First accounts prepared date

[AtW]

I am having fun filling first form from IR - CT41G called "Corporation Tax - New Company Details". They ask about the date when the first accounts will be prepared, now I formed company on 25/10/04, and the Company House expects to get accounts at 25/08/2006. Should I use that date in the form? Or should that be Accounting Reference Date which is 31/10/05?

While at it, they also ask about "nature of business", now I don't really want to say its a "personal services company", since the intention is not to do just that but also general trade, so can I just put general trade?

thanks :rolleyes

[fiddleabout]

> One problem is that my business will soon start real trading -- I am going to pimp my sister

sounds like personal services to me

[AtW]

So is it 31/10/05? :rolleyes

[fiddleabout]

I don't know because my accountant set up my first company for me.

This is my understanding though..

The accounting date is around a year after you set up - you may be allowed a bit of slack when you start - I can't remember. The accounts have to be filed and any money owed has to be paid 9 months after accounting date - if you pay early you get interest from the IR - their rate was marginally higher than Cater Allen last time I checked so unless you are relying on it to keep you over minimum for free banking you may as well pay it as soon as the final amount is known.

That is all from memory and may be incorrect so you'd be better advised to get some authorative advice or just ring them up and ask - they don't bite.

[OrangeHopper]

I think 1 month from year end to submission is just a touch too short. Nearer 10 months isn't it?

[fiddleabout]

I'd just fixed my error as you posted.

Yes - I think you get an additional month for filing too.

All this tedious cr@p is why I use an accountant to do it for me.

[weemster]

Accountant

Money spent on an accountant is money well spent.

[xoggoth]

Re: Accountant

Can't really remember. Think I put the accounts due by date that CH sent me. Don't think it really matters a lot, I think CT form and CT payment dates are based on company year end regardless of when accounts are due. No fines for getting it wrong anyhow and you can always ammend the details if they are. Be anal about the things that really matter.

Accountants are worthwhile if they do a proper job. My first ever accountant was supposed to deal with all this crap but the company never got registered and as I knew nothing about CT I just assumed everything was being taken care of and did not worry that I was not getting ACT forms. Ended up paying about £600 on interest. First of many many cockerel ups or omissions by various of that utterly useless and overpaid profession.

[Darren at 1st Accountancy Serv Ltd]

Year End

"I am having fun filling first form from IR - CT41G called "Corporation Tax - New Company Details". They ask about the date when the first accounts will be prepared, now I formed company on 25/10/04, and the Company House expects to get accounts at 25/08/2006. Should I use that date in the form? Or should that be Accounting Reference Date which is 31/10/05?"

AtW....your first year end is likely to be 31st December 2005. The date to which Companies House will expect figures will be on their website if you do a search on your comapny name.

[AtW]

Re: Year End

thanks Darren -- does your company provide secretarial services in addition to accounting, and if so, then how much extra do you want for that?

Also, would you object to company being not a typical IT contractor, ie with some sales of software direct to end users?