Professional Company Accounts in Quhamm

Get in touch

Company Accounting in Quhamm

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 Quhamm

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 ZE2 9

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 Quhamm (Shetland Islands)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Vementry Browland Garderhouse Copister Dale of Walls Moarfield Sellafirth Wadbister Mid Walls Collafirth Bruray Heogan Belmont Lunnasting Dury Kellister Channerwick Clivocast Engamoor South Aywick Exnaboe Cullivoe Ringasta Sound Houss Ure Brake Hillside Papil Funzie Skelberry Brettabister Cuckron Hamnavoe Sefster Fogrigarth Girlsta Hamar Hoswick Lunnister Ramah Eastshore Burravoe Mid Yell Kirkabister Vanlop Quendale Sand Reawick Walls Brough Toogs Toab Brough Bridge of Walls Cova Creediknowe Gunnista Bigton Bird Obsy Brunatwatt Duncansclett Hestingott Sound Barnafield Williamsetter Hestaford Breiwick Laxfirth Eswick Bousta Ocraquoy Gutcher Ollaberry Gletness Balliasta Underhoull Sandvoe Booth of Toft Hogaland Hamister Houlland Noonsbrough Nisthouse Da Toon o Ham Ulsta Braewick Gloup Port Arthur Ayres of Selivoe Stenswall Skaw Trondavoe Quoys of Catfirth Upperdale Urafirth Stove Glebe Stonganess Noss Effirth Wester Skeld Cunnister Hestinsetter Braehoulland Lea Gardens Brough Gruting Aith Greenmow Mail West Sandwick Burnside Levaneap Nibon Lerwick Uyeasound Tresta Quoyness Burrafirth Braewick Easter Skeld Setter Flukes Hole Aithsetter West Yell Melby Mailand Challister Cumlewick Bixter Tulkie Hillswick Housabister Lunning Kirkabister Kettlester Da Hametoon Southpunds Housetter Tangwick Windhouse Troswickness West Houlland Burland Veensgarth Unifirth Leebitten Freester Longfield Boddam Kirkidale Omunsgarth Busta Brindister Marrister Vidlin Sullom Littlester Scousburgh Houlland Ireland East Burrafirth Grobsness Norby Seafield Eastwick Fladdabister Scarvister Skelberry Northdale Kalliness Holmsgarth Haggersta Greenbank Easter Quarff Biggings Gord Flugarth Colvister Gardie South Gluss Isbister West Burrafirth Quoys Voesgarth Upper Kergord Mid Ho Camb North Town Valsgarth Herra Voe Railsbrough Catfirth Haa of Houlland Sumburgh Sandness West Heogaland Laxobigging Scatness Laxo Sound Semblister Midbrake Gonfirth Heglibister Leeans Scalloway Stove Bridge End Twatt Scatsta Rerwick Ramnageo Voe Gardie Levenwick Raga Otterswick Hamars Stanydale Stonybreck Basta Wethersta Sandwick Housay Swarister Kirkaton Upper Neepaback Gillarona Grutness Maywick Clibberswick Baltasound Norwick Bothen Symbister Burrastow Vatsetter Brae Brindister Houlland Hellister Clousta Weisdale Baliasta Swining Isbister Sandsound Hamnavoe South-haa Muness Ordale Swinister Vassa Uppersound Skellister Gott Houlland Haroldswick White Ness North Roe Assater Hamnavoe Silwick Brough Northpunds Skeggie Grindiscol Lunna Wester Quarff North Aywick Harkland Burravoe Hillwell Gulberwick Tirvister Culswick Garth Upper Urafirth North Collafirth Houbie Gossabrough North Gluss Benston Brough South Scousburgh Westing Huxter Mangaster Quoys Crawton Bremirehoull Mossbank Quhamm Clate Haggrister Burwick Westerwick Grunasound Sandwick Grimister