First Accounts Nightmare - LTD Company

[problemchild]

Hi everyone

I feel as if I need to be pushed off a building by someone, and the problem is entirely down to me. Here goes...

I've got an online business (selling through eBay) since September 2009. I set up a ltd company back then and my first accounts are due in soon. Here's the problems that I have:

- I've lost a few months of expenses. I'm told this is vital as it needs to get tallied up.

- I changed the focus of my business, half way into the year as my main supplier went bust. Thus, I changed the name of the business and continued to sell of the stock which I had remaining and i've been working on a different project for the past few months. I could of created a brand new company name but didn't want the hassle of running two separate LTD companies and the paperwork x2 which would be involved so I thought the best option was to change the existing name.

- I've had a notice from the Companies House recently saying that my first annual account is due and have no idea where to start. I know vaguely what forms I need and what is required (expenses, turnover, fixed assets, CT600). Problem is that i've lost some of these invoices from both the expenses (post office receipts, supplier invoices) and theres no way that they will tally up in the end.

I know, I know - I am entirely to blame. I regret not taking more care of my financial statements and putting them through some sort of software.

What should I be doing? I'm really really worried over this (and I should be).

Any advice would be greatly appreciated.

 

[KM-Tiger]

... my first annual account is due and have no idea where to start.

Simple, consult an accountant.

There is no problem over the name change, as a Ltd Co can trade as a different name.

This first year will cost you, as the accountant will have to sort everything out. Talk to them about getting set up better for your second year.

 

[problemchild]

Simple, consult an accountant.

There is no problem over the name change, as a Ltd Co can trade as a different name.

This first year will cost you, as the accountant will have to sort everything out. Talk to them about getting set up better for your second year.

I appreciate the prompt and helpful reply.

My only concern is how the accountant will bypass the lost paperwork. I will try a speak to an accountant to see what they say.

Thanks again, appreciated.

 

[Jenni384]

It's not the end of the world, and not too bad to fix - when are the accounts due by?

As KM says, the change of name isn't a problem at all.

You can get copy bank statements if you need to and the missing paperwork will at least have a corresponding bank entry. You will know what some of it is by the name on the statement, and can make a reasonable judgement on the rest. Any good accountant will help work through this with you and set you up in a better way going forwards. Anything that wasn't paid for through the bank might be a bit problematic, but the best thing is to talk to an accountant and let them see the specifics and advise you accordingly.

Should HMRC enquire, you can explain that some paperwork has been lost and you've reconstructed the records as best you can. As long as you can demonstrate your methodology (and when I say you, I mean your accountant - never talk to HMRC yourself if you have an accountant!) then most reasonable inspectors would be ok with it.

It's all down to the specifics though, so get some tailored advice.

 

[KM-Tiger]

My only concern is how the accountant will bypass the lost paperwork.

It may be possible to use an estimate based on other months expenditure. The important thing will be to do something that will bear scrutiny, should it ever be applied. Talk to your accountant, they tend to be good at that sort of stuff.

You might consider the many excellent accountants that are members here, when making your choice.

 

[problemchild]

Thanks very much everyone for the help, I will get speaking to an accountant on Monday.

Been feeling suicidal for most part of this week but feel a bit more confident on the whole now.


Thanks again.

 

[problemchild]

Anyone know how much it will cost (approx) to get this sorted. A vague figure would be good just to keep in the back of my mind.

Thanks

 

[DeanCo]

Prices for this type of work do vary considerably. Online accountants tend to be more cost affective than typical high street accountants.

 

[elaine@cheapaccounting]

Anyone know how much it will cost (approx) to get this sorted. A vague figure would be good just to keep in the back of my mind.

Thanks

Impossible to say from the info on the post. You need a detailed talk with an accountant to get this on track.

I expect that you will be late for the accounts (due sometime in June judging by start date of company).

So to prepare you - you will most likely have a fine of £150. This rises to £375 if you do not file within 3 months plus the corporation tax fine kicks in.

So I’d suggest action asap is needed.

 

[MyAccountantOnline]

Anyone know how much it will cost (approx) to get this sorted. A vague figure would be good just to keep in the back of my mind.

Thanks

Its not really possible to say without any further details.

You could certainly ask around for some quotes but any accountant will need a lot more information.

Do remember you can work with the accountant you choose to minimise the fees - it may be that (if you are happy to do so) you can produce some summary sheets etc which will reduce the time the accountant you use has to spend doing the bookkeeping work.

At the end of the day it can all be sorted out so do try not to worry too much