Professional Company Accounts in Great Whittington

Get in touch

Company Accounting in Great Whittington

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 Great Whittington

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 NE19 2

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 Great Whittington (Northumberland)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Ovington West Learmouth Woodbridge Chillingham Ryal Ayle Hazon Aydon Chatton Thornton Eastfield Hall Colpitts Grange Glantlees Low Prudhoe Bamburgh Broomhaugh High Mickley Knowesgate Whygate Ridley Stokoe Wharmley Ingoe Swinhoe Tow House Felkington Kirkheaton Plenmeller Maiden's Hall North Charlton Whitfield Broomley Scots' Gap West Chevington Middleton South Broomhill Newbiggin Melkington Matfen Cowpen Raylees Chathill Ancroft Northmoor Westnewton Great Bavington Meldon Byrness Steel Low Angerton Hirst Seghill Warenford Prudhoe Corbridge Bardon Mill Bellingham Hepscott Melkridge Bilton Berwick Hill Greenhaugh High Hauxley Eals Embleton Weldon Fourstones North Seaton Hampeth Bolam Chollerford High Callerton East Horton Shilvington West Woodburn Lanehead Swarland Rugley Sharperton High Angerton Apperley Dene Ellington Lee Hallington Horncliffe Fenton Thorngrafton Townhead Craster Hawkhill Diptonmill East Cramlington High Trewhitt Bedlington Station Greystead Spartylea Thropton Loansdean Shotton Eltringham Middleton Norham West Mains Ford Hill Newton Hall Great Whittington Cartington Hawkhope Holystone Woodhorn Newsham Alnham Harnham Doddington Prestwick Low Newton-by-the-Sea Eastfield Holy Island Carterway Heads Scremerston Downham Ancroft Broomhill Whitelee Hepburn Coalcleugh Marshall Meadows Titlington Lambley Beauclerc Park Village Eglingham Hebron Wark Common Reedsford Ridley Ulgham High Warden Berwick-upon-Tweed Knarsdale Halton Shields Yarrow Chesterwood Otterburn Camp Mindrum Rock Mickley Square Littlehoughton Holburn Eals, The Cheswick Buildings Nedderton Barrow Burn Catcleugh Beltingham Slaggyford North Middleton Capheaton Sandhoe Mitford Otterburn Glanton Southfield Widdrington Prior Park Ouston Great Tosson Clennell Holywell Wallridge Beaconhill Crookham Ridsdale Togston Bywell Newton Hepple Milfield Dalton Wooperton Elrington Ross Darras Hall Stakeford Hipsburn Low Gate Heugh Branxton Bareless Ninebanks Beadnell Alwinton Ovingham Berrington Shawdon Hall Newbrough Haggerston Shotleyfield Falstone Redburn Eachwick Bolton Etal Netherton Kilham West Sleekburn Radcliffe Guide Post Lucker Fenwick Newtown Branton Ouston Riding Mill Alnwick Butteryhaugh Roddam Peppermoor Baybridge Eslington Park Warkworth Elsdon Edlingham Beanley Longframlington Halton Scrainwood Heddon-on-the-Wall Cocklaw Dalton West Mains Healey Cote Stannersburn High Church Collingwood North End Tweedmouth Warton Duddo Lowick Healey West Horton Pawston Great Swinburne West Flodden New Bewick Stonehaugh Milbourne Haydon Bridge Ogle Limestone Brae Ilderton Haugh Head Stamfordham Bearsbridge Elwick Strothers Dale Rothbury Stobhillgate Kirkharle Callaly Rowfoot Coupland Shillmoor Whitton Kimmerston Cornhill on-Tweed Linton Westlea Pressen Oakwood Whitfield Hall Steel Kirknewton Seaton Delaval West Wylam Mayfield Haltwhistle Guyzance Howick Fulbeck Newtown Chollerton Wall Branch End Allendale Town Widdrington Station Broxfield Ponteland Scotland Gate Hindley Alnmouth Hedley on the Hill Ingram North Seaton Colliery Henshaw Glororum South Middleton Dunstan Choppington Longhorsley Colwell Sheepwash Hadston Tranwell Carrshield Bridge End Bedlington Coanwood Throphill Whalton Rennington Bingfield Linbriggs Stobhill Felton Dye House Cambo Cambois Hexham East Sleekburn Anick Cramlington Lynemouth Rochester Saltwick Low Hauxley Horsley Norham Seahouses Bebside Stokoe West Thirston East Woodburn Low Alwinton Houghton Simonburn Byerhope Ashington West Fleetham Amble Greenhead Acomb Barrasford New Delaval Linhope High Buston Stobswood Little Bavington Nether Warden Black Heddon Newbiggin-by-the-Sea Belsay Red Row Seaton Nelson Village North Sunderland Snods Edge Tritlington Harlow Hill Longhoughton East Thirston Fair Moor Tughall Akeld Whitley Chapel Middleton Hall Warden Bolam West Houses New Heaton South Charlton Cresswell Medburn Seaton Sluice Ellingham Yetlington Gunnerton Fenwick Longwitton Charlton Molesden Painshawfield Ordley Grindon Nunnykirk North Togston Spittal Pegswood Allenheads Denwick The Riding Blanchland Longhirst Kirkwhelpington Loanend Harbottle Dukesfield Bomarsund Hartburn Cheswick South Newsham Wark South Beach East Learmouth Kielder Newton Underwood Ford High Newton-by-the-Sea Burradon Fawdon Clifton Bowsden East Ord Humshaugh Chesterhope Spindlestone New Ridley Waren Mill Old Swarland Rawgreen Detchant Blenkinsopp Hall Bothal Sinderhope Powburn Wylam East Lilburn Pigdon Uppertown Newham Stannington Newton on the Moor Shilbottle Grange Highfields Little Swinburne Boulmer Redesmouth Langley Eland Green Thockrington Acklington Belford Park End East Hartford North Blyth Morpeth Howtel Birtley Beal Snitter Greendykes Dirt Pot Halton Lea Gate Causey Park Bridge Horsley Whittonstall Keenley Blyth Stanton Ford Forge Healey Hall Dilston Whittingham Netherwitton Juniper Thrunton Shoresdean Eshott Shilbottle Wark Walwick Stocksfield New Hartley West End Town Knocklaw Catton Slaley Birkshaw Freelands Lesbury Wooler