This should be easy?!?

[msl]

Hi,
I am doing my abbreviated accounts for yr end (31/12/09) and my accounts should be so simple, as there is no income just costs.

I am confused and would be very greatful if someone could answer the following:

In fixed assets do I actually need to show the depreciated value of computer assets?

I (as director) have financed all transactions from my own funds, do I show this amount under creditors (owing in a year)?

Do I need to carry over the Shareholders funds from the previous accounting period to the Called Up Share capital box? There has been no transactions relating to shares.

All I can show is a loss in the profit and loss box (870) but I fail to see how to balance it all up.

Any help greatfully received - I really dont want to spend out on an accountant to do what should be really simple for such a small set of accounts (1 transaction / month!)

Many thanks.:|

[Williams lester]

Does your accountant not prepare abbreviated accounts for you?

[msl]

In the companies first year accounts were prepared. However due to zero income I have decided to undertake my own accounts.

[Williams lester]

Good luck with that, you will need abbreviated accounts for Companies House, full accounts for HMRC to accompany CT600 corporation tax return and associated tax computations, plus you will also need to submit an annual return to Companies House and if registered for PAYE you will need P35 year end returns.

Fines for late submissions are fairly hefty, so I would advise ensuring you get it right first time!

Your starting point should be the full accounts not the abbreviated accounts, the abbreviated accounts will then be obvious once the full accounts are prepared.

[Blackberry]

whilst it may seem a good idea to do the accounts yourself to save a bit of cash in reality its often a false economy.

You've got to weigh up what your time is worth and how long its going to take you to do the accounts and then factor in if you're actually going to prepare them correctly.

more often than not using an accountant is the cheapest option in these terms - not all of us cost the earth, many on here including myself have very affordable fees and would be happy to help

[elainec100@cheapaccounting]

If you are doing the accounts yourself then you must understand depn and capital allowances and be able to represent both in the CT comp, CT600 and accounts.

IMO this is an area that confuses those that do not have training / background in accounting.

Whilst I appreciate that it may be a cost cutting exercise not to use an accountant - failure to file on time / with the correct info can result in fines.

[Jenni384]

Another suggestion that an accountant might well be money well spent.

From the questions you are asking, I would hazard a guess that you don't have the knowledge to be able to produce full accounts and a CT600 correctly. This isn't knowledge you can pick up in full off a forum and indeed professionals spend years in training to get it right.

Yes, an accountant is a cost. But contrast that with tax savings, future tax planning, confidence that accounts or CT600 won't get rejected, no fines for being late, no stress while trying t do it.... It's worth it.

It took me hours and hours to get my first set of company accounts right - and I'd had proper training. I wouldn't wish that stress on anyone, especially someone who didn't fully understand it all :)