First year trading - year end accounts help

[The Embroidery Chamber]

Hi
Please can someone help us... We have to file our year end accounts by 19th Aug and I haven't got a clue what we need to send to where....! Please could someone tell us what we need to do.

We started trading in november 2008, we are a limited company and are VAT registered.

We have submitted quarterly tax returns.

we don't have a stash of cash to pay an accountant, but have a friend who has book keeping experience and she has offered to help us.

Any help would be much appreciated

Angela

 

[MyAccountantOnline]

With all due respect if you need to complete limited company accounts you really arent going to pick up enough advice from a forum like this to do all that is necessary.

If your bookkeeper has completed accurate records hopefully their shouldnt be a huge amount of work for an accountant to do so you should be able to find an accountant who isnt too expensive.

 

[MyAccountantOnline]

Sorry having re-read your post I see your friend hasnt actually kept your books but hopefully your own records should be good if you've dealt with your own VAT.

The 19th August is an unsual date for year end accounts bearing in mind you commenced trading in November - is this possibly an annual return rather than accounts?

 

[Alison Jones]

HI

It is not really advisable to file your own accounts especially if you have no experience. With your bookkeeper friend has she ever completed Year End Limited Company accounts, if not leaving it so close to your deadline does not allow any time if Companies House reject the first accounts for whatever reason for it to be re-submitted.

Accounts need to be at Companies House by the deadline or you will incur fines.

Also Corporation Tax Form has to be completed and sent to Inland Revenue by the deadline which think is 9 months after your year end and all tax owing paid.

For the amount of fines you may incur may be better to find an accountant get a few different quotes and some of these accountants may charge less then the fines you will incur.

 

[MyAccountantOnline]

Also Corporation Tax Form has to be completed and sent to Inland Revenue by the deadline which think is 9 months after your year end and all tax owing paid.

A Corporation tax return (CT600) must be sent to HM Revenue & Customs within 12 months of the year end and any Corporation tax payable is due 9 months and 1 days after the accounts year end (assuming it is a 12 month period).

 

[accountancyextra]

Apart from obviously getting all the numbers right, do make sure that you've got the notes and disclosures correctly worded as well.

Companies House & HMRC will reject accounts for an incorrectly worded Directors report (for example)

 

[Jenni384]

Hi Angela

If your bookkeeper friend can get the books into a good Trial Balance (she will know what this is), then you might be looking at less than you think to get an accountant to prepare this for you.

If you get it wrong, the penalties can be costly, so it's often far more cost effective to appoint a professional from the start.

There are plenty of accountants on here who can help you, and it won't cost you anything to have a chat and get a quote.

Best of luck

Jenni

 

[steve701]

Hi
Please can someone help us... We have to file our year end accounts by 19th Aug and I haven't got a clue what we need to send to where....! Please could someone tell us what we need to do.

We started trading in november 2008, we are a limited company and are VAT registered.

We have submitted quarterly tax returns.

we don't have a stash of cash to pay an accountant, but have a friend who has book keeping experience and she has offered to help us.

Any help would be much appreciated

Angela

Hi Angela - My name is Steve Bailey and am an experienced accountant. I have just left full time employment to set up my own bookkeeping and accountancy service. I have some existing work already but am looking to gather a portfolio of work to sustain my income. To that end I am willing to offer reduced initial fees to attract clients. I don't know to what extent the books are written up or even if they are(there must be some records to enable you to complete your VAT returns) but obviously you have little time to get them in order and have subsequent accounts prepared and filed.

It is difficult to give a quote as I don't know the state of the records or the volume of transactions. I also don't know whether your bookkeeper friend is available to get the books in a state for accounts to be prepared in time for accounts to be prepared in time for filing.

I would be happy to have a chat with you (07974 762716) to see what we could do or pop over to have a look at your records and then take it from there. I am based in Manchester but would not charge for the visit or the travel. I am sure we can agree a fee that would not be prohibitive.

If we were to go ahead I could give the job my immediate attention in order that you do not incur any late filing charges.

Hope to hear from you in the near future.

Regards

Steve Bailey