Year End Advice

[jimbob11]

Hi,
Its my year end, my first year end. I work from home and have a office in the garden fitted with an electric meter from the house so i can track what i have used.

My year started from Feb 11 to Jan 12.

I use quickbooks and so far im in profit of £220.00 I still owe my self wages of £2132 and i have not yet calculated my electric usage.

I am a limited company and only been taking 20 hours per week at minimum wage (£580 per month)

Can i rise a invoice for the electric? i have only had the meter in since October 2011 currently i have used 1800 KWH at todays rate of 11.72p last year it was more.

Also can i submit my own account to the HMRC? Not sure i can afford an accountant this year.

What do you think?

 

[Scalloway]

Yes you can submit your own accounts to Companies House and HMRC using the HMRC's CT600 PDF. All you need is:

1. A knowledge of company accounting
2. A knowledge of company taxation

Or the time to learn them on the job if you are the kind of person who enjoys a challenge.

You may save money not paying an accountant but you could probably use the time it takes you to do it more profitably on the business. An accountant will also make sure you pay no more tax than you need to.

 

[jimbob11]

well at the moment i am very quiet! and probably have 4 days out of 5 to learn

 

[Blackberry]

Best thing you can do is to get yourself an accountant, it will be money well spent and doesnt have to cost a fortune.

we have special rates for micro businesses, drop me a PM if interested

 

[MyAccountantOnline]

Hi,
Its my year end, my first year end. I work from home and have a office in the garden fitted with an electric meter from the house so i can track what i have used.

My year started from Feb 11 to Jan 12.

I use quickbooks and so far im in profit of £220.00 I still owe my self wages of £2132 and i have not yet calculated my electric usage.

I am a limited company and only been taking 20 hours per week at minimum wage (£580 per month)

Can i rise a invoice for the electric? i have only had the meter in since October 2011 currently i have used 1800 KWH at todays rate of 11.72p last year it was more.

Also can i submit my own account to the HMRC? Not sure i can afford an accountant this year.

What do you think?

Yes you can charge your company for electric etc it uses. Dont forget to report it on your Self Assessment tax return.

You may want to reconsider the salary you are drawing.

An accountant certainly neednt be expensive and may well save you tax and hassle.

 

[jimbob11]

why on self assesment? been quoted £500 plus vat for accounts. I have done all my accounts on quickbooks and done bank reks every time i get a statment. all up to date., what do people charge on here?

 

[MyAccountantOnline]

why on self assesment? been quoted £500 plus vat for accounts. I have done all my accounts on quickbooks and done bank reks every time i get a statment. all up to date., what do people charge on here?

You need to report all sources of your income (and any allowable expenses) on a Self Assessment tax return.

My firms fees are on our website if you want to take a look. A few of us accountants here on the forum show fees on our websites.