Small business account & account filing software

KCgreeneyes

I have 2 very small Ltd businesses, one I have a free business account with Mettle which gives me free access to use FreeAgent to file my accounts & tax. It’s simple, efficient, linked & free. I'm very happy with it. My 2nd business is currently dormant, I file my dormant accounts through the government website however all accounts will have to be filed through 3rd party software from 01/04/27, a while away yet, but as I struggle with all the paperwork etc involved with all this government red tape I want to plan & get organised well in advance, I can’t afford to pay an accountant etc. I’m thinking of merging the 2 businesses but would need to keep the currently dormant company as the active company if I did that. Mettle currently only allows one account per person which includes closed businesses/accounts, therefore there’s no way to run my 2nd, eventually only, business via them. FreeAgent can be used for free if you have a business current account with NatWest, Royal Bank of Scotland or Ulster Bank however the small print for their accounts is long and complicated and I can’t work out if any have an option, like Mettle, that I could use for free, or at least cheaply. Are there any options that people know of that are comparable to my current arrangement with Mettle & FreeAgent? Thanks

DullGreyGuy

Haven't looked at the terms but the "person" for a limited company's bank accounts is the company itself not its shareholders or directors so the two companies having one account each would be in line with only having one account per person. 

What are you keeping the dormant company for?

mlz1413

I think Nat West do the same thing,  so you could open an account for the Dormant company and file with Free Agent too.

But I don't believe you need to file Dormant Accounts as there are no transactions to submit. 

I believe it is just Companies House that need an annual submission.  That website is very user friendly, it literally walks you through. 

Im guessing you have a Dormant company as you want to keep a specific name?  Otherwise there is little point as new limited companies can be set up as and when needed 

magicmoneyportaloo

You could use Inform Direct to file most types of accounts, including dormant accounts. It's helpful for maintaining company registers etc. as well. FreeAgent can file micro-entity accounts now but that doesn't help you for companies not registered to FreeAgent (which wouldn't be suitable for a dormant company anyway).

mlz1413 said:

But I don't believe you need to file Dormant Accounts as there are no transactions to submit. 

This isn't true - you have to file dormant accounts even if there are no transactions (because dormant accounts are a simplified form of accounts for companies with no transactions occurring). If one doesn't file annual accounts eventually Companies House will strike off a company.

amyfairweather

I would say 'watch this space' on these upcoming changes.

https://www.ft.com/content/9d8fbbaa-b7e8-4b0b-bc92-9b7f24caaa3a

HMRC/Companies House have said one thing and the Government are briefing that it's not going to happen, so let's see.

magicmoneyportaloo

amyfairweather said:

I would say 'watch this space' on these upcoming changes.

https://www.ft.com/content/9d8fbbaa-b7e8-4b0b-bc92-9b7f24caaa3a

HMRC/Companies House have said one thing and the Government are briefing that it's not going to happen, so let's see.

I was tempted to mention this, but I'd only seen rumours on accounting websites.

It would be nice if they kept the combi Corp Tax/annual accounts service as it's pretty straightforward.

koru

I've been looking into the same question: software to prepare and file annual accounts and CT return, so I can dispense with paying an accountant. (I trained as an accountant, so I'm comfortable doing my own accounts.)

Banks in the RBS stable won't open an account for my company as it has unusual features that (wrongly) worry them (though Starling and BOS were happy enough), so a free FreeAgent account is not an option.

The cheapest options I found are:

www.nomi.co.uk
Potentially £16 per year, as you pay £8 per submission. You'd need to set it up as if you were the accountancy firm. There's a minimum fee of £8 per month, but this is waived if you have unused credits for submissions. So you buy a pack of 10 submission credits at 8x10=80. They should last 5 years. The alternative would be to cancel your account as soon as you file the accounts and return, then open a new account each year. But you will have to re-enter all the set up data each year.

FreeAgent for 1 month
Just buy a 1 month subscription once a year. Cost £33 per year (£16.50 in first year). They store your data for 12 months, but that's from the end of the paid subscription, so you've got 13 months from the date your last subscription started..