Final Accounts - When should I get them?

[MaryPoppins]

Hi all

I had been using an "accountancy company" called Paystream until earlier this year, when I began to realise what a shoddy oufit they are. I decided to take on a new accountant, but Paystream made it extremely difficult for me to transfer my Ltd Co to the new accountant (I'm not the only person to have experienced this) by charging nearly £300 and withholding information.

The easier option (surprise, surprise) was to close the Ltd Co. I have done this, and ceased trading on the last day of March '08. I am now being told I will not recieve my final accounts until the beginning/middle of December - very close to when payment will be due. I am fairly sure I have most of the ct put by, but they are completely unwilling to provide an estimate figure, or to send the final accounts earlier than Dec (I am away for a lot of Dec and am now concerned I might miss the deadline).

I am literally at a loss as to what to do next. Do any of you have experience of closing a company down - should it take this long to get final accounts?

Any advice gratefully received!

Thanks,
MaryP.

[chris79]

Hi Mary,

I gather that them preparing your final accounts is in a contract you had with them and signed? I would check the T&Cs of this to find out if it stipulates timescales etc, if the final accounts don't need to be in until say January then as long as they get done and posted before the deadline I would not worry. If they fail to do this then just take them to court to recover your money, or alternatively speak to another accountant about the situation and ask what alternatives may be on offer to resolve the situation. I would also be trying to establish if the accounts themselves actually belong to you and the company, if so demand they hand them over. If they don't do this then perhaps contact a solicitor?

I'm no expert but those would be the first steps I would be taking myself.

[Alan @ BroomeAffinity]

The chances of timescales being set down is fairly unlikely with this lot. At most its likely to be something woolly like "within timescales allowed by legislation". You're unlikely to get anything back before they want to give it to you.

FWIW, we have a 20-day turnaround guarantee and I think more accountants are putting these guarantees in place.

[QwertyBerty]

If you need an approximate CT figure surely you can work that out quickly yourself?

QB.

[chris79]

If you need an approximate CT figure surely you can work that out quickly yourself?

QB.

Working on the assumption that you were with Paystream (an MSC) and could not take dividends, would it be correct to assume you have very little or perhaps no corporation tax to pay, as all the company funds were paid out as a wage to you under PAYE?

[QwertyBerty]

They appear to "provide" accountancy services as well as brolly ones.

QB.

[chris79]

They appear to "provide" accountancy services as well as brolly ones.

QB.

I didn't think that was possible under the MSC laws?

[QwertyBerty]

The OP's company was his own, don't see what MSC has to do with it... in this relationship Paystream are just accountants like SJD and their ilk.

QB.

[Father Ted]

Hi Mary

Did you get your accounts on time?

I ask because I was with Paystream (have left them now for a decent accountancy firm) and they managed to deliver both my accounts and Corp tax calculation after the deadlines. Simply unbelievable for an accountancy firm that also handled all my billing...

At the moment I'm looking at legal action to reclaim some of the fees my company has paid them. I'd be interested in chatting to anyone with similar experiences...

Cheers
Father Ted

[sage@reillymcmordie]

Final Accounts

I have sympathy.You should not be in such a position. To protect yourself you should instruct accountants who are registered by professional bodies such as ACCA or ACA. You could then lodge a complaint. Such qualified accountants will not be classed as MSCs