JEAN-LOUIS LE ROY United Kingdom Local time: 00:10 English to French + ...
Feb 5
Hello,
I am thinking of going from sole trader to a limited company for which I would be the sole shareholder, sole director and sole employee.
Has any of you done this? If so could you please tell me what my balance sheet and p&l account should include as an absolute minimum to be accepted by HMRC ?
(I know I could ask an accountant but I would ideally like to save the GBP320 he is prepared to charge for this service).
I would be grateful for any advice.
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Mirelluk United Kingdom Local time: 00:10 Member (2005) English to Italian + ...
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JEAN-LOUIS LE ROY United Kingdom Local time: 00:10 English to French + ...
TOPIC STARTER
Business Link
Feb 6
Thank you very much for your reply,
In fact, after writing my post last night, I found out that everything is 'clearly' explained on the HMRC website, which contains a demo of their company accounts joint online filing service.
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Eddie Lepante United Kingdom Local time: 00:10 Member (Feb 2012) English to French
self-produced ltd company accounts
Mar 7
Hello Jean-Luc,
If your accountant charges 350.00 GBP, you are getting a good deal if, of course, his service includes the annual preparation of your company's accounts and their submission to the tax man. Can you pass on his contact details maybe ? Most accountant would charge over £1000.00 a year for this.
Regards,
Eddie
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Charlie Bavington United Kingdom Local time: 00:10 French to English
Go see an accountant
Mar 7
JEAN-LOUIS LE ROY wrote:
I would be grateful for any advice.
For the self-employed, I do believe that those with the time, inclination, who understand a few basic accounting concepts (and what "wholly and exclusively" means!) and how a spreadsheet works can do it themselves. I do.
Ltd companies - different kettle of fish. Lots more filing requirements, hefty fines for missing them... I'm thinking of doing the same as you, and although I think I've got all the info I need for a proper comparison of the ultimate net earnings (primary class 1 threshold, upper earnings limit, how income tax on dividends is dealt with, etc.), I'm still planning to see an accountant.
Potentially free of charge for the first consultation - see here:
Plus which, whichever status you have, that 320 quid is a deductible expense.
Im my number crunching to compare the earnings/tax between self employment and ltd co, I added £1000 to my costs as a putative company, which I do not pay being s/e at the moment, and I would still have been about £3k better off last financial year if I had been a company. And that's without any legal but crafty tricks the accountant might know to save a bit more.
[Edited at 2012-03-07 13:56 GMT]
[Edited at 2012-03-07 13:56 GMT]
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