I'm scared about the accounts!!!

[Faith28]

Today, I sat down with a pile of paperwork to work through for updating my bookkeeping stuff in particular trying to work out the VAT for end of year..which is fine. But now I am really annoyed with myself. This is my problem;

Originally I set up as a sole trader this ceased on 31 Oct 2006. My business payments were all over the place i.e. I used my personal credit card sometimes (don't have a business one), my personal account, my sole trader account, cash from withdrawing money from all accounts!!

Although I keep all receipts it was generally ok as a sole trader because I know what is what and could generally separate the two easily

But now trading as a Ltd company I can't do this sort of thing so I have to transfer all the costs into the company name e.g. broadband, mobile etc..I will have to apply in the company name (is this right btw?)

I've successfully transferred the VAT account to Ltd company name and was going about things in the usual way when it hit me I can't do what i've been doing as a sole trader.

I'm now really scared of all the mess I've created from my bad habits!!

Help!! Is this going to be expensive to sort out. I've just realised I've not reconciled my bank account statements and we're talking about september 2005. It's probably not as complicated as it sounds..but can people please advise on how I should go about all this.

What sort of costs do you think this will set me back to sort out with an accountant/bookkeeper. I just feel rubbish right now

 

[estwig]

Don't worry, sorry i can't offer any specific advice. Just like to say i was no better when we started out ltd, a good accountant will put you straight, they absolutely love this kinda thing.

Please don't let it get you down and don't waste time getting annoyed about something an accountant will sort for you in no time at all.

 

[JohnAccountant]

Faith28 - I have pm'd you

 

[Hayles]

Get yourself a good bookkeeper to sort out the muddly bits - then an accountant for end of year stuff. Much cheaper than paying a fully qualified accountant to search for receipts and bits of paper!

And really don't worry too much. We were let down badly by an accountant who was supposedly doing our books (gggrrrrrrr, lets not go there), but our new bookkeeper has sorted out the muddle which covered a couple of years in total.

Hayles

 

[Faith28]

Thanks guys for that.

So do you recommend a book keeper hayles?

I've been using Kashflow which is great for me so far. But I've not been reconciling the bank statements!! But it is great to do my VAT form, and general reports.

Still unsure what to do..I know of lots of accountants but not of book keepers.

 

Would you want a local bookkeeper or do you not mind?

 

[leemason]

We have been a Ltd from the start and we use Quickbooks for our accounts which is very straight forward for the non-accountant. It has an interview process to start off with so it should setup most of the right accounts for most businesses.

 

[PMA Accountants]

Hi,
I sent you a PM

thanks

Asif

 

[easyasit]

for what it is worth too, check to make sure your accounts are filed with companies house!

I trusted someone to do this for me, after having paid them in good faith.

Result; monies were taken but no accounts filed!
I now have to pay £100 fine.

Another moral to the story is to be be very wary of any letters that arrive asking for money, or sales calls.
Yes i have been duped there too

Al

 

[Oakesly]

I've just started doing the book-keeping for our company (very scary...) , where we had always paid a professional accountant to do them previously, which was very costly on an hourly basis. However, we have also appointed a brilliant tax accountant to act as our company secretary (he will handle the returns to Company House) and to do the final accounts and vat returns for us. He has been indispensable and has given us no end of advice on how to lessen our tax burden. He has told me how he wants me to present the book-keeping, and has shown me how to account for the items we, as directors, pay for personally either in cash or on our own debit/credit cards.

Find an accountant on personal recommendation if you can. He will pay for himself in the end!