Professional Company Accounts in Park Royal

Get in touch

Company Accounting in Park Royal

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 Park Royal

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 NW10 7

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 Park Royal (London)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Harrow Weald Herne Hill Upper Norwood North Harrow West Hendon Vale of Health Bowes Park Upper Tooting Golders Green Harrow Yeading Dormer's Wells Bloomsbury Enfield Town Old Malden Plaistow Fullwell Cross Woodford Wells Holders Hill Child's Hill Broad Green Ponders End South Harefield Bellingham Finsbury St Paul's Cray Temple Mills Carshalton Tottenham Leytonstone Kingsbury Elm Park Canning Town Walworth Richmond East Finchley Ruxley Hook Shepherd's Bush Corbets Tey Friday Hill South Kensington Heston Heath Park Kensal Rise Rotherhithe Vauxhall Tufnell Park Woodside Park North End Fairlop Belmont Stratford New Town Shacklewell Hanworth Ladywell Ickenham Cranford Havering-atte-Bower Slade Green Little Woodcote Westbourne Green Crouch End Gants Hill Pinner Bushey Mead Lower Clapton Little Stanmore Woodlands Derry Downs Norwood Green St Johns Gallows Corner Stroud Green Belgravia Thornton Heath Osidge The Hyde Clock House Upper Shirley Roehampton Carshalton Beeches Mortlake Stanmore Noel Park Morden Park Woodcote Broom Hill Bayswater Upper Elmers End Creekmouth Sands End Mill Meads Brixton Eastcote Upper Edmonton Beddington Corner Seething Wells Whitechapel Gidea Park Hammersmith North Kensington Dalston Wood Green Tottenham Hale New Malden Kidbrooke Paddington Locksbottom Strand Plaistow Chislehurst West Wapping Farnborough Selsdon Colney Hatch Dulwich Village North End Ham Hatch End Ruislip Kingston Upon Thames Hayes West Kensington West Barnes Blackwall Pratt's Bottom Morden Knight's Hill Putney Heath Custom House East Bedfont Acton Green Bexleyheath Putney Vale Downham Rosehill West Hampstead Keston Mark Wallington Merton Park Tolworth Aldersbrook Wanstead North Acton Wandle Park Hampstead Park Langley Catford Poverest Wealdstone Kennington De Beauvoir Town Chiswick Freezy Water Brimsdown Grange Park Wallend Woodcote Green Wennington Notting Hill Preston Chingford Hatch Bromley Peckham Enfield Wash Longlands Hackney Addiscombe Maypole Tower Gardens Leyton Erith Kensington Hillingdon Heath Motspur Park Stoke Newington Forest Gate East Sheen Upper Holloway Monken Hadley Streatham East Ham New Southgate Kensal Town Lee Coombe Bromley Hornchurch Orpington Shirley Uxbridge Moor New Addington Bedford Park Streatham Hill Norwood New Town Leaves Green Romford Arkley Chadwell Heath Selhurst East Dulwich Nunhead Knightsbridge Tooting Graveney New Cross Walthamstow West Drayton Horns Green Surbiton Canons Park Roxeth Barwell Collier Row South Lambeth Kensal Green Belmont High Barnet West Dulwich Gunnersbury Harlesden Shooters Hill Spitalfields Greenford Barnsbury Whitton Bow Harmondsworth Dulwich New Cross Gate Petts Wood Highwood Hill Goodmayes Widmore Limehouse Keston Foxbury Waddon St Luke's Sundridge St George in the East West Acton Harefield Colindale Lower Feltham Cockfosters Aldborough Hatch Merton Longford Abbey Wood Sidcup East Acton Snaresbrook Clerkenwell Bow Common Earl's Court Shortlands Upton Park St Giles West Kilburn Lea Bridge Woodford Bridge Bickley Cowley Peachy New Charlton Rushmore Hill Lambeth Queensbury Hampton Wick Old Coulsdon Downe Edgware Crofton Rise Park Kingsland Hounslow West South Street Cole Park Globe Town Old Oak Common Coulsdon Russell Hill Kentish Town Chingford Green Forestdale Hainault Hounslow Harringay Little Ilford Millwall Woodside Botany Bay Stratford Maida Vale Bermondsey Clapton Park Aperfield Oakwood Barking Newyears Green Hither Green Chelsea Highbury Worcester Park Southall Spring Park Welsh Harp Hampton Hill Uxbridge Rowley Green Blackfen St James Berrylands Cottenham Park Stockwell Bexley Lessness Heath Upper Clapton Belvedere Marks Gate Dartmouth Park Northwood Plashet Kingston Vale Sutton Forty Hill Bandonhill Chislehurst Elmers End Kenton Underhill Deptford Church End Biggin Hill East Wickham St Margarets Headstone Tulse Hill Fair Cross South Norwood Higham Hill London The Borough Northolt Friern Barnet Copse Hill Ratcliff West Norwood Brompton North Hillingdon Enfield Lock Neasden Berry's Green Rainham Regent's Park Harrow on the Hill Carshalton on the Hill Barnes Cray Castle Green Monks Orchard Isle of Dogs Coldblow Clapham Park Camberwell Emerson Park Westminster Benhilton Green Street Green Hillingdon Wimbledon Pinnerwood Park Malden Rushett Clay Hill West Wickham Wembley Park Wembley Barnehurst Bush Hill Park Battersea South Acton North Sheen Hendon Honor Oak Welling Stamford Hill Mayfair Sudbury South Hackney Collier's Wood Marylebone Redbridge Church End Streatham Vale Twickenham Lower Place Poplar Northumberland Heath South Hornchurch Clayhall Enfield Highway Chelsfield Shadwell Brockley Woodford Green South Wimbledon North Feltham Perivale Brunswick Park Petersham Walham Green Hampstead Garden Suburb Bell Green Ramsden Upper Sydenham West Ruislip Elmstead Acton Hanwell Manor Park Brook Green Falconwood Sipson Beckton Brentford End Harlington Plumstead Burnt Oak Hayes Hayes Town Hockenden Southborough Barnes Southgate Ducks Island Ruislip Manor World's End Chingford College Park Harefield Grove St Mary Cray Hampton Brondesbury Strawberry Hill Osterley Finchley Primrose Hill Southfields Hackney Wick Spring Grove Streatham Park West Heath West Ham Bromley Common Eltham Isleworth North Wembley Teddington St John's Wood Earlsfield Brentford Homerton Lower Edmonton South Beddington Norbury North Cray South Harrow Avery Hill Cudham Roundshaw Northwood Hills Dagenham Greenwich Palmers Green Winchmore Hill Fulham Totteridge North Woolwich Bromley Park Balham Mill Hill Chase Cross Colham Green Little Heath Brondesbury Park Cowley Lower Holloway Lewisham West Ealing Ilford Lisson Grove New Barnet Camden Town West Brompton Silvertown Willesden Old Bexley Parsons Green Holdbrook Harold Hill South Hampstead Stepney Ealing Harold Wood Fortis Green Willesden Green Hornsey Cricklewood Eden Park North Finchley Hacton Chessington Stonebridge Whetstone South Bromley West Green South Tottenham South Croydon Soho Purley Beddington Somers Town Plumstead Common Maitland Park Bethnal Green Haggerston North Ockendon Barkingside Beckenham Islington St Pancras Barnet Gate Croydon Harold Park Norbiton Cranham Furzedown West Hill Anerley Woodford South Ruislip Upminster Pimlico Southborough Grove Park Foots Cray Cubitt Town Crews Hill Eastcote Village Hayes End Feltham Highams Park Hadley New Eltham Coldharbour Clapham Forest Hill Sanderstead Summerstown Chipping Barnet Dollis Hill Hackbridge Newington Old Ford Upton West Harrow Ruislip Gardens Gospel Oak Hadley Wood Luxted Cranbrook Edmonton Goddington Mile End North Cheam Wood End Green Ruislip Common Raynes Park Nine Elms East Barnet Cranley Gardens Pentonville Nash Park Royal Crooked Billet Canonbury Dudden Hill Hoxton Oakleigh Park Alperton South Woodford Shoreditch The Wrythe Enfield Blackheath Rush Green Stratford Marsh Kilburn Tokyngton Hale End Kevingtown Seven Kings Putney Hatton Barnet Yiewsley Hazelwood Thamesmead Penge Rayners Lane Kenley Bulls Cross Mitcham Woolwich Charlton Newbury Park Hill End Lampton New Beckenham Cheam Muswell Hill Mottingham St Helier Ardleigh Green Southend Noak Hill Crayford Mount Pleasant Coney Hall Loxford Eastbury Greenhill Hornsey Vale Addington Upper Walthamstow Holborn Becontree Wandsworth Highgate Grove Park Blackheath Park Finsbury Park Pinner Green Kew Lower Sydenham North Hyde Honor Oak Park