Professional Company Accounts in Lea

Get in touch

Company Accounting in Lea

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 Lea

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 PR2 1

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