Yearly accounts???

bezza24

Hi ya

Im trying to find out some things about having a Right to Manage company.

Can anyone help??
Situation is that im in a converted house with 2 flats, and we will be managing our own building

1. Do we have to prepare yearly accounts and submit to companies house, even though this RTM won't be making any profit??
2. Do we have to use the RTM company to pay for things, such as insurance or can we just pay out of our own bank accounts and therefore not having any accounts to issue to companies house
3. Does it cost anything to submit to companies house if we have to, and do we have a yearly fee or anything??

i can't seem to find anyone to speak to about this or no one wants to give a straight answer, i don't want to go into this blind and then find out we are spending more money than our current managing company - which would defeat the whole idea.

Thanks for your help in advance.

olly300

If you have a registered company which is trading (and yours is) you need to obey company tax laws so you do have to prepare accounts and submit them to companies house.

It is will be much easier for the person preparing the accounts if all bills for maintenance and insurance are done through the company bank account otherwise all the Directors in the company will have to keep all receipts etc. so it means more paperwork.

I suggest you move this post to the tax cutting forum as you will get better replies.