starting a part time consultancy business advice please

paddyrg

j.smith1981 wrote: »

For setting up a LTD company you legally are obliged to do a financial summary report (I think it's called)...
Why most people have a seperate sec for this who sometimes liases with the accountants and physically submits the reports or a financial auditor (accountants). But there's no option with the 4 month financial reports, if you're an Ltd you must do this it's not optional by any means.

Hiya, whilst this post is well intentioned and we love having you here, some of the content is questionable. If you have a Ltd company, then HMRC request the return of a ct600 once a year, and VAT (if you registered) usually quarterly. I've never been asked for anything on a 4-month basis. Also, auditors are only a requirement for very large companies, most of us are unaudited. The cost of an auditor would wipe out a years profit for some of us!

Could your mentor be talking about a PLC which is different from a regular limited company, and is an absolutely unsuitable structure for small businesses?