Year End Accounts - Adivce Needed

[Bashvaldo07]

Hi

I'm after some advice as I'm a bit of a novice when it comes to contracting and accounting, so please be gentle with me ;-)

I created a limited company a few years ago for when I briefly contracted

For the past 2 financial years I've used an accountant to prepare my year accounts,but I'm trying to avoid that this year as I havent used my ltd company at all for the last financial year. My accountant has said he will charge £350 + vat, which I want to avoid if possible.

During the last financial year, there has no been incomings or outgoings throught the company as I've been employed on a
part-time basis via PAYE. I've not taken any money at all through the company either as a wage, dividend or an expense

The only expense that I can think of, is the Annual Return of the company name, which I paid for from my personal account.

I'm not fussed about claiming that back through the company.

So.... has anybody got any advice about preparing my year end accounts myself, it cant be that hard to do or can it?

Also I'm been thinking about making my company dormant until I know whether or not I want to keep it. How do I go about this?

thanks in advance for your help and sorry if I sound thick :-)

[Greg@CapitalCity]

If I were you, I would pay an accountant this time, and put it down to experience. To be fair, £350 for a set of accounts containing one expense sounds a bit steep.

However, if you like accounting, and enjoy getting your balance sheet to balance, then have a go yourself. As your company will have made a loss, there will be no tax to pay.

How about PAYE returns/VAT returns - are you taking care of these OK?

The HMRC have a joint filing service - where you complete your accounts and CT600 through the HMRC, and you can also fire a set of abbreviated accounts off to Companies House. I have not used it before, so not sure what it will be like - but that would satisfy all your company accounts filing requirements.

Making your company dormant is really just an exercise in saving the company name you have. If you really really like your company name, and want to make your company dormant, close down your PAYE/VAT accounts with the HMRC, advise your CT office that the company is dormant, close down your business bank account, and just file a set of dormant accounts each year with Companies House. And if you don't really min about your company name, just close down the company altogether, and form a new one when a new need arises.

[Clare@InTouch]

I agree with the above, but just to add that if you have made a loss this year make sure you carry it back on your CT return to get a tax refund (assuming you paid tax last year).

[Bashvaldo07]

Thanks for the advice peops

Re: PAYE returns/VAT returns - I didnt take any money as a wage and the VAT returns I did myself