Professional Company Accounts in Cottam

Get in touch

Company Accounting in Cottam

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 Cottam

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 PR4 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 Cottam (Lancashire)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Revidge Sherfin Pike Hill New Hall Hey Clayton Brook Ribchester Lane Bottom Newton Brookfield Wood House White Stake Sykes Pilling Lane Cantsfield Lancaster Stock Lane End Scronkey Lammack Downham Nateby Yealand Conyers Knuzden Brook Smallwood Hey Great Marton Walk Mill Kirkham Blackburn Hall Cross Lane Ends Lowerhouse Burnley Lane Waterside Hindle Fold Hud Hey Winewall Esprick Roughlee Little Hoole Moss Houses Mereside Huttock Top Accrington Mossy Lea Pickup Bank Churchtown Rose Hill Whitebirk Pinfold Laund Medlar Cadley Shadsworth Staining Woodnook Hyndburn Bridge Osbaldeston Green Halton Green Myerscough Church Farleton Andertons Mill Barrow Ulnes Walton Walker Fold Tanhouse Brookhouse Ring o' Bells Mill Hill Holland Lees Nog Tow High Moor Bryning Grimshaw Green Riley Green Peel Ratten Row Lomeshaye Charnock Richard Queenstown Hoghton Bottoms Leck Heaton's Bridge Higher Ballam Tunstall Clitheroe Lower Darwen Yealand Storrs Catforth Mere Brow Preston Tardy Gate Crawshawbooth Marsh Houses Greave Silverdale Green Belthorn Abraham Heights Crag Bank Red Scar Scotforth Hurstwood Rockcliffe Lower Copthurst Lane Ends Wrayton Edge Fold Nether Kellet Higher Bartle Bickerstaffe Higher Audley Oakenshaw Skippool Silverdale Little Singleton Marton Moss Side Cowan Bridge Birkacre Chapel House Willacy Lane End Fleetwood Warbreck Higherford Red Bridge Aughton Sand Side Higher Wheelton Clayton Le Dale Freckleton Limbrick Cuddy Hill Normoss Reedley Whitworth Hare Appletree Bamber Bridge Whinny Heights Preesall Pincock Mythop Newsholme Mowbreck Fulwood Banks Simonstone Lower Heysham Bispham Green Goodshaw Chapel Adlington Park Hillock Vale Abbeystead Cocker Bar Greenhalgh Brookhouse Elmslack Ridge Squires Gate Tarleton Whitewell Bottom Newton Blackpool Great Eccleston Brockhall Village West End Shirdley Hill Bay Horse Grimeford Village Black Moor Hall Green Yealand Redmayne Broadfield St Annes Scarth Hill Higher Walton Forest Holme Stubbins Ormskirk Nun Hills Halton Salesbury Shawforth Rose Grove Bailrigg Ellel Norbreck Salterforth Hall Green Sawley Aughton Park Church Clough Ribby Belgrave Brownside Bescar Little Town Little Bispham Knotts Ingol Caton Green Little Moor Cowpe Hoscar Little Eccleston Great Plumpton Worsthorne Mereclough Holden New Row The Row Dolphinholme Hornby Conder Green Potters Brook Docker Hambleton Moss Side Dunsop Bridge Bank Fold Burnley Wood Great Marton Moss Five Lane Ends Edgworth Tottleworth Birch Green Constable Lee Sollom White Coppice Wilpshire Riverside Docklands Milnshaw Haggate Warton Bank Hey Houses Coppull West End Winmarleigh Moss New Lane Lea Town Little Layton Caton Habergham Out Rawcliffe Nelson Roach Bridge Bolton Houses Holmes Edge End Laneshaw Bridge Clifton Garstang Capernwray Hill Dale Chatterton Love Clough Crossmoor Frenchwood Bowker's Green Higher Penwortham Over Town Hampson Green Fair Oak Snape Green Warton Bretherton Whitechapel Cow Hill Downholland Cross Fishwick Hardhorn Knowle Green Moss Side Newby Burscough Midge Hall Stanley Gate Sunderland Holme Slack Euxton Hugh Mill Oakenclough Brunshaw Copster Green Pleckgate Halsall Burn Naze Lane Side Melling Wheatley Lane Elmers Green Catterall Dinckley Millgate Quernmore Intack Chorley Breedy Butts Moss Edge Barber's Moor Lowerford Whalleys Wheelton Withnell Flax Moss Poulton-Le-Fylde Higher Croft Middleforth Green Eccleston Newton with Scales Stydd Wallbank Shaw Green Upper Thurnham Moss Edge Dalton Matshead Bonds Woodplumpton Clayton Green Great Mitton Longton Moor Side Earcroft Bare Hesketh Lane Slaidburn Cumeragh Village Croston Priest Hutton Aldcliffe Torrisholme Ribbleton Bilsborrow Colne Edge Forest Becks Whittington Barton Up Holland Overtown Goosnargh Sower Carr Blacksnape Lumb Mellor Brook Bolton-le-Sands Newchurch in Pendle Slyne Inskip Moss Side Moor End Tontine South Shore Barton Wiswell Cockden Wennington Tanterton Broadley Street Sabden Lumb Clayton-le-Woods Smithy Lane Ends New Town Tewitfield Scale Hall Marsden Height Reeds Holme Colne Little Marsden Twiston Lea Haslingden Whalley Banks Dunnockshaw Edenfield Skelmersdale Wharles Claughton Parbold Grimshaw Tosside St Michael's on Wyre Blackleach Cottam Newton Broad Clough Waterloo Grunsagill Langho Trawden Morecambe Aughton Claughton Black Pole Scarisbrick Balladen Sandylands Little Marton Kelbrook Whitewell Hurst Green Blacko Ewood Bridge Arkholme Broadfield Stodday Hoohill Scorton Top o'th' Lane Holmeswood Haighton Green Padiham Sharneyford Dowbridge Barley Green Hoddlesden Rawtenstall Read Barrow Nook Skitham Whittle-le-Woods Whitehall Ansdell Whittlestone Head Ireby Bottom of Hutton Carnforth Brierfield Much Hoole Town Heaton Roseacre Newsham Cuerden Green Newgate Trunnah Altham Waterslack Clayton-Le-Moors Facit Wesham Farington Moss West Bradford Hey Heath Charnock Higher Heysham Sunny Bower Cloughfold Lewth Seed Lee Bowgreave Wymott Blaguegate Howick Cross Over Kellet Much Hoole Moss Houses Newbridge Wrightington Bar Singleton Trough Gate Anderton Sharoe Green Nether Burrow Earnshaw Bridge Fold Head Chipping Burnley Pimlico Barrowford Stalmine Fence Copp Withnell Fold Hundred End Newburgh Wray Abbey Village Hollin Hall Chapels Rivington New Longton Inskip Scaitcliffe Heskin Green Lower Penwortham Rake Head Peel Hill Old Langho Appley Bridge Lane Ends Coppull Moor Roby Mill Knott End-on-Sea Lucas Green Cockerham Cleveleys Ford Green Brinscall Mawdesley Lower Thurnham Wade Hall Larbreck Stanhill Standen Hall Anchorsholme Coup Green Pool Hey Hartwood Howgill Little Poulton Myerscough Smithy Wycoller Kellamergh Millhead Foulridge Worston Cold Row Westhead Johnson's Hillock Digmoor Britannia Smith Green Hambleton Clow Bridge Ortner Little Moor End Goodshaw Coates Whalley Carleton Mellor Bank Houses Common Edge Queen's Park Weir Tarleton Moss Rufford Robin Hood Runshaw Moor Great Altcar Bent Gate Tarnbrook Brock Ewood Thorpe Green Roe Lee Bleasdale Green Haworth Tatham Preesall Park Skerton Town Green Leyland Lower Ballam Layton Irwell Vale Edgeside Little Thornton Longridge Pleasington Cowling Huncoat Horrocksford Butt Yeats Bay Gate Duncombe Rosehill Heysham Chapeltown Gisburn Crossgill Little Plumpton Drummersdale Moor Side Hoghton Gressingham Farington Borwick Penwortham Lane Carr Cross Samlesbury Bottoms Larches Guide Becconsall Waddington Bolton Town End Pippin Street Hesketh Moss Pilling Lytham St Anne's Saltcotes Glasson Hesketh Bank Bacup Wrea Green Little Carleton Grange Goose Green Kingsfold Staynall Turton Bottoms Green End Cadshaw Hawes Side Walmer Bridge Cribden Side Dam Side Primrose Hill Boarsgreave Lytham Broughton Higher Hogshead Stopper Lane Bashall Eaves Grimsargh Feniscowles Pudding Pie Nook Height End Much Hoole Ollerton Fold Ashurst Osbaldeston Treales Holme Chapel Harle Syke Hutton Turn Rishton Baxenden Earby Cotton Tree Four Lane Ends Holt Green Easington Whiteholme Balderstone Spring Green Helmshore Cabus Cliffe Crag Foot Turner Green Lane Heads Adlington Bank Top Warton Lower Bartle Dangerous Corner High Field Dean Charnock Green Lathom Rimington Lightfoot Green Hapton Cow Ark Whin Lane End Gregson Lane Forton Waterfoot Brindle Bracewell Goodshaw Fold Hurlston Green Walton Summit Nethertown Higham Beardwood Calder Vale Brown Edge Overton Darwen Dill Hall Park Close Inglewhite Weeton Horton Samlesbury Newchurch Haskayne Hest Bank Stanah Woodsfold Thornton Oswaldtwistle Nab's Head Bank Hey Middleton Elswick Over Burrow Town Centre Lostock Hall Moss Side Westby Weld Bank Stacksteads Cherry Tree Tockholes Brook Bottom Haighton Top Corner Row Chatburn Great Harwood Bispham Stubbins Pennylands Ulnes Walton Eagland Hill Crawford Lowgill Feniscliffe Townsend Fold York Low Moor Thistleton North Shore Hollins Lane Spring Hill Elswick Leys Sunnyhurst Barnoldswick Hurlston Paythorne Hale Nook Water Bolton Green Far Banks Walton-le-Dale Stalmine Moss Side Bolton-by-Bowland Grindleton Rising Bridge Burscough Bridge Ward Green Cross Royal Oak Swillbrook Barley Hunger Hill Little Harwood Billington Pendleton Tarlscough White Lund Farington Belmont Jack Green Norcross Galgate Brownhill