlaby Northfield Rotsea Sledmere Old Town Humbleton Hotham East End Aike Patrington Shiptonthorpe South Newbald Inglemire Bugthorpe Easington Thorpe Gunby Pocklington Owthorne Aughton Fangfoss Little Reedness Cranswick Beeford South Cave Sutton Ings Cherry Burton West Carr Camerton Hessle High Hunsley Riplingham Gowdall Tunstall Scalby Willerby Skerne Bursea Watton Harswell Kilpin Warter East Cottingwith Barmby Moor Sutton-on-Hull Staddlethorpe Old Goole Willitoft Etton Balkholme Routh Kilnwick Rimswell High Catton Gardham Hollym Rudston Stamford Bridge Great Cowden Youlthorpe North Dalton West End East Ella Grovehill Sandholme Driffield Haisthorpe Whitgift Lelley Welham Bridge Eastburn Greenoak Leven Beswick Skeffling Kirk Ella Brandesburton Little Weighton Rimswell Valley Nafferton Blacktoft Gowthorpe Berrygate Hill Kingswood Hook Burshill Fraisthorpe Gipsyville Pollington Seaton Ross North Landing Swanland Harpham Full Sutton Goole Eppleworth Little Driffield Newland Buckton Gilberdyke Withernwick Dunnington Flinton Ottringham Kirby Underdale Hornsea Burton Owstwick Fridaythorpe Bennetland Thwing Hornsea New Ellerby Wawne Salt End West Newton Molescroft Wyton Hutton Cranswick Risby South Cliffe Bentley Sunk Island Halsham Burstwick Broad Ings Little End Crofts, The Marfleet Sproatley Swine Goxhill Summergangs Bielby North Cliffe Spittal Brantingham Church End Hayton Lockington Marton Bolton Sigglesthorne Kilham Bainton Reedness North End Everthorpe West End Lowthorpe Melbourne Brough Little Hatfield Rawcliffe Bridge Kilnwick Percy Bishop Wilton East End Seaton Wold Newton Neat Marsh Burton Agnes Ellerker Leconfield Flamborough East End Skelton Highfield Swinefleet Sewerby Southburn Scamland Holmpton Ulrome Bishop Burton Sculcoates Kingston upon Hull Everingham Scorborough Foston on the Wolds Wressle Fitling Bewholme Hilderthorpe Withernsea Little Catwick Knedlington Newsholme