Accounts and tax return

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Accounts and tax return

Britney Spears
Yo peeps,

After a hard year earning my little money I finally got something on my company's account.
Just in time as I now need to do company accounts and tax return.

To tell you more, I just had several invoices for a year that were paid and I don't think I'll have any profit this year as my expenses came up to pretty much the same amount as earnings. That is, I don't think I'll have to pay corporation tax/salary/dividends/PAYE this year.

So I approached an accountant to quote how much would it cost to do the accounts and tax matters and got a figure of £1k.
I'm a person with liberal views but sorry peeps I think it's a rip-off taking into account that I won't even plan to pay any tax with a zero tax base.

Is there a way to do accounts/tax return myself? Is it a legal requirement that I need to use an accountant to do that for me?
Can I just use any free accounting software to do my reporting things and if so, what is the good application to do that?


Take good care.
xxx




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Re: Accounts and tax return

Liam Gooding
If you've kept good books all year, and your fairly small, you should be able to get an accountant to finish up end of years for under £400...

Kind Regards,
Liam Gooding
----
Sent from an iPhone...

On 15 May 2010, at 20:44, Britney Spears <[hidden email]> wrote:

Yo peeps,

After a hard year earning my little money I finally got something on my company's account.
Just in time as I now need to do company accounts and tax return.

To tell you more, I just had several invoices for a year that were paid and I don't think I'll have any profit this year as my expenses came up to pretty much the same amount as earnings. That is, I don't think I'll have to pay corporation tax/salary/dividends/PAYE this year.

So I approached an accountant to quote how much would it cost to do the accounts and tax matters and got a figure of £1k.
I'm a person with liberal views but sorry peeps I think it's a rip-off taking into account that I won't even plan to pay any tax with a zero tax base.

Is there a way to do accounts/tax return myself? Is it a legal requirement that I need to use an accountant to do that for me?
Can I just use any free accounting software to do my reporting things and if so, what is the good application to do that?


Take good care.
xxx




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RE: Accounts and tax return

Brian Milnes
In reply to this post by Britney Spears

The simple answer is, yes, you can do your own accounts, and present an Annual Return. But, unless you know what you’re doing, you’re at risk of presenting something unacceptable.

 

If you have kept all your records, you can get free accounting software from various sources including for example Sage, TAS and Microsoft.

If you have all the paperwork and have recorded the information in one of the above packages, you might be able to get an annual return done for even less than £400.

Brian

 

From: [hidden email] [mailto:[hidden email]] On Behalf Of Britney Spears
Sent: 15 May 2010 20:44
To: [hidden email]
Subject: [entrepreneur-1056] Accounts and tax return

 

Yo peeps,

After a hard year earning my little money I finally got something on my company's account.
Just in time as I now need to do company accounts and tax return.

To tell you more, I just had several invoices for a year that were paid and I don't think I'll have any profit this year as my expenses came up to pretty much the same amount as earnings. That is, I don't think I'll have to pay corporation tax/salary/dividends/PAYE this year.

So I approached an accountant to quote how much would it cost to do the accounts and tax matters and got a figure of £1k.
I'm a person with liberal views but sorry peeps I think it's a rip-off taking into account that I won't even plan to pay any tax with a zero tax base.

Is there a way to do accounts/tax return myself? Is it a legal requirement that I need to use an accountant to do that for me?
Can I just use any free accounting software to do my reporting things and if so, what is the good application to do that?


Take good care.
xxx




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Re: Accounts and tax return

Antony Penn
In reply to this post by Britney Spears
Hi,
From what I remember, you can do the accounts yourself and only need
to get them professionally audited every 3 years, being a very small
company. In your 2nd year accounts you can make an adjustment of up to
1,000 for the previous years' accounts.

So, I'd suggest you do what I once did, and do the accounts yourself
this year, and get an accountant to do year 2, including any
adjustments to year 1 needed.

Obviously try and get the advice of a friendly accountant on
implementing this properly, or you could open yourself up to fines and
penalties.

Antony


On 15/05/2010, Britney Spears <[hidden email]> wrote:

> Yo peeps,
>
> After a hard year earning my little money I finally got something on my
> company's account.
> Just in time as I now need to do company accounts and tax return.
>
> To tell you more, I just had several invoices for a year that were paid and
> I don't think I'll have any profit this year as my expenses came up to
> pretty much the same amount as earnings. That is, I don't think I'll have to
> pay corporation tax/salary/dividends/PAYE this year.
>
> So I approached an accountant to quote how much would it cost to do the
> accounts and tax matters and got a figure of £1k.
> I'm a person with liberal views but sorry peeps I think it's a rip-off
> taking into account that I won't even plan to pay any tax with a zero tax
> base.
>
> Is there a way to do accounts/tax return myself? Is it a legal requirement
> that I need to use an accountant to do that for me?
> Can I just use any free accounting software to do my reporting things and if
> so, what is the good application to do that?
>
>
> Take good care.
> xxx
>



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Re: Accounts and tax return

FTired
Administrator
In reply to this post by Britney Spears
£400 or thereabouts as the others are saying. If they are all in order, and even better online, they will just login go through, and do the paperwork.

I would always advise that you get an accountant to do it, even though you can in affect do them yourself, but for a few hundred pounds, save yourself the headache and focus on growing the business instead.

Iqbal



From: Antony Penn <[hidden email]>
To: [hidden email]
Sent: Sat, 15 May, 2010 21:31:18
Subject: Re: [entrepreneur-1056] Accounts and tax return

Hi,
From what I remember, you can do the accounts yourself and only need
to get them professionally audited every 3 years, being a very small
company. In your 2nd year accounts you can make an adjustment of up to
1,000 for the previous years' accounts.

So, I'd suggest you do what I once did, and do the accounts yourself
this year, and get an accountant to do year 2, including any
adjustments to year 1 needed.

Obviously try and get the advice of a friendly accountant on
implementing this properly, or you could open yourself up to fines and
penalties.

Antony


On 15/05/2010, Britney Spears <[hidden email]> wrote:

> Yo peeps,
>
> After a hard year earning my little money I finally got something on my
> company's account.
> Just in time as I now need to do company accounts and tax return.
>
> To tell you more, I just had several invoices for a year that were paid and
> I don't think I'll have any profit this year as my expenses came up to
> pretty much the same amount as earnings. That is, I don't think I'll have to
> pay corporation tax/salary/dividends/PAYE this year.
>
> So I approached an accountant to quote how much would it cost to do the
> accounts and tax matters and got a figure of £1k.
> I'm a person with liberal views but sorry peeps I think it's a rip-off
> taking into account that I won't even plan to pay any tax with a zero tax
> base.
>
> Is there a way to do accounts/tax return myself? Is it a legal requirement
> that I need to use an accountant to do that for me?
> Can I just use any free accounting software to do my reporting things and if
> so, what is the good application to do that?
>
>
> Take good care.
> xxx
>



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Re: Accounts and tax return

Laurence-2
In reply to this post by Britney Spears
Find yourself a book keeper, who is part qualified accountant and you should be fine, this is assuming you are a limited company rather than a sole trader.
 
If the latter, I have been doing my own accounts for the last 22 years without a problem, and regularly get refunds from the HMRC for over charging on their part,  but I know my accounts inside out.
 
BTW filing your accounts online whether Limited or Sole Trader has comprehensive help from HMRC to guide you through the process.
 
If you need a book keeper, then I can suggest one based in London.
 
Laurence




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Re: Accounts and tax return

Shane Osborne
In reply to this post by Britney Spears

Good morning

 

Just some info on how we do things, on a day to day basis we use Sage Instant Accounts and Sage Payroll to manage the finance side of the business.  Both products are easy to use for accountants and non-accountants.  Most of the time I will use the software to raise invoices, pay suppliers etc.  Luckily my wife is part qualified so she comes in once a month for a few hours and just does payroll and tidy up a bit.

 

Then at the end of the year we just send our sage backups to our accountant, the only thing he does is prepare and submit our accounts.  I believe this costs us around £400-£500 a time.

 

Just also remember there is a big difference between our process above which is fine for most businesses and preparing / submitting audited accounts.  For most SME’s audited accounts are not needed.  The threshold / requirement for audited accounts is I believe around £1 million pound turnover per annum or £1.4 million on the balance sheet.

 

The only other time we considered to do audited accounts is that we work with Tenders a lot and quite often government agencies require 3 years audited accounts.

 

But I would strongly suggest, get a good accounts package, a part time CIMA accountant or / and a accountant to prepare your tax returns.  Obviously this also depends how complex/big your company is.

 

Thanks

 

Shane

 

 

------------------------------------
punkyduck ltd

Shane Osborne
Technical Director
www.punkyduck.com


t: 0845 0 347 347
m: 07710 777 997
f: 01473 883 406


22 Queen Street,

Ipswich, Suffolk,
IP1 1SS

Registered Company: 06044753

 

The bit our solicitors make us say
This email is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. Dissemination, distribution or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited.

Please also note that any opinions presented in this email are solely those of the author and do not necessarily represent those of punkyduck ltd.

 

 

 

 

From: [hidden email] [mailto:[hidden email]] On Behalf Of Laurence
Sent: 16 May 2010 07:40
To: [hidden email]
Subject: [entrepreneur-1056] Re: Accounts and tax return

 

Find yourself a book keeper, who is part qualified accountant and you should be fine, this is assuming you are a limited company rather than a sole trader.

 

If the latter, I have been doing my own accounts for the last 22 years without a problem, and regularly get refunds from the HMRC for over charging on their part,  but I know my accounts inside out.

 

BTW filing your accounts online whether Limited or Sole Trader has comprehensive help from HMRC to guide you through the process.

 

If you need a book keeper, then I can suggest one based in London.

 

Laurence





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RE: Accounts and tax return

Shane Osborne
In reply to this post by Britney Spears
Hi Antony

The 3 year audited accounts is not correct, audited accounts is only
required if you hit around £1 million pound turnover per annum or £1.4
million on the balance sheet.  Though this may have changed and obviously I
am not an accountant so don’t quote me :)

Actually looking into this further, I found this -

'A company must appoint an accountancy firm to audit their accounts if it
has an annual turnover greater than £1,000,000. Companies with a turnover of
under £1,000,000 a year can claim exemption from audit but must include a
report by a qualified accountant. Companies with a turnover of under £90,000
may dispense with an audit completely. If exemption from audit is claimed
the accounts must include a note stating the basis for claiming exemption.'

Just remember there is a big difference between audited accounts and just
submitting accounts yourself.

Thanks

Shane


------------------------------------

Shane Osborne
Technical Director
www.punkyduck.com

t: 0845 0 347 347
m: 07710 777 997
f: 01473 883 406

22 Queen Street,
Ipswich, Suffolk,
IP1 1SS
Registered Company: 06044753

The bit our solicitors make us say
This email is intended only for the person or entity to which it is
addressed and may contain information that is privileged, confidential or
otherwise protected from disclosure. Dissemination, distribution or copying
of this e-mail or the information herein by anyone other than the intended
recipient, or an employee or agent responsible for delivering the message to
the intended recipient, is prohibited.

Please also note that any opinions presented in this email are solely those
of the author and do not necessarily represent those of punkyduck ltd.



-----Original Message-----
From: [hidden email] [mailto:[hidden email]] On
Behalf Of Antony Penn
Sent: 15 May 2010 21:31
To: [hidden email]
Subject: Re: [entrepreneur-1056] Accounts and tax return

Hi,
From what I remember, you can do the accounts yourself and only need
to get them professionally audited every 3 years, being a very small
company. In your 2nd year accounts you can make an adjustment of up to
1,000 for the previous years' accounts.

So, I'd suggest you do what I once did, and do the accounts yourself
this year, and get an accountant to do year 2, including any
adjustments to year 1 needed.

Obviously try and get the advice of a friendly accountant on
implementing this properly, or you could open yourself up to fines and
penalties.

Antony


On 15/05/2010, Britney Spears <[hidden email]> wrote:
> Yo peeps,
>
> After a hard year earning my little money I finally got something on my
> company's account.
> Just in time as I now need to do company accounts and tax return.
>
> To tell you more, I just had several invoices for a year that were paid
and
> I don't think I'll have any profit this year as my expenses came up to
> pretty much the same amount as earnings. That is, I don't think I'll have
to

> pay corporation tax/salary/dividends/PAYE this year.
>
> So I approached an accountant to quote how much would it cost to do the
> accounts and tax matters and got a figure of £1k.
> I'm a person with liberal views but sorry peeps I think it's a rip-off
> taking into account that I won't even plan to pay any tax with a zero tax
> base.
>
> Is there a way to do accounts/tax return myself? Is it a legal requirement
> that I need to use an accountant to do that for me?
> Can I just use any free accounting software to do my reporting things and
if
> so, what is the good application to do that?
>
>
> Take good care.
> xxx
>



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OpenCoffee Meetup.
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RE: Accounts and tax return

Shane Osborne
In reply to this post by Britney Spears
RE: [entrepreneur-1056] Accounts and tax return

Acutally my figures of £1 million and £1.4 million seem like they are outdated now, even the quote I found.

According to business link (http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1073791917&type=RESOURCES&lang=_w) -

Do I qualify for an audit exemption?

Although all companies and limited liability partnerships (LLPs) have to submit some form of accounts to Companies House, these accounts don't have to be audited for financial years starting before 6 April 2008 if you:

·       qualify as a small company or LLP for the purposes of filing abbreviated accounts - see the page in this guide: can I file abbreviated accounts?

·       have a turnover of no more than £5.6 million

·       have a balance sheet total of no more than £2.8 million

For financial years starting on or after 6 April 2008, to qualify for total audit exemption, a company must:

·       qualify as a small company

·       have a turnover of no more than £6.5 million

·       have a balance sheet total of no more than £3.26 million

Small and medium-sized LLPs can take advantage of the higher thresholds for accounting periods starting on or after 1 October 2008.

Thanks

Shane

-----Original Message-----
From: Shane Osborne [[hidden email]]
Sent: 16 May 2010 10:30
To: '[hidden email]'
Subject: RE: [entrepreneur-1056] Accounts and tax return

Hi Antony

The 3 year audited accounts is not correct, audited accounts is only required if you hit around £1 million pound turnover per annum or £1.4 million on the balance sheet.  Though this may have changed and obviously I am not an accountant so don’t quote me :)

Actually looking into this further, I found this -

'A company must appoint an accountancy firm to audit their accounts if it has an annual turnover greater than £1,000,000. Companies with a turnover of under £1,000,000 a year can claim exemption from audit but must include a report by a qualified accountant. Companies with a turnover of under £90,000 may dispense with an audit completely. If exemption from audit is claimed the accounts must include a note stating the basis for claiming exemption.'

Just remember there is a big difference between audited accounts and just submitting accounts yourself.

Thanks

Shane


------------------------------------

Shane Osborne

Technical Director

www.punkyduck.com

t: 0845 0 347 347

m: 07710 777 997

f: 01473 883 406

22 Queen Street,

Ipswich, Suffolk,

IP1 1SS

Registered Company: 06044753

The bit our solicitors make us say

This email is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. Dissemination, distribution or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited.

Please also note that any opinions presented in this email are solely those of the author and do not necessarily represent those of punkyduck ltd.



-----Original Message-----

From: [hidden email] [[hidden email]] On Behalf Of Antony Penn

Sent: 15 May 2010 21:31

To: [hidden email]

Subject: Re: [entrepreneur-1056] Accounts and tax return

Hi,

From what I remember, you can do the accounts yourself and only need

to get them professionally audited every 3 years, being a very small

company. In your 2nd year accounts you can make an adjustment of up to

1,000 for the previous years' accounts.

So, I'd suggest you do what I once did, and do the accounts yourself

this year, and get an accountant to do year 2, including any

adjustments to year 1 needed.

Obviously try and get the advice of a friendly accountant on

implementing this properly, or you could open yourself up to fines and

penalties.

Antony


On 15/05/2010, Britney Spears <[hidden email]> wrote:

> Yo peeps,

>

> After a hard year earning my little money I finally got something on my

> company's account.

> Just in time as I now need to do company accounts and tax return.

>

> To tell you more, I just had several invoices for a year that were paid and

> I don't think I'll have any profit this year as my expenses came up to

> pretty much the same amount as earnings. That is, I don't think I'll have to

> pay corporation tax/salary/dividends/PAYE this year.

>

> So I approached an accountant to quote how much would it cost to do the

> accounts and tax matters and got a figure of £1k.

> I'm a person with liberal views but sorry peeps I think it's a rip-off

> taking into account that I won't even plan to pay any tax with a zero tax

> base.

>

> Is there a way to do accounts/tax return myself? Is it a legal requirement

> that I need to use an accountant to do that for me?

> Can I just use any free accounting software to do my reporting things and if

> so, what is the good application to do that?

>

>

> Take good care.

> xxx

>



--

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