Submitting company accounts in a hurry - help
Discussion
Hi all, I'm late submitting my accounts to companies house, very late in fact, they are threatening to close the company.
Is this something I can do myself quickly and easily? My accounts are very simple, just incoming funds, my wages, with a handful of expenses, i.e. computer, travel, few meals etc.
Any advise or help is greatly appreciated.
Is this something I can do myself quickly and easily? My accounts are very simple, just incoming funds, my wages, with a handful of expenses, i.e. computer, travel, few meals etc.
Any advise or help is greatly appreciated.
It's pretty easy as long as the turnover is low. The accounts only need to be about four pages long but you do need to ensure that certain information is included, such as a declaration that you can file abbreviated accounts and a few other things. The companies house website has a model set of small company accounts which you can just copy. You will be looking at a fine for filing them late however.
Because the company isn't dormant, it must still submit accounts which are compliant with Companies act disclosre requirements.
The best thing is to find an accountant who can do them fast for you - which may be difficult at the moment as we are all under massive deadline pressure this time of the year.
What is the Corporation Tax situation?
The best thing is to find an accountant who can do them fast for you - which may be difficult at the moment as we are all under massive deadline pressure this time of the year.
What is the Corporation Tax situation?
Eric Mc said:
What is the Corporation Tax situation?
Not sure really, I am THE worst person at this kind of thing. I work and I get paid, that's about all I've got round to doing so far.I've just gotten the number for a recommended accountant, think I should call him first thing monday!
If the company made a profit during its trading year, it will have a Corporation Tax liability.
Any such liabilities were due at least 9 months after the end of the company's financial year end (possibly earlier if this is the first period of trade).
Tax paid late will be subject to interest charges.
The company was also due to submit a Corporation Tax return together with FULL accounts (not abbreviated) and tax computations to HM Revenue and Customs TWELVE months after its financial year end (possibly earlier if the first period of trade).
There are automatic filing pernalties for missing this deadline too.
Is the company registered for PAYE?
Should it be?
Any such liabilities were due at least 9 months after the end of the company's financial year end (possibly earlier if this is the first period of trade).
Tax paid late will be subject to interest charges.
The company was also due to submit a Corporation Tax return together with FULL accounts (not abbreviated) and tax computations to HM Revenue and Customs TWELVE months after its financial year end (possibly earlier if the first period of trade).
There are automatic filing pernalties for missing this deadline too.
Is the company registered for PAYE?
Should it be?
Dan...I seem to remember you posted something very similar a few months, asking for an accountant.
You state that you're no good at this stuff, so I would suggest you don't try and do it yourself. It is relatively straightforward, but then again so is changing the cambelt on a car - but most people would still get it wrong.
Perhaps you should find an accountant and pay them some money to sort this out? I'd bet it is only going to be in the region of £500 - £1000 for every year you haven't kept accounts for, which is probably less than the fines and interest you will accrue in the long run.
Then find yourself an accountant / bookeeper who will work with you on a monthly basis (£50 - £100/month) so it doesn't all get out of hand again.
Alternatively let HMRC have the company struck off and pay any penalties due.
You state that you're no good at this stuff, so I would suggest you don't try and do it yourself. It is relatively straightforward, but then again so is changing the cambelt on a car - but most people would still get it wrong.
Perhaps you should find an accountant and pay them some money to sort this out? I'd bet it is only going to be in the region of £500 - £1000 for every year you haven't kept accounts for, which is probably less than the fines and interest you will accrue in the long run.
Then find yourself an accountant / bookeeper who will work with you on a monthly basis (£50 - £100/month) so it doesn't all get out of hand again.
Alternatively let HMRC have the company struck off and pay any penalties due.
UpTheIron said:
Dan...I seem to remember you posted something very similar a few months, asking for an accountant.
You state that you're no good at this stuff, so I would suggest you don't try and do it yourself. It is relatively straightforward, but then again so is changing the cambelt on a car - but most people would still get it wrong.
Perhaps you should find an accountant and pay them some money to sort this out? I'd bet it is only going to be in the region of £500 - £1000 for every year you haven't kept accounts for, which is probably less than the fines and interest you will accrue in the long run.
Then find yourself an accountant / bookeeper who will work with you on a monthly basis (£50 - £100/month) so it doesn't all get out of hand again.
Alternatively let HMRC have the company struck off and pay any penalties due.
I agree. You state that you're no good at this stuff, so I would suggest you don't try and do it yourself. It is relatively straightforward, but then again so is changing the cambelt on a car - but most people would still get it wrong.
Perhaps you should find an accountant and pay them some money to sort this out? I'd bet it is only going to be in the region of £500 - £1000 for every year you haven't kept accounts for, which is probably less than the fines and interest you will accrue in the long run.
Then find yourself an accountant / bookeeper who will work with you on a monthly basis (£50 - £100/month) so it doesn't all get out of hand again.
Alternatively let HMRC have the company struck off and pay any penalties due.
I am quite good with my accounts but wouldn't attempt to do a full return. I have been within £200 with my own CT calculations each year but I don't think HMRC will accept a guesstimate!
The Revenue will always insist that you submit the full accounts, tax return and computations eventually. And they will fine you if they are late.
However, you can always pay round sum amounts on account off your ultimate Corporation Tax liability in order to mitigate interest charges. Even if you don't know the exact liability due, any payments will help.
However, you can always pay round sum amounts on account off your ultimate Corporation Tax liability in order to mitigate interest charges. Even if you don't know the exact liability due, any payments will help.
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