Urgent Ltd Company Accounts filing help!!!

mrandmrsm

Hi,
So I really need help filing our first company accounts - and deadline is next Wednesday!!!
Really really cannot afford accounts fee of upwards of £480 I have been quoted at cheapest most more like £600!!!
Is there anyone who can help me!
I have definitely learnt a lesson and will be employing an accountant but cannot afford the lump sum!!'

paddyrg

£600 is a bargain, it is a much much more involved job than personal tax returns.

That said, are you sure you need to file the accounts yet, or just the companies house return which you can do online in 30 minutes and costs £14 ish? Financial accounts are usually done later, submitted to hmrc who send a copy to companies house. You certainly need an accountant for those and remember you will owe hmrc a lump of tax too - better get saving!

mrandmrsm

Yeah I have asked around and that is supposedly a great price!
Showing just how much of an amateur I am!
Will we owe tax??? Don't mean to sound even more naive but I don't think we even turned over £6,000 in our 1st year.
Certainly didn't make any money! Think my husband only withdrew £1,200 in wages over the entire year!
Would we owe tax on that??

prowla

If it's a small company you can do it for nothing online as a self certified submission.

However, be prepared to give yourself a headache in the process!

mrandmrsm

Really?
Any chance of help with tht - cause it looks like double Dutch to me.
No idea he many shares we have? Nor how much our share capital is!

paddyrg

Possibly/probably. That's what your accountant will work out for you.

Typically you do your company return on our around the anniversary of formation then the tax return within a few months afterwards. Accountants usually invoice you in arrears, but be aware that £600 is likely subject to VAT.

What did the actual letter that promoted this urgency actually say?

time2change_2

To really help we need a bit more information when was the company formed and when is the year end.

accounts are due at companies house 9 months after year end (usually - there are exceptions in the first year sometimes).
Accounts and corporation tax return are due at HMRC 12 months after the year end. Any tax should be paid 9 months after year end.
The Companies House Annual Return is usually due around the anniversary of the date the company was first formed

So if company was formed on say 3rd July 2012 with a year end of 31 March 2013 the dates would be;

Companies House annual return due 3 July 2013
First accounts due at Companies House 31 December 2013 and any corporation tax due
Accounts & tax return due at HMRC by 31 March 2014

Brassedoff

Go on to FreeAgent, do your input and output if you don't have any other software. After you've put your year in, it will tell you what you owe. Then put those figures into your return.

To be honest with you, getting help on a online forum is definitely the wrong place, especially if you are running a business that has legal responsibilities. If you only turned over £6K consider degregistering as a ltd co, the costs are likely 16% of your turn over.

You have run out of time by the looks of it as your HMRC online account needs applying for and accrediting

prowla

There is a template annual report there, and it is a hell of a job working through it and making the numbers balance.

I had to make up a spreadsheet with the various calculations and so-on, and there are a couple of glitches in the active PDF forms that you use to enter the data for uploading.

You have to register with the government gateway and get an ID in the post and then register with another component of the site too, so it is not simple.

Wywth

mrandmrsm wrote: »

Hi,
So I really need help filing our first company accounts - and deadline is next Wednesday!!!
Really really cannot afford accounts fee of upwards of £480 I have been quoted at cheapest most more like £600!!!
Is there anyone who can help me!
I have definitely learnt a lesson and will be employing an accountant but cannot afford the lump sum!!'

With the deadline now looming, and you clearly not knowing even how to start, I would say you cannot afford not to pay for an accountant to sort your mess out.

A good accountant will probably save you more than their fees, and in any event the accountant fees would be tax deductable.

CKhalvashi

Brassedoff wrote: »

Go on to FreeAgent, do your input and output if you don't have any other software. After you've put your year in, it will tell you what you owe. Then put those figures into your return.

To be honest with you, getting help on a online forum is definitely the wrong place, especially if you are running a business that has legal responsibilities. If you only turned over £6K consider degregistering as a ltd co, the costs are likely 16% of your turn over.

You have run out of time by the looks of it as your HMRC online account needs applying for and accrediting

Unless its high-risk, or there are large amounts of borrowing, this post seems the best strategy.

CK