Corp Tax return. What else do I submit ?

[css_jay99]

Any one got a proforma for directors report, I am drawing a blank writing one especially regarding minimum obligatory content.

i've been reading via companies act 85 and its doing my head in

[ASB]

Well heres the one I always used:-

ASB Limited
Director's report for the year ended wibble

The director presents his report and the financial statements for the year ended wibble

Principal Activity.
The principal activity of the company is the provision of consultancy services to the computer industry

Director and his interest
The director whos served during the year and his interest in the company are as stated below:

Class of share wibble wibble -1
Mr ASB Ordinary Shares xx xx <-Includes Mrs ASB

This report is prepared in accordance with the special previsions of Part Vii of the Compaines Act 1985 relating to small companies

This report was approved by the board on some other date and signed on its behalf by






Mrs ASB
Secretary

[Mustang]

I am begining to see why I now don't think my accountant is expensive........!!

[css_jay99]

Nice one ASB,

I have been trying to track down my elusive accountant for last couple of days for something like this!
I take it its a good thing (and also legal for small companies) not to disclose profits & dividends in Directors report ?

what are the advantages/disadvantages of submitting abbreviated/full accounts. My rational here is that Ex wife would not necessarily know how well/bad I am doing if i am submitting abbreviated balance sheet and No P&L.
However, mortage companies .... might not be 2 keen on abbreviated accounts. catch 22 !

since I terminated the Ex as a shareholder & Secretary b4 year-end, does her name still have to be in the directors report ?

With regards to online filing, is a directors signature still required ? -- Companies Act says something about signature .... get done !

notes to accounts
what the heck do i put in there ?. my accounts are pretty much straight forward

cheers

css_jay99

[malvolio]

I am begining to see why I now don't think my accountant is expensive........!!

As I've said many times, work out how long all that faffing around finding answers to simple questions takes, then doing the sums and filling in the various bits of paper when you do know. Then double it, then multiply it by your hourly rate. Then compare it to the average accountancy fees of around £1k a year. Then ask yourself why the DIY approach is more expensive.

[ASB]

As I've said many times, work out how long all that faffing around finding answers to simple questions takes, then doing the sums and filling in the various bits of paper when you do know. Then double it, then multiply it by your hourly rate. Then compare it to the average accountancy fees of around £1k a year. Then ask yourself why the DIY approach is more expensive.

Quite. It seems to me that the minimum amount of work an accountancy practice can put in on a set of annual account etc is about 20 hours a year (if one of them comes along and says it's more it wouldn't surpirse me in the least but this is about the amount ours used to spend to do the final accounts).

It has always seemed odd to me that a bunch of professionals charging reasonably high rates always seem to think their accountants are worth at most minimum wage.

[ASB]

Nice one ASB,

I have been trying to track down my elusive accountant for last couple of days for something like this!
I take it its a good thing (and also legal for small companies) not to disclose profits & dividends in Directors report ?

what are the advantages/disadvantages of submitting abbreviated/full accounts. My rational here is that Ex wife would not necessarily know how well/bad I am doing if i am submitting abbreviated balance sheet and No P&L.
However, mortage companies .... might not be 2 keen on abbreviated accounts. catch 22 !

since I terminated the Ex as a shareholder & Secretary b4 year-end, does her name still have to be in the directors report ?

With regards to online filing, is a directors signature still required ? -- Companies Act says something about signature .... get done !

notes to accounts
what the heck do i put in there ?. my accounts are pretty much straight forward

cheers

css_jay99

Hmm.....

The typical format is:

Director Report
Accountants Report (if done externally)
P+L
Balance Sheet (Don't forget the directors statements required by section 249B(4))
Notes

The notes cover:-

Accounting policies used - e.g.depreciateion, pension cost, defreed taxation foreign currencies. Then specific notes as to the P+L and Balance sheet items. e.g. fixed asset register, accumulated depreciation, split of creditors, capital accounts shareholders funds, related transactions.

Often a detailed P+L - which is not part of the statutory accounts.

You should be able to use previous years as a model - but woe betide you if you get it wrong.

Also I think you need to file full accounts with Co. House. I've always had both anyway.

[Darren@UptonAccountants]

Also I think you need to file full accounts with Co. House. I've always had both anyway.

Abbreviated accounts only at Companies House however they will accept full accounts....however if you file full accounts, the rest of the world will be able to see how much profit you make!

A set of full accounts with Corp Tax return and computations at the Inland Revenue.....also shareholders should receive a copy of the full accounts.

[ASB]

Abbreviated accounts only at Companies House however they will accept full accounts....however if you file full accounts, the rest of the world will be able to see how much profit you make!

A set of full accounts with Corp Tax return and computations at the Inland Revenue.....also shareholders should receive a copy of the full accounts.

Doesn't this all just show why professionals are probably worth the cost and should be the preferred route for anybody non qualified (self included of course).

[css_jay99]

Balance Sheet (Don't forget the directors statements required by section 249B(4))
Notes

I presume after the balance sheet figures you mean the exact text below

If the company qualifies (see question 2 and 3), unaudited accounts may be delivered to the Registrar in the form of an abbreviated balance sheet and notes. The balance sheet must contain the following statements above the director's signature:

(a) For the year ended . . . 31/12/2006 the company was entitled to exemption under section 249A(1) of the Companies Act 1985.

(b) Members have not required the company to obtain an audit in accordance with section 249B(2) of the Companies Act 1985;

(c) The directors acknowledge their responsibility for:

i. ensuring the company keeps accounting records which comply with section 221; and

ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

(d) The accounts have been prepared in accordance with the special provisions in Part VII of the Companies Act 1985 relating to small companies.

Often a detailed P+L - which is not part of the statutory accounts.

i presume where I had something like "Opearting expenses" in my P&L to be broken down into travel, accomodation, transport and entertainment...



css_jay99