Oh Dear

[ManFromUncle]

I've been reading this board for a while now, and have a few questions to put to members, including any accountants out there

I'm in a spot of bother. Feel free to flame me, that's fine, I expect to get flamed, but I'm after some practical advice if possible.

I've been operating a ltd co for the last year, and probably shouldn't have been doing it myself, as I'm not very organised. My receipts are all over the place, I haven't kept up with the bookkeeping, and my annual return is overdue. I've been making payments out of the company that would loosely correlate with salary and divis, if slightly below what I should have paid myself, for a margin of error. It's probably going to be an absolute mission to piece this all together myself to make it add up.

To add to this, my accountant recently resigned as co secretary, and I'm worried that they know something I don't, or that they resigned based on my circumstances and failure to keep them in the loop, rather than the stated reason that it was because of the change to legislation.

I'm starting to panic, and wondering what the next move should be. Yes, I'm probably not fir to run a co, yes, It's my own fault, yes, I'll probably go for an umbrella next time - and I'm sure there'll be a lot of grief you have to give me, but I'm getting a bit depressed by this.

Any useful advice?

[Danbro]

Danbro Accounting Limited

I've been reading this board for a while now, and have a few questions to put to members, including any accountants out there

I'm in a spot of bother. Feel free to flame me, that's fine, I expect to get flamed, but I'm after some practical advice if possible.

I've been operating a ltd co for the last year, and probably shouldn't have been doing it myself, as I'm not very organised. My receipts are all over the place, I haven't kept up with the bookkeeping, and my annual return is overdue. I've been making payments out of the company that would loosely correlate with salary and divis, if slightly below what I should have paid myself, for a margin of error. It's probably going to be an absolute mission to piece this all together myself to make it add up.

To add to this, my accountant recently resigned as co secretary, and I'm worried that they know something I don't, or that they resigned based on my circumstances and failure to keep them in the loop, rather than the stated reason that it was because of the change to legislation.

I'm starting to panic, and wondering what the next move should be. Yes, I'm probably not fir to run a co, yes, It's my own fault, yes, I'll probably go for an umbrella next time - and I'm sure there'll be a lot of grief you have to give me, but I'm getting a bit depressed by this.

Any useful advice?

Hi,

I wouldnt worry, your accountant would have resigned as you no longer require a company secretary by law, under the Managed Service Rules it is not advisable for your accountant to be Company Secretary so this has been good for accountants.

Thanks
Neil

[hgllgh]

look up, then phone or email sjd accountancy or upton accountants or one of the other accountants that specialise in contractor accounts and explain your situation. they will advise you on the best way forward.

[NickFitz]

1. What Neil from Danbro said;
2. What Mr Anagram - sorry, hgllgh - said;
3. Don't Panic!

You definitely need to act now to get things in order, and a good accountant who specialises in dealing with contractors will be able to help you do this, so seek the advice of one right away.

As for packing in the company and going through a brolly in future - don't rush to that option. You may find that, once you have a decent accountant, you can keep on top of things to the degree necessary. And if you have indeed been suitably conservative in the amounts you've drawn from the company then it shouldn't be too hard to get your books into shape; it's when you've taken more than you should that the real trouble starts.

Either way, good luck for the future

[BrilloPad]

Yes, I'm probably not fir to run a co, yes, It's my own fault, yes, I'll probably go for an umbrella next time

Hector is going to love this when he reads it.

[Joeman]

yeah dont panic, its never as bad as it seems. a good accountant could get this all sorted for you - it just looks scary as im guessing youre not an accountant!!
There may be a couple of fines to pay, but again, nothing too scary. i missed my returns date by over a year and only got a 200quid fine.