Professional Company Accounts in West Drayton

Get in touch

Company Accounting in West Drayton

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 West Drayton

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 DN22 8

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 West Drayton (Nottinghamshire)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Bulwell Forest East Drayton Beeston Bilsthorpe Gunthorpe Ompton Markham Moor Retford Swingate Zouch Newthorpe Askham Mansfield Woodhouse Upper Broughton Sherwood Costock Bassingfield Spalford Halloughton Hill Top Welham Cotham Hawksworth East Stoke East Markham Butler's Hill Carburton Boughton Widmerpool Kelham Westville Trowell Wigthorpe Coates Cuckney Market Warsop Forest Town Newthorpe Common Aspley Stanton Hill Knapthorpe Hucknall Ranby Rempstone Moorhouse Nuthall North Clifton Sturton le Steeple Easthorpe Gamston Holme Lane Barrows Green Huthwaite Cromwell Nether Langwith Lound Giltbrook Selston Common Norton Hickling Pastures Normanton-on-the-Wolds Thorpe Treswell Kingston on Soar Woodthorpe Eaton Harworth Harwell South Carlton Fackley Stoke Bardolph Misson Syerston Caunton Moorgreen Radmanthwaite Bulcote Sookholme West Drayton Greasley Elkesley Jubilee Misterton Soss Everton Mansfield Plumtree Bestwood Village Mattersey Thorpe West Stockwith Linby Beauvale Ruddington Fiskerton Plumtree Park Stokeham Harlequin Kneeton Radford High Marnham Westhorpe Scrooby Farndon Bramcote Hills Ragnall Bunny Hill Kinoulton Skegby Pleasleyhill Balk Field Besthorpe Upton South Clifton Chilwell Cossall Marsh Cossall Shipley Gate Dunsill Weecar Winkburn Sutton on Trent Haughton Wellow Headon Maythorne Rockley Jacksdale Church Laneham South Wheatley Serlby Whatton-in-the-Vale Tibshelf Wharf Hawton Thorneywood Annesley Moorhaigh Manor Park Newstead Normanton on Trent Thorney Wysall Balderton Selston Green Nether Headon Barnby in the Willows Wallingwells Walkeringham Harby Top Green Lenton Scaftworth Calverton Arnold Newington Caythorpe Kilvington Shireoaks Low Marnham Spion Kop Ollerton Plain Spot Holbeck Heckdyke Strelley New Eastwood Styrrup Scofton Upper Saxondale Langford Woodend Awsworth Eastwood Newton Gateford Common Bestwood Brinkley Brough East Leake West Bridgford Laneham Littleborough Beauvale Askerton Hill Carlton Edwalton Cotgrave Wilford Haywood Oaks Rolleston North Leverton with Habblesthorpe Woodbeck Papplewick Bunny Beckingham Maplebeck Gonalston Rylands Lambley Thrumpton White Post Annesley Woodhouse New Brinsley Carlton-on-Trent Ravenshead Bagthorpe Brook Hill Mapperley Park Hayton Watnall Budby Screveton White Houses Lowdham Flawborough Scarrington Bilby Flintham Dove Green Manton Kneesall Redhill Orston Normanton on Soar Bulwell Porchester New Ollerton Carrington Gotham East Bridgford Morton Bathley New Kingston Brinsley Bleasby Perlethorpe Bilsthorpe Moor Clipstone Worksop Weston Beacon Hill Girton Stanley Lenton Abbey Bothamsall Barnstone Gorsethorpe Keyworth Costhorpe Underwood Shelford Stanford on Soar Old Basford Cox Moor Sneinton Southwell Bradmore Bolham Collingham Gamston Netherfield West Retford Halam Stony Dale Stapleford Epperstone Kilton Thoroton Holme Pierrepont Ladybrook Oldcotes Sutton Car Colston Elton on the Hill Dalestorth Milton Hodsock Holme Wigsley Belle Eau Park Hardwick Village New Basford Little Gringley Kirton Clarborough South Scarle Eastwood Hall Dunham on Trent Averham South Muskham Blidworth Dale Walkerith Babworth Meden Vale Gringley on the Hill Kirkby Woodhouse Owthorpe Walesby Gibsmere Upton Field Warsop Vale West Leake North Carlton Westwood Rise Park Adbolton Hollies, The Bingham Colston Bassett Egmanton Hazelgrove Little Carlton Commonside Farnsfield Rainworth Alverton Langar Winthorpe Broxtowe Laxton Kirklington Normanton Staunton in the Vale Highbury Vale Church Warsop Gateford Darlton Rhodesia Torworth Kersall Wollaton Broomhill Sibthorpe Mapperley Saxondale Blyth Selston Alma Coddington Grassthorpe Colwick Edingley Tithby Cinderhill Gedling Stanton-on-the-Wolds St Ann's Langold Stanford Hills Lidgett Thoresby Mattersey Fledborough Wiseton Hoveringham Edwinstowe Thrumpton Grove Bramcote Bole Kings Clipstone Bilborough Hickling Bogend Ruffs Sutton In Ashfield Saundby Aslockton Brick-kiln End Ossington Thorpe in the Glebe Elston North Muskham Rampton Norwell Cropwell Bishop Dunkirk Teversal Blidworth Bottoms Fernwood Barton in Fabis Toton Eakring Staythorpe Newlands Granby Upton Goverton Kirkby - In - Ashfield Clipston Whitemoor Blidworth Oxton Norwell Woodhouse South Leverton Ordsall Pye Hill Skegby Mattersey Thorpe Willoughby-on-the-Wolds Meadows Barnby Moor Darfoulds North Wheatley Cropwell Butler Bircotes Nottingham Tollerton West Markham Misterton Thurgarton Cottam Sutton Forest Side Woodborough Daybrook Carlton in Lindrick Hockerton Burrowsmoor Holt Shelton Ranskill Tuxford Top Valley Little Green Holbeck Woodhouse Sutton Bonington Sutton Cum Lound Sibthorpe Babbington Clifton Friezeland Burton Joyce Nuncargate Newark-on-Trent Kimberley Radcliffe on Trent Attenborough Hempshill Vale Clayworth