Professional Company Accounts in Greendykes

Get in touch

Company Accounting in Greendykes

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 Greendykes

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 NE66 5

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