Annual accounts due - suggestions?

[Digimem]

Hi all. The annual accounts for my Ltd company are due soon.

The company hasn’t been trading – there were around 20 (non-trading) transactions in the books for that year end.

I have been quoted £400+vat by my accountant to prepare the year end accounts.

Is there a way I can avoid the cost of a full set of accounts?

Is filling dormant company dormant accounts a possibility?

Thank you.

 

[WaveJumper]

What are you classing as non trading transactions

 

[Scalloway]

I f the company has previously traded then it has to file abridged accounts rather than dormant ones.

Prepare annual accounts for a private limited company

Prepare statutory or abridged annual accounts for Companies House, make corrections and amendments, appeal against penalties for filing after the deadline

www.gov.uk

 

[Digimem]

What are you classing as non trading transactions

Shopify web hosting fees and banking charges

 

[Digimem]

I f the company has previously traded then it has to file abridged accounts rather than dormant ones.

Prepare annual accounts for a private limited company

Prepare statutory or abridged annual accounts for Companies House, make corrections and amendments, appeal against penalties for filing after the deadline

www.gov.uk

I am using FreeAgent software for book keeping- is it worth doing the accounts myself on there? Or will that raise some red flags.

 

[MyAccountantOnline]

...

Is filling dormant company dormant accounts a possibility?

Thank you.

Have a read of this

Dormant companies and associations

What it means to be dormant for Corporation Tax or Companies House - trading and non-trading, annual accounts, Company Tax Returns and telling HM Revenue and Customs (HMRC)

www.gov.uk

 

[Scalloway]

I am using FreeAgent software for book keeping- is it worth doing the accounts myself on there? Or will that raise some red flags.

Companies House only look to see the accounts include the correct parts. They could be done on the back of an envelope.

Do you need to do a Corporation tax return?

 

[Digimem]

Have a read of this

Dormant companies and associations

What it means to be dormant for Corporation Tax or Companies House - trading and non-trading, annual accounts, Company Tax Returns and telling HM Revenue and Customs (HMRC)

www.gov.uk

Hmm it looks like my company cannot be classed as dormant.

 

[Digimem]

Companies House only look to see the accounts include the correct parts. They could be done on the back of an envelope.

Do you need to do a Corporation tax return?

Yes the company is considered active for Corporation tax as it was last year (but nothing to pay).

FreeAgent as the option to file a CT600 return.

 

[macScot]

If you can prepare a basic set of accounts profit and loss and balance sheet or trial balance (FRS 105) then you should be able to file both the accounts and the corporation tax form yourself via the HMRC online service for micro-entities, which allows you to submit both for free, and you get to save your entries as you fill them out and double check the draft in the end before finally submitting.
This is something we did ourselves during our first (loss-making as only expenses for setting up but no trading/sales) and second-year accounts, and we did this over the span of a few days whilst double checking stuff and making corrections.
If you have purchased any assets for your business you may also need to look up capital allowances.

If you are not sure, then definitely get an accountant to help.