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Filing my own corporation tax return / accounts

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Hello, I would love a bit of advice here.

Context: I opened a very small limited company a year ago to provide a structure in which I create bespoke items for individual customers. I am the sole member of the company. The company has not seen any customers during its first year and all financial activity consists of purchases for materials necessary for prototypes/future items, as well as a website. Overall, these purchases amount to < £1000 across the year. I have kept receipts for all these purchases both physically and electronically.  
I also use a sewing machine for these projects which was gifted to me (new, valued at £600 a year ago). Unsure on how/whether this factors in because formally, it was not gifted to the company, but then again it is also one of the main means of creating the work I do.
Money into the company was the paying of shares + a loan from myself.

Thoughts: I am tight on cash and, given that the financial actions of the company this year have been extremely basic, I'd like to do the accounts and tax return myself. Whilst I am not an accountant, I have a fair bit of free time at the moment so that it can be done properly and hopefully without mistakes.

Questions:
  •  Is this doable or am I underestimating the possible intricacies here? 
  • Are there any things I should be more weary of/careful with? Or just general advice really.
  • Partially related, any ideas on what role the machine I use plays a part in this? (if there even is a particular role it should be playing
Many thanks for reading.

Replies

  • brisbris Forumite
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    It's doable of course but not easy to get the filing right. You will need to do a lot of homework on how to put it all together correctly.
  • J_BJ_B Forumite
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    Just because the sewing machine was gifted to you, doesn't mean that you can't 'sell' it to the Ltd Co, does it?
  • Grumpy_chapGrumpy_chap Forumite
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    Need to sell it to the Ltd co at current value, not new value ( unless it was brand new when you started using it for the business).  Also need to consider if there is any private use of the sewing machine to be apportioned.
  • lvakqlvakq Forumite
    4 posts
    First Post
    Hello! Thanks for the replies so far. That makes sense with the regards to the machine, I'll have a think on that one. 

    I will begin the homework towards filing the accounts/tax myself then -- if anyone happens to know of good resources for someone in my [financially fairly straightforward] situation that would be lovely!
  • PennywisePennywise Forumite
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    lvakq said:
    I will begin the homework towards filing the accounts/tax myself then -- if anyone happens to know of good resources for someone in my [financially fairly straightforward] situation that would be lovely!
    https://www.futurelearn.com/courses/bookkeeping-financial-accounting
    Is a short/free online course which includes an introduction to profit & loss account and balance sheet.

  • lvakqlvakq Forumite
    4 posts
    First Post
    Pennywise said:
    Is a short/free online course which includes an introduction to profit & loss account and balance sheet.

    This looks brilliant, thank you so much!
  • neroxnerox Forumite
    57 posts
    Sixth Anniversary 10 Posts Combo Breaker
    When you have a small company like yours accounting is really straightforward. You just need to know a few numbers:
    Assets (cash, stock, invoices to be paid)
    Liabilities (invoices to pay, directors loan)
    Job done. When you go through the combined HMRC / CH return you will be surprised how little information they want from you.

    Regarding the sewing machine, it's easiest to consider it 'loaned' to the company by you, company can pay for consumables (needles thread etc) but it is always owned by you
    Cars £16,550 / £24,500 aim Dec 2020 (pay off all debt by Xmas 2020 #144)
    Emergency fund £10,000 / £10,000 
    Mortgage
    £142,000 / £182,000
    Target £100,000 by 01/01/2023
    Target £50,000 by 01/07/2024
    Target £0 by 01/01/2026
  • lvakqlvakq Forumite
    4 posts
    First Post
    nerox said:
    When you have a small company like yours accounting is really straightforward. You just need to know a few numbers:
    Assets (cash, stock, invoices to be paid)
    Liabilities (invoices to pay, directors loan)
    Job done. When you go through the combined HMRC / CH return you will be surprised how little information they want from you.

    Regarding the sewing machine, it's easiest to consider it 'loaned' to the company by you, company can pay for consumables (needles thread etc) but it is always owned by you
    Thank you! Should be all set up to go so I'll try it and see how it goes. What you say does make sense though, a case like mine should not be terribly difficult.

    Ok fair, that also makes sense.
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