Professional Company Accounts in West Sussex

Get in touch

Company Accounting in West Sussex

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 Sussex

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 RH15 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 Sussex

Get in touch

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


Skip to

Gallery

Other locations available for professional company accounts
Beggars Bush North Lancing Westhampnett Chidham Treyford Cuckfield Durrington-on-Sea Sta Bury Poling Corner Ebernoe Poling Three Bridges Burgess Hill Aldingbourne Crabbet Park Southbourne Portfield Hardham Loxwood Henfield West Burton Kent Street Donnington Walberton Scayne's Hill Little Bognor Mid Lavant Slaugham East Kingston East Hampnett Goring-by-Sea Fittleworth Wardley Albourne Green Bracklesham Houghton Inlands Borden Abingworth Durleighmarsh Earnley Lurgashall Southgate Rusper Redford Henley Pease Pottage Portslade-By-Sea Coneyhurst Somerley Woodmancote Shoreham-By-Sea Halnaker Angmering North Bersted Hill Top High Cross Walstead Upwaltham Roffey Ifield Green Chorley Common Church Norton Sidlesham Common Tortington Washington Titty Hill Coombes Sompting Abbotts Parbrook Halecommon Barlavington Fyning Woodmansgreen Manor, The Tilgate Coolhurst Wood Bewbush Bucks Green Street End Rustington Clapham Dial Post Bury Hollow Nuthurst Storrington Rapkyns Hangleton Pulborough Fernhurst Gunter's Bridge Mannings Heath Stopham Bolnore Cross Gate Down Park Smithbrook Robins Hoyle Bilsham Maidenbower Furnace Green Turkey Island Cootham Marehill Dragons Green Quebec Heyshott Green West Tarring Hampers Green Fontwell Southern Cross North End Worthing Sutton End Funtington Roundstreet Common Bignor Goose Green Codmore Hill Arundel Tinsley Green Ingrams Green Heath Common Ashfold Crossways Doomsday Green Ifield West Thorney Upper Beeding Oving Highbrook Ancton Tangmere Ford Barnham North End Summersdale Southwick Lower Horncroft Broomershill Northchapel West Hoathly Birdham Madehurst Five Oaks West Marden Flansham Crosspost Sutton Tillington West Dean Bines Green Felpham Thorney Island Didling Crawley New Town High Salvington Turners Hill Kirdford Sullington Warren West End Leggatt Hill Bognor Regis Offham Fisherstreet North Heath Habin Stoughton Rock Blackwell Manor Royal Sharpthorne Minsted Midhurst Northgate Topleigh South Lancing Furnace Wood Plaistow Shipton Green Trotten Marsh Elmers Marsh Langley Green Small Dole Heath End Park Street Cinder Hill North Stoke Henley Common Dell Quay Apuldram Tisman's Common Highleigh Partridge Green East Beach Sidlesham South Harting Broadfield West Chiltington Common East Wittering Hurstpierpoint Shipley Woldhurst Waterbeach Pound Hill West Harting Mackerel's Common Hillgrove Eartham Hambrook Kingsley Green Warninglid Climping Bepton Kingsfold Sunnyside Nutbourne Wiston Nyetimber Eastergate Thakeham Charlton Norton Whitemans Green Woolbeding Woodmancote Baldwins Hill Chichester Blackstone East Marden Coldwaltham Terwick Common Ferring Brooks Green Singleton Salvington Balls Green Nutbourne Common Alfold Bars Lower Beeding Upper Wardley Horsemere Green Wiggonholt Southwater Street Merston Rookwood Bedlam Street Dumpford Upperton Queen's Corner Stedham Worth Abbey Elsted Strood Green West Wittering East Lavington Shoreham Beach Quags Corner Slough Green Ashington Green Street Breach Bexleyhill Churchwood Tower Hill Toddington Lower Fittleworth Nutbourne Brook Street Hooksway Great Common Navant Hill Broadford Bridge Rogate Crossbush Faygate Hermitage Cote Cocking Lickfold Hurst Wickham Shopp Hill Yapton Tote Hill Billingshurst Wisborough Green Lambs Green Chilgrove Haslingbourne Castle Town Iping Strood Green Cocking Causeway Birchgrove Saddlescombe Stonequarry Adversane Burndell Buchan Hill South Mundham Oakhill Newpound Common West Stoke Flathurst Watersfield Colgate Bolney Staples Hill Nyewood Littleworth Lodsworth Common Whyke The Haven Haywards Heath Botolphs Durrington Broadwater Saxby Temple Bar Upper Norwood South Ambersham Hatch Farm Hill Fulking West Town Warningcamp Nepcote Black Corner West Worthing Westerton Copsale Nep Town Deanlane End Ardingly Milland Gay Street Fishbourne Sompting Middleton-on-Sea Forestside Chownes Mead Steyning Halfway Bridge Prinsted Lagness Copthorne Horsted Keynes North End Hammerpot Monk's Gate East Worthing West Grinstead Woodgate East Lavant Maplehurst Little Haven Two Mile Ash Ansty West Itchenor West Green Ifold Amberley Cowfold Lindfield Southwater Colworth Tilgate Forest Row Hickstead Westbourne Elmer Runcton Gorehill Hole Street East Preston West Ashling Rotherbridge Itchingfield Littlehampton Coates Edburton Albourne Balls Cross Slinfold Lowfield Heath Crouchers Slindon Westergate Gossops Green Clayton Pagham Poynings Sullington Heyshott The Common Hammer Sayers Common Trotton Boxgrove East Grinstead Worth Crockerhill Bosham Broadbridge Heath Elbridge Bosham Hoe Selham Pyecombe Strettington Ifieldwood Fernhill Lancing Brookpits World's End Goose Green West Kingston Lumley East Harting Winterfold Maudlin Greatham Hunston Horsham Camelsdale Balcombe Lane Walderton Easebourne Kingston by Sea The, Close Patching Findon Valley North Mundham Old Shoreham Shopwyke Dial Green Findon Rose Green Bedham Wineham Whitehall Compton South Bersted Stubbermere Byworth Crabtree Fishersgate Hassocks Wick Broadbridge Shermanbury Coolham River Up Marden Staplefield Marley Heights Norton West Chiltington Binsted Nyton Ashurst Rudgwick West Hill Keymer Linchmere Aldwick Lodsworth Tullecombe Balcombe Rowhook Duncton Petworth Atherington Wepham Lidsey Lyminster Twineham Green Abbotsford Barns Green Stockbridge Smock Alley Shripney Broomer's Corner Crawley Down Bramber Rackham Selsey West Lavington Burpham North Marden South Stoke White's Green Warminghurst Handcross Little Common Kingston Gorse Goddards' Green Chithurst Twineham Graffham East Ashling Gospel Green East Dean