Reply to: offered permy.. what to do with ltd company

[TheFaQQer]

dont need to be a qualified accountant to fill in a self assessment. Thats why its called a self assessment, so you can self assess yourself.

Close, but no cigar - it's called self assessment because the assessment has to be made by (or on behalf of) the individual. My parents have to fill in a self assessment every year, and having seen the piles of paperwork in the office, it's no simple task.

Think I will just sell them to myself, put the money into the business account so I know there is enough there to pay any creditors I owe money to.

Or you could use some of that money to get a professional to do the job right for you. You run the risk of a false economy here - get it right and it's easy, get it wrong and it'll cost you a significant amount of time and money to unravel the mess up.

then I wont need to post here again (thank god)

As with so many things, if you aren't happy with the service you receive, you should demand your money back. I'm lucky that admin has refunded the amount I've paid to CUK many times when I've not been happy with the forum responses - I'd ping him a PM and get your money back if I were you.

[AMH]

Well then. Off you go.

Why do your customers pay you so much considering they own the technology and platform that you work on? Why don't they do it themselves?

You can fill in a form for a tenner and do what you think is right.

I have a text editor for free on my laptop, doesn't mean I can code. Sure I can write the words but they won't be right.

Joined Jan 15 earning less than the permies, By end of Feb you're a qualified accountant.

JFDI

because its cheaper for them to outsource it than to train people.

dont need to be a qualified accountant to fill in a self assessment. Thats why its called a self assessment, so you can self assess yourself.
my books arent complicated. I was wondering what I am supposed to do with the assets. Think I will just sell them to myself, put the money into the business account so I know there is enough there to pay any creditors I owe money to.

maybe you should read up to learn how to code. lots of guides & help out here if you look... just dont ask on this forum though.

will from next week be earning the same as the permies

then I wont need to post here again (thank god)

[Pondlife]

they guy who done last years accounts is trying to bill me £250 for doing my self assessment.
Which I find quite odd as I removed the rights for his company to submit my return 12 months ago & I received no paperwork from them except for a bill.
So we have divorced & not talking.
I have found the spongebob method on a business forum, which has pretty much answered my Q's

Well then. Off you go.

Why do your customers pay you so much considering they own the technology and platform that you work on? Why don't they do it themselves?

You can fill in a form for a tenner and do what you think is right.

I have a text editor for free on my laptop, doesn't mean I can code. Sure I can write the words but they won't be right.

Joined Jan 15 earning less than the permies, By end of Feb you're a qualified accountant.

JFDI

[AMH]

they guy who done last years accounts is trying to bill me £250 for doing my self assessment.
Which I find quite odd as I removed the rights for his company to submit my return 12 months ago & I received no paperwork from them except for a bill.
So we have divorced & not talking.
I have found the spongebob method on a business forum, which has pretty much answered my Q's

[Pondlife]

Dont want to ask my accountant as I plan on doing it myself for as cheaply as possible.

Prob wouldnt be enough there to pay an accountant either.

This is the thing, I dont know how much professional advice is - I have read £1500 just to call in a liquidator... and then up from there!
Not sure how accurate that is.

This is your problem. It costs nothing to ASK your accountant what it would cost, regardless of whether you decide to proceed with them and PAY them to process everything correctly. And since you haven't bothered to ASK you're randomly googling for costs on a process you don't really understand.

Phone up the guy who did last years accounts and say I have this, that, and the other and I want it all closed correctly. How much? Oh that sounds a lot, why so much? Really, you have to do all that! Ok thanks.

[AMH]

How so?

You need professional advice on how to shut down your company. The company may not have the cash assets, but has assets worth more than enough to pay for professional advice.

Therefore, it's not beyond the realms of possibilities to sell the assets, and spend some of that money to get the advice you obviously need.

If you don't want to get professional advice, then that's clearly your choice - maybe someone will be kind enough to come along and tell you what you need to do for free. Or maybe you'll get it right anyway. Or cock it up completely.

One of those scenarios will happen. Good luck with it all.

This is the thing, I dont know how much professional advice is - I have read £1500 just to call in a liquidator... and then up from there!
Not sure how accurate that is.
I owe X in Vat Y in Corp Tax Z in Misc & what is in the account just about covers all that at a push (well the with the Section 455 refund it just about covers it)

Assets is maybe £1k tops providing I can get proper value for them.

I really want avoid something that may bite me on the arse in a few years. Especially as the Permmy role is SC cleared - so do not want to risk losing that! - but I also want to have my cake & eat it by doing it cheaply as £10.

I think I will call HMRC if I get chance to clear up some things.
They Tax dont need to be taxing.

Who is going to do your year end for you?

<-------- This guy

[TheFaQQer]

Who is going to do your year end for you?

[TheFaQQer]

well that comment is about as useful as the condom in your dads wallet 9 months before you was born.

How so?

You need professional advice on how to shut down your company. The company may not have the cash assets, but has assets worth more than enough to pay for professional advice.

Therefore, it's not beyond the realms of possibilities to sell the assets, and spend some of that money to get the advice you obviously need.

If you don't want to get professional advice, then that's clearly your choice - maybe someone will be kind enough to come along and tell you what you need to do for free. Or maybe you'll get it right anyway. Or cock it up completely.

One of those scenarios will happen. Good luck with it all.

[AMH]

Maybe the "post thread" button should just take you to a page "ask your accountant" in this sub-forum as that appears to be the stock response to any question

Isnt the 'ask your accountant' a running joke to see who get it in first?


Think I will call HMRC and see what their dimwits tell me

[d000hg]

Maybe the "post thread" button should just take you to a page "ask your accountant" in this sub-forum as that appears to be the stock response to any question

[JRCT]

Did you not read my post? I am trying to do it properly, but not enough money in the business to pay an accountant.
There is enough there to pay what I will owe in Corporation Tax, Vat & a small business loan.
That part is not a problem. Enough money to pay my creditors.

I am not sure what I should do with the business assets. Do I need to sell them or do I keep them or what?
What would be the tax implications & what is best to do about my schedule 455

Sell the laptop and the chair in order to raise funds to pay an accountant.

[AMH]

Do it properly and save yourself the hassle in the future.

Did you not read my post? I am trying to do it properly, but not enough money in the business to pay an accountant.
There is enough there to pay what I will owe in Corporation Tax, Vat & a small business loan.
That part is not a problem. Enough money to pay my creditors.

I am not sure what I should do with the business assets. Do I need to sell them or do I keep them or what?
What would be the tax implications & what is best to do about my schedule 455

[vadhert]

Do it properly and save yourself the hassle in the future.

[AMH]

IMO this is pretty stupid statement particularly when you have admitted you know next to nothing about what to do. Cost of doing yourself cheap, amount of money possibly lost not getting it right is much more. Get your account to do it cost is not a lot but peace of mind you are doing it the most efficiently and saving Max money priceless.

there is so little there, I am not bothered if I lose it all. In fact, I would be happy enough to walk away with nothing owed to me & nobody chasing me for money in a few years & it all closed down. As I said, draw a line under it all.

Prob wouldnt be enough there to pay an accountant either.

I have read about getting struck off, paying £10 fee to companies house, etc.
I was just not sure about clearing down any money owed out before doing so.
I read that I should pay outstanding VAT & Corp tax, complete year end, etc.
Just not sure what I do with the assets - do I transfer them to myself, do I sell them, do I keep them, etc.

I run my business pretty tight with very little distribute profit left at the end of the year.

[northernladuk]

offered permy.. what to do with ltd company

Dont want to ask my accountant as I plan on doing it myself for as cheaply as possible.

IMO this is pretty stupid statement particularly when you have admitted you know next to nothing about what to do. Cost of doing yourself cheap, amount of money possibly lost not getting it right is much more. Get your account to do it cost is not a lot but peace of mind you are doing it the most efficiently and saving Max money priceless.