Company Tax Return - Need advice

Discussion in 'Accounts & Finance' started by AC-20, Jul 21, 2021.

  1. AC-20

    AC-20 UKBF Newcomer

    5 0
    Hi,

    Last year I registered my limited company to build a business. Over the year I offered my services part-time & generated modest revenue within 4 figures.
    It has now been just over a year, therefore my company tax return is due. I am inclined in doing it myself as there has only been a handful of transactions, so I imagine nothing too complex.

    On the other hand, I also like the idea of hiring an accountant to do this on my behalf, learn from them & build a professional relationship.

    So my question really is, how much shall I expect to pay an account to submit my tax return (corp. tax, annual accounts, etc...)?

    Ballpark figure would really help to get an idea.

    Thank you in advance.
     
    Posted: Jul 21, 2021 By: AC-20 Member since: Feb 15, 2021
    #1
  2. DWS

    DWS UKBF Regular

    276 47
    If not too many transactions approximately £400/£500 but I am sure some will charge less and plenty will charge more
     
    Posted: Jul 21, 2021 By: DWS Member since: Oct 26, 2018
    #2
    • Thanks Thanks x 1
  3. WaveJumper

    WaveJumper UKBF Legend

    2,257 568
    Always interesting these sorts of questions. Are you employed as well as running a ltd on the side? If so, how’s it going to affect your current tax liabilities. Or do you need to have a pay role set up within your ltd. Do you have any loss’s that need to be brought forward?

    Yes, you can do your own accounts, but getting some advice from a professional is not going to hurt and as you say getting that relationship going now can only be a good thing and could save you a lot of money and headaches in the future.

    There’s a lot of accountants on the forum who will give you a steer to the sort of costs you can expect. Could be money well spent in my view.
     
    Posted: Jul 21, 2021 By: WaveJumper Member since: Aug 26, 2013
    #3
  4. AC-20

    AC-20 UKBF Newcomer

    5 0
    Yes, employed full time and trying to build a business on the side at the moment. I haven't taken any salary nor dividends from the business.

    I'm more inclined towards an accountant, as like you mentioned to avoid any future complications. Thank you for your advice!
     
    Posted: Jul 22, 2021 By: AC-20 Member since: Feb 15, 2021
    #4
  5. MyAccountantOnline

    MyAccountantOnline Full Member

    13,642 2,589
    I'd say in the region of £500 if your accounting records are good.
     
    Posted: Jul 22, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #5
  6. UK Contractor Accountant

    UK Contractor Accountant Verified Business ✔️

    5,491 1,029
    £500 + Vat or inc Vat?:)
     
    Posted: Jul 22, 2021 By: UK Contractor Accountant Member since: Sep 18, 2013
    #6
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  7. MyAccountantOnline

    MyAccountantOnline Full Member

    13,642 2,589
    :D depends if the accountant is VAT registered
     
    Posted: Jul 22, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #7
  8. AC-20

    AC-20 UKBF Newcomer

    5 0
    What sort of services should I expect with this price range?

    Are you able to briefly summarise the process? :)

    Thank you!
     
    Posted: Jul 22, 2021 By: AC-20 Member since: Feb 15, 2021
    #8
  9. MyAccountantOnline

    MyAccountantOnline Full Member

    13,642 2,589
    @AC-20 what process do you mean?
     
    Posted: Jul 23, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #9
  10. UK Contractor Accountant

    UK Contractor Accountant Verified Business ✔️

    5,491 1,029
    Services normally include the following:

    Financial Statements - FRS102 or Micro Entity Accounts
    Complete Micro Entity Annual Statutory Accounts
    Convert into IXBRL Financial Statements and submit to HMRC
    Complete the Abbreviated Financial Statements and submit to Companies
    House.

    Corporation Tax Return
    Complete Corporation Tax Return - CT600
    Prepare Adjusted Corporation Tax & Capital Allowance Computations
    Electronically File Return with HMRC
     
    Posted: Jul 23, 2021 By: UK Contractor Accountant Member since: Sep 18, 2013
    #10
  11. WaveJumper

    WaveJumper UKBF Legend

    2,257 568
    No one is going to know how complex or simple your tax affairs or returns are going to be you need to sit down with an accountant. Yes, it may cost you but like many, you have failed to get proper accounting advice before setting up a company to be honest not the best start.

    The accountant could have explained about the expenses you could claim (or not claim as the case may be) best way to report the income you make to save you paying to much tax etc etc

    Go sit down with an accountant they will access your needs and tell you the fee for the services required. Finding the right account local to you may be quite consuming as you need to find the right one for you and one you can best work with. If you are on a deadline to submit a return to HMRC if I was you I would not be hanging about.
     
    Posted: Jul 23, 2021 By: WaveJumper Member since: Aug 26, 2013
    #11
  12. Spur Support Services

    Spur Support Services Full Member

    331 68
    It is definitely worth speaking with us accountants.
    Even if it is just a simple call to point you in the right direction
     
    Posted: Jul 23, 2021 By: Spur Support Services Member since: Aug 21, 2020
    #12