Professional Company Accounts in Oxley

Get in touch

Company Accounting in Oxley

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 Oxley

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 WV10 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 Oxley (West Midlands)

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Colehall Quarry Bank Knowle Grove Tat Bank Billesley Common Whiteheath Gate The Chuckery Wallbrook Kingshurst Digbeth Toll End Upper Witton Bradnock's Marsh Bacon's End Balsall Heath Tettenhall Wood Pendeford Hateley Heath Wednesfield Sutton Coldfield Highgate Wood End Coundon The Lunt Moor Green Tilehouse Green Perry Tile Cross Handsworth Wood Oakham Kitwell Gib Heath Eaves Green Baptist End Round Oak Charlemont Longbridge Finham Whoberley Pinkett's Booth Little Bromwich Illey Haden Cross Wollescote King's Heath Rowley's Green Walker's Heath Hill Top Rood End Shenley Fields Amblecote Lanesfield Ulverley Green Perry Beeches Scotlands The Village Buckland End Catshill Highter's Heath Keresley Radford Lee Bank Newtown Wood Green Portobello Hockley Cradley Heath Maney Heath Town Barston Kirby Corner Sedgley Berkswell Turves Green Bushbury Winson Green Wyken Brandwood End Hill Wood Blakenhall Pickford Green Claregate Wootton Green Stockfield Hall Green Overend Willenhall Lower Illey Bournville Eve Hill Tyseley Cinder Hill Russell's Hall Canley Green Lane Wood Hayes Colton Hills Temple Balsall Fen End Moseley Illshaw Heath Dickens Heath Bowling Green Shelfield Withymoor Village Bilston Rushall Lane Head Four Oaks Park Church Hill Castle Bromwich Pheasey Marston Green Beechwood Bartley Green Hollyberry End Pelsall Wood Sharmans Cross Brownhills Ward End Salter Street Stoke Heath Walsal End Darby's Hill Minworth Hook End Golds Green Four Oaks Dunstall Hill Wednesbury Copt Heath West Bromwich Knowle Tividale Birches Green Moxley Monkspath Thimble End Stonebridge Upper Stoke Clayhanger Solihull Lodge Wolverhampton Rednal Merridale Old Swinford Stubber's Green Hamstead London Fields High Heath Harvest Hill Kineton Green Summer Hill Sedgemere Woodgate Rumbush Merry Hill Grove End Goldthorn Park Bromford Cofton Common Warstock Tansley Hill Darley Green Stourbridge Eastcote Birchfield Alcester Lane's End Darlaston Green Waring's Green Blackheath Middle Bickenhill Bordesley Kingswinford Acock's Green Whitmore Park Small Heath New Invention Hawkesley Foxford Soho Four Oaks Woodsetton Ashmore Lake Great Bridge Henley Green South Yardley Bloxwich Balsall West Heath Ladywood Springfield Benton Green Cheswick Green Meriden Hill Bromley Lower Gornal Priestfield Balsall Street Vale, The Stockwell End Ashmore Park Dudley Port Alum Rock Yardley California Norton Shard End Highbridge Oxley Wollaston Tollbar End Pleck Lozells Elmdon Heath Ocker Hill Stoke Aldermoor Vigo Packwood Sandwell Castlecroft Tipton Green Pedmore Darlaston Great Barr Bristnall Fields Ettingshall Park Portway Upper Gornal Round's Green Lower Bradley Wightwick Manor Hill Hook Edgbaston Parkfield Great Heath Oldwich Lane Hasluck's Green Tile Hill Elmdon Lodge Green Wood End Dorridge Sparkhill Walsall Bell Green Barr Common Hillfield Kingstanding Wordsley Swan Village Old Hill Box Trees Bradmore Perry Common Newbolds Doe Bank Horseley Heath Pype Hayes Queslett Lower Eastern Green Wallington Heath Pensnett Fordbridge Penn Harden Quinton Nechells Stambermill King's Norton Three Maypoles Bourne Vale Moor Hall Reeves Green Catchems Corner Selly Park Woodside Catherine-de-Barnes Alderman's Green Lea Hall Erdington Hayley Green Brownshill Green Hart's Hill King's Hill Bordesley Green Gravelly Hill Caldmore Pickford Churchfield Lutley Walmley Monmore Green Griffins Hill Moseley Woodcock Hill Summerfield Park Daw End Londonderry Dudley Wood Primrose Hill Park Village Allesley Roseville Foleshill Newton Walsall Wood Lapal Witton Rotton Park Spon End Stivichall Walsgrave on Sowe Whitley Balsall Common Fallings Heath Ettingshall Blakenall Heath Saltley Longford Holly Bank Bescot Holbrooks Newbridge Wergs Lyndon Green Billesley Olton Falcon Lodge Banners Gate Gilbertstone Spring Hill Middle Stoke Mesty Croft Norton Green Lambert's End Solihull Bramford Perry Barr Smethwick Mushroom Green Chadwick End Leighswood Lye Boldmere Hall Green Hay Mills Rotten Row Belle Vale Yew Tree Pelsall Streetly Balls Hill Kitt's Green Vauxhall Woods Bank Shirley Heath Bickenhill Nechells Green Brockmoor Bearwood Hall Green Burnt Tree Woodgate Valley Harvills Hawthorn Manor House Stechford Hasbury Stow Lawn Potter's Green Tettenhall Old Fallings Hurst Hill Whitehouse Common Gornalwood Ruiton Lime Tree Park Kates Hill Northfield Dudley Carol Green Grove Vale Cotteridge Birchills Short Heath Wednesbury Oak Heath End New Town Woodway Park Brierley Hill Coombeswood Coventry Lode Heath Handsworth Lower Stoke Westwood Heath Garrets Green Selly Oak Halesowen Four Ashes The Knowle Gosford Green Dudley's Fields Rubery Buckpool Goscote Flint's Green Little Heath Packwood Gullet Springfield Fishley Earlsdon Castle Vale Over Green Tower Hill Langley Green Chapel Fields Coal Pool Watford Gap Langley Mere Green Bradley Shire Oak Causeway Green Hodgehill Aston Church End Palmers Cross Whitlock's End Chad Valley Hardwick Shirley Hockley Heath Warley Woods Bournbrook Birmingham Short Heath The Straits Oldbury Aldridge Palfrey Wake Green Princes End Wall Heath Low Hill Brown's Green Ten Acres Hurst Green Hampton in Arden Bentley Heath Little Bloxwich Brades Village Compton Guns Village Beech Lanes Rowley Regis Fordhouses Netherton Cradley Willenhall Bloomfield Hawkes End Sparkbrook Stoke Coseley Hillfields The Woods Tipton Mayer's Green Meer End Chelmsley Wood Tudor Hill Tyburn Reddicap Heath Worlds End Darby End Pinley Lodge Hill Hawne Tidbury Green Upper Eastern Green Harborne Lifford Washwood Heath New Oscott Ridgacre Edgwick Friar Park Stirchley Weoley Castle Leamore New Town Yardley Wood Westcroft Wylde Green Gibbet Hill Stockland Green Short Cross Black Lake The Delves Silver End Cheylesmore Binley Sheldon Roughley Bentley Court House Green Frankley Ley Hill Deepfields Stone Cross Springfield Blossomfield