Any small accountants for very small ltd firm?

[DickP]

Hi,

I have a very small limited company which has had only a few (<£10K) turnover this year as mainstream employment worked out better for the immediate rather than jumping ship just yet, but I want to keep this in the background! The ltd company came into existance end of last year so accounts will be due later this year correct?

As I have had so little come in and go out of the company does anyone have any suggested accountants that can do what is needed to satisfy HMRC and Companies House when the time comes?

Thanks!

[Eric Mc]

The first set of formal accounts will need to be filed at Companies House within 21 months of the date of incorporation of the company.

If there is any Corporation Tax due on the company profits, that will also need to be paid within 9 months from the end of the first accounting period of the company.

A Corporation Tax return will also need to be filed with HMRC.

[DickP]

Thanks for the reply.

So, company incorporated end of November 2021. I understand this then means:

First set of formal accounts - August 2023
First corporation tax - between November 2022 and August 2023

Have I got that right?

I have looked again at the gov website, link below, and it talks of issuing two sets of accounts as they can only cover up to 12 months?

https://www.gov.uk/corporation-tax-accounting-peri...

Then if I look up the company on companies house it states:

First accounts made up to 30 November 2022
due by 28 August 2023

and

First statement date 27 November 2022
due by 11 December 2022

Are the above two, first being the first formal accounts and the second being the corporation tax as per the date ranges mentioned earlier in this post?

[FatboyKim]

DickP said:

Thanks for the reply.

So, company incorporated end of November 2021. I understand this then means:

First set of formal accounts - August 2023
First corporation tax - between November 2022 and August 2023

Have I got that right?

I have looked again at the gov website, link below, and it talks of issuing two sets of accounts as they can only cover up to 12 months?

https://www.gov.uk/corporation-tax-accounting-peri...

Then if I look up the company on companies house it states:

First accounts made up to 30 November 2022
due by 28 August 2023

and

First statement date 27 November 2022
due by 11 December 2022

Are the above two, first being the first formal accounts and the second being the corporation tax as per the date ranges mentioned earlier in this post?

If the company is incorporated halfway through a month then two Corporation Tax returns need to be submitted because HMRC can't handle a CT return covering more than 365 days, but the company accounts for Companies House can span a period greater than 365 days. If it was formed on 25th November 2021, you'll have a CT return for those first few days of 25/11/2021 - 30/11/2021 then another for the complete year 01/12/2021 - 30/11/2022. After that, your CT periods will run regularly from 01/12/2022 - 30/11/2023 and so on in future years.

The Confirmation Statement is nothing scary -- it's just an annual declaration to confirm the details held are up to date, it takes two minutes and there are no penalties if it's late. There are penalties issued if your accounts are late, and CH penalties are almost impossible to wriggle out of -- there needs to have been a death or something like a nuclear holocaust.

[Eric Mc]

Regarding the filing of accounts at Companies House, go to their website and check up on your own company. The filing deadline dates for the accounts will be shown.

[DickP]

Thanks for the help guys.

How long do I have to prepare document, submit and pay the Corporation Tax after the (two) November dates this year?

[DickP]

Also suggestions for small accountant for necessary document / tax etc. also welcomed!

[FatboyKim]

DickP said:

Thanks for the help guys.

How long do I have to prepare document, submit and pay the Corporation Tax after the (two) November dates this year?

12 months, but it's good practice to get everything done and dusted within the 9 months (the accounts filing deadline).

We mostly use TaxCalc at work to file clients' returns, so I always assumed it was for accountants only but from what I've read within a couple of other threads, it also allows individuals to file their own tax returns for a very reasonable cost. Might be worth looking at.

[QJumper]

I used to have a small Ltd co, with very few transactions.

I used an online company called Cheapaccountants, who seemed more than adequate. Mostly handled by email, but you could call if needed. They also sorted out a complete mess made by my previous (expensive) accountant.

I'd just send them a copy of my company bank statements for the year, along with copies of any invoices, and they'd prepare the annual accounts and do all the relevant filing. Cost to do the accounts and company tax return, along with my personal one, was about £275.

[Puzzles]

DickP said:

Also suggestions for small accountant for necessary document / tax etc. also welcomed!

If you need a quote I work for a chartered accountants

[bucksmanuk]

QJumper said:

I used to have a small Ltd co, with very few transactions.

I used an online company called Cheapaccountants, who seemed more than adequate. Mostly handled by email, but you could call if needed. They also sorted out a complete mess made by my previous (expensive) accountant.

I'd just send them a copy of my company bank statements for the year, along with copies of any invoices, and they'd prepare the annual accounts and do all the relevant filing. Cost to do the accounts and company tax return, along with my personal one, was about £275.

Thank you very much for this - it really is appreciated....

[QJumper]

You're welcome. Just too clarify though, as my memory failed slightly. The company is actually called cheapaccounting.

https://www.cheapaccounting.co.uk/

[FatboyKim]

QJumper said:

You're welcome. Just too clarify though, as my memory failed slightly. The company is actually called cheapaccounting.

https://www.cheapaccounting.co.uk/

Looks okay but, as they clearly state, it's literally just your accounts filing plus the accompanying CT600 being taken care of and that's it, nothing fancy. You aren't going to get any advice/tips or have anything pointed out to you in order to help your company or you as a director.

Any 'extras' will be considerable. Confirmation Statement on that website is £60 for example (it takes 60 seconds to do it yourself on Companies House website for £13) and God knows what they would charge for having your registered office there.

I also am an accountant, working within a chartered firm. This post is by no means intended as an advert, because I dare say a price from a firm like us or similar might be a little more than you'd be comfortable with in your first year of trading and under £10k turnover. I mean, I'm happy to provide a price (if it's allowed? ) but just don't expect any level of service greater than 'filing your accounts and taking your money' from a website/company like that ^^^^

We don't charge anything for the aforementioned things such as Conf. Statements and registered address for a start, but we give advice and are keen to point out where clients could save money or improve business processes, as any decent firm should!

[QJumper]

FatboyKim said:

Looks okay but, as they clearly state, it's literally just your accounts filing plus the accompanying CT600 being taken care of and that's it, nothing fancy. You aren't going to get any advice/tips or have anything pointed out to you in order to help your company or you as a director.

Any 'extras' will be considerable. Confirmation Statement on that website is £60 for example (it takes 60 seconds to do it yourself on Companies House website for £13) and God knows what they would charge for having your registered office there.

I also am an accountant, working within a chartered firm. This post is by no means intended as an advert, because I dare say a price from a firm like us or similar might be a little more than you'd be comfortable with in your first year of trading and under £10k turnover. I mean, I'm happy to provide a price (if it's allowed? ) but just don't expect any level of service greater than 'filing your accounts and taking your money' from a website/company like that ^^^^

We don't charge anything for the aforementioned things such as Conf. Statements and registered address for a start, but we give advice and are keen to point out where clients could save money or improve business processes, as any decent firm should!

That's true, but the OP was just asking for someone who could fullfil the basic HMRC requirements for a small Ltd company, and they were fine for that. I used to do my own Confirmation Statement, and VAT returns, as they only took about 5 minutes.

I agree though, if you want any extras or advice etc then it's worth casting your net a llittle wider.

[DickP]

Hi all,

Thank you for the comments much appreciated.

As things stand yes you're right that I am looking for year end only for the moment until / if this takes off.

Thanks,

[OutInTheShed]

It's really not hard to DIY.

I used to do my own accounts for a small company. There are template accounts out there. There are lots of people who will offer help on forums like Contractor UK. If your company is not VAT registered and you're not drawing a salary it's pretty simple, but there is a learning curve of mumbo jumbo.

When you start making money and want to minimise tax, it's a bit more work. But not really hard.

What you really need is a bit of guidance from someone who's kept the books for a small company or two recently.

[Ronstein]

I use these people and they've been good so far.

https://www.dnsassociates.co.uk/