Getting our first accounts done

[Arthur_Ion]

We're a new limited company (2 directors) and I've just taken over the admin stuff from the other director. I think he might have got some things wrong but am not certain. We haven't got an accountant yet but will soon.

We formed the company mid June 2007 and started running up expenses straight away. We didn't start raising invoices until the autumn and my colleague told HMRC that the Corporation tax should start then.

So we're stuck now will accounts to June and Tax to September. How can I sort this out? We'd prefer to keep the accounts year the same.

PS. There's no profit yet!

 

[Jenni384]

You can advise HMRC to change the Corporation Tax period to align with your accounts.
Or you can change your year end with Companies House to align the accounts with the tax.

 

[CassioAcc]

If you are registered with Web Filing then it takes two mins to change at Co House - very easy

 

[Arthur_Ion]

As I mentioned above we are in the process of getting someone to sort this out for us but I'd like to understand the deadlines now.

We formed the company on 15 June 07 and I inderstand our year for accounts will run to 30 June 08?

We didn't get money in until September & my fellow director says this is when we started trading therefore. But we had expenses building up from the start.

The dates we have for Corporation Tax are Sep to August. I think this must be because my partner told them thats when we started trading but he can't remember. Is this right?

I would prefer to kee the companies house dates as they are. Presumable we can write to HMRC and ask for the tax year to be changed to Jule-June or Sept-June which ever is correct?

 

[CassioAcc]

Your Corporation Tax period end will be the earliest of 12 months or the date you draw your accounts to. When you sent the CG41G you would have given a date you intend to draw your accounts to.

Call your Corporation Tax office to check

 

[JulianHobbs]

Just call up the Corporation Tax Office the company is assigned to. They will advise you of the current required tax filing dates.

Julian Hobbs
Chartered Accountant