self-produced ltd company accounts
Thread poster: JEAN-PAUL ROY
JEAN-PAUL ROY
Local time: 01:54
English to French
+ ...
Feb 5, 2012

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  Identity Verified
United Kingdom
Local time: 01:54
Member (2005)
English to Italian
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Business Link Feb 6, 2012

You will find some information from this link:

http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1081677261&type=CAMPAIGN&site=1000&furlname=taxhelp&furlparam=taxhelp&ref=http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml&domain=www.businesslink.gov.uk

Good luck, M


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JEAN-PAUL ROY
Local time: 01:54
English to French
+ ...
TOPIC STARTER
Business Link Feb 6, 2012

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  Identity Verified
United Kingdom
Local time: 01:54
Member (2012)
English to French
self-produced ltd company accounts Mar 7, 2012

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  Identity Verified
Local time: 01:54
French to English
Go see an accountant Mar 7, 2012

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:

http://www.icaewfirms.co.uk/business/index.php?utm_source=baswebsite&utm_medium=herosearch&utm_campaign=basp

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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self-produced ltd company accounts

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