Professional Company Accounts in Byworth

Get in touch

Company Accounting in Byworth

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 Byworth

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 GU28 0

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