Advice on filing accounts

[stevesolo]

I am the sole director of a small ltd co which is due to file its first period accounts next week. Turnover approx £75K, loss for period of £10K funded by Director's loan. The company has no employees.

The figures are ready to be filed, but is it a legal requirement that I use an accountant to file them?

I have prepared a cover sheet with the company information showing the registered office address, company name and number, Director's name, Secretary's name, and bankers' name and address - is any other information required?

I have also done a P&L (which will not be filed) as it is not required, a balance sheet, Director's statements regarding exemption under Section 249 of the Companies Act, and Notes to the Balance Sheet.

Is there anything else I have to file with the Registrar?

As for HMRC, what do I need to send them? A copy of the accounts (with the P&L?) presumably. Corporation Tax is clearly not due, and I have been asked to submit a CT500 within three months of the filing date. Do I still need to do that despite the loss for the period?

I would be grateful if anyone could enlighten me.

[elainec100@cheapaccounting]

You do not need an accountant.

You do need to file a CT600 (not 500!).

You need to prepare a tax comp to go with this and the full accounts to HMRC.

Abbreviated accounts to the correct format need to be filed at Co House.

Loss can be carried forward to future profits.

If this is the first year of trade it is likely that the accounts may be for slightly more than one year - so you may need 2 CT600s. Sadly this is where you do need the knowledge of an accountant.

You need to adjust profits for non allowable items such as depreciation and then work out e.g. capital allowances.

I assume you have recorded everything net of vat (at £75k you must be registered I assume)

Good luck

[stevesolo]

Hi Elaine,

Thanks for your lightning quick response. You're quite right, the accounting period is nearly 18 months. I meant CT600, the reams of forms and reference numbers from HMRC is distinctly baffling!

The company's only fixed assets are office/IT equipment purchased for £586. Should depreciation be recorded in the first trading period? I was going to depreciate in year 2 by 33%.

All figures are ex VAT.

Thanks again.

Steve

[elainec100@cheapaccounting]

Well as stated you need 2 CT600s.

Yes depn should be in the trading period of purchase, the notes should say the depn policy and the tax comp will show the adjustment for depn and CA being the annual investment allowance.

In all honestly and sorry to be blunt but I would be very surprosed if you are able to handle this with help from an accountant.