Prosperous soul embraces creativity & mortgage neutrality

savingholmes

Thanks MF and Blackcats.

The good news is I've looked at the CH filing requirements again - the bad news is that while I count as dormant for Tax apparently - I don't for CH... So I now need to prepare a profit and loss account, notes, a balance sheet, notes etc - all by Saturday... Worse - I naively hadn't realised that the dates started from May 20 - and so I need to find proof / records of initial set up costs... I replaced my computer during that period so that may be harder than it sounds... At the same time I can't class as dormant for Tx if I want to claim a loss so currently wandering in a circle of confusion... (And no despite being organised from an MSE perspective - I never did the same for my Ltd co). I hate that I can be so organised in some areas of my life and so messy in others...

So making a list to try and avoid falling into panic

A profit and loss account
Outgoings

• Initial costs of registering company
• Any set up costs?
• On-going mail redirection costs
• Cost for filing a return last year to confirm stuff
• Website costs & on-going software costs
• Annual membership cost for writing organisation
• Design software costs? Used for book cover and insta posts
• Bank fees
• Books on writing?
• Stationery?
• FB adverts
• ISBN numbers?

Income

• Director loans from me
• Then Am****

Balance sheet would presumably be negative i.e. the total value of the director loans (i.e. loss).
The only asset the company has would be my book which isn't currently earning me anything as I've not actively promoted it for a year...  ISBNs I may keep as a personal asset to avoid confusing things... 

It says notes on the accounts
No idea what my notes should say

Shares
I need to ensure they are transferred into my name. Need to work out how to do that. Can apparently do on CH and thought I had but apparently not. I gave them a notional value of £1 each for 6 shares... 

Will look at my list again tomorrow. I feel slightly better with that list. But the problem is that £ was spent from a number of different places and I'm not sure if I have all the records... I do have a statement from the business bank account. 

Once I've filed the first accounts. I can then apparently file a second set for the next period up to whatever date I like as long as it's before the next lot are due. Then I plan to close the company and potentially go sole trader as I wouldn't meet the income threshold currently to register anywhere. I do need to actively publicise my book again - and continue writing book 2 but as you all know I've been battling on other fronts for a while...

Baileys_Babe

savingholmes said:

Thanks MF and Blackcats.

I hate that I can be so organised in some areas of my life and so messy in others...

I can relate to this and the panic can be paralysing.

Well done for getting the list together and forming a plan of action, that first step is often the hardest.

savingholmes

Baileys_Babe said:

savingholmes said:

Thanks MF and Blackcats.

I hate that I can be so organised in some areas of my life and so messy in others...

I can relate to this and the panic can be paralysing.

Well done for getting the list together and forming a plan of action, that first step is often the hardest.

Yes still fighting panic. I have a work call imminently then going to take an extended lunch break to try and do it.

My P1p form finally came but need to sort this first.

Work also want me to book an exam I should have done in October....

Fighting overwhelm...

savingholmes

Oh and my roofer added vat to invoice so disputing that.... Fun not.  Channelled @Fortune_Smiles and requested a revised invoice to match quote

EssexHebridean

Yep, it's absolutely a tricky situation with DD - but she does need to learn that HER disabilities don't mean she gets a free pass when it comes to everyone else - she has to deal with people with the same consideration that she wants to be treated with, after all. 

Hope DS gets off nice and lightly with the dreaded lurgy! 

jwil

Great news about the car bill, and hope you get the roof bill sorted.

Hope the accounts are progressing ok and that DS recovers quickly.

savingholmes

Thanks EH. I did say at the start of the month that this would be a month of boundaries. It came to pass much more quickly than expected!!! Sis has offered to help DD with a claim form. I've texted her about whether DD can get other help from work etc as I'm avoiding direct comms currently as don't want to get sucked into doing more than I'm comfortable with. Ex still hasn't responded. I know sis has seen both of them though...

Thanks Jwil - Like FS would do I asked for a revised bill to match the verbal quote and thankfully they obliged or that would have been another £36!! Paid cash for that but still due to remain debt neutral so happy with that.

I haven't done anything more on accounts yet. Will do after balance class tonight and see how I go on... I think I have the right headings - and I know a lot of the costs off by heart - that's my kind of brain - and I have proof of income received... I just need to find all the bits that prove the bills and decide whether to use them all - and then try and put in a template they would be happy with. I still don't know whether if I record a loss at CH (which I will) but say to Tx dormant whether that has any other effect other than stopping me from claiming the loss against future tax obligations... It's one of those annoying things where the costs of getting it wrong are probably still less than paying for the right kind of help. Any helpers wouldn't be impressed with the short deadline either. Another example for my form though. 

Tomorrow or Monday will speak to GP and ask for more help - and an ADHD diagnosis and see how I fare. I've asked for the latter before - and they agreed pre-covid but never did it. I need to restart I think but point out I asked before. My fave doc left and it just makes it all harder... Again probably examples for my form.

In better news though I've had tasty food today: porridge, cottage pie and then soup. With lots of fruit and a little junk food on the side...

Fortune_Smiles

Well done with re-negotiating the invoice SH - you go girl!  Has the revolution started 😂

Fortune x

savingholmes

It just goes to show @Fortune_Smiles the impact we all have on each other just from reading and sharing... I literally thought of you and your windows and though FS wouldn't settle for this and neither should I... Right best run and get changed and then off to the gym. The fastest I'll have moved all day...

I thought I was out of chocolate but just found a secret stash so happy from an MSE point of view... but not so much from diet. Ah well!

savingholmes

I think I've learned enough thanks to g00gle to file my first and last accounts. It made sobering reading looking at how much £ I've spent on things I needn't have but hey we live and learn. I'll have to consider it either @mark55man stupid tax or a life lesson / life MBA and suck it up.

I'm then going to close down the company and the company bank account. I will need to find my login details - and change my details for Am**** as I plan to relist my book as a sole trader... I think that also means I have to fill in a US tax form again... In the meantime I'll set my book to free - that way I may get some reviews but shouldn't have any accountancy type issues while I sort things out...