Reply to: EOY accts due

[Andrew@Wisteria]

Anywhere between £400 and £1,000. We often do year end only for £500-ish but experience tells me that those that leave things as late as this, there's a lot of headaches involved so if factor in another £100-£200. Budget for about £600 plus vat.

I would go higher, massive headache for a risky, (most-likely) one-off job.

Andrew

[Andrew@Wisteria]

[picky]There is no question of illegal dividends[/picky]

This is because they have to actually be dividends rather than just a random withdrawal before they can be illegal. At this point in time they are simply loans from the company. When the dividend paperwork is (contemporaneously) done they may then be illegal but I would imagine any accountant would limit them to the distributable reserves.

Very true.

[MrMarkyMark]

Hopefully, he has enough left in his bank account to stock up on a catering sized box of lube.

He is going to need it

[Pondlife]

http://forums.contractoruk.com/busin...ml#post2147530

What did you do for company year end in 2013 & 2014?

/Sniffs the air

[northernladuk]

[picky]There is no question of illegal dividends[/picky]

This is because they have to actually be dividends rather than just a random withdrawal before they can be illegal. At this point in time they are simply loans from the company. When the dividend paperwork is (contemporaneously) done they may then be illegal but I would imagine any accountant would limit them to the distributable reserves.

A very good point. The wonders of the dark arts of accounting!!

[jbond007]

Isn't he the one who mentioned he probably is after just one more contract and then call it quits. I would have assumed that means he has been doing this for years, so surely had an accountant and processes sorted out. If not, has he even submitted accounts from previous years ?

[ASB]

You forgot to mention illegal dividends....

[picky]There is no question of illegal dividends[/picky]

This is because they have to actually be dividends rather than just a random withdrawal before they can be illegal. At this point in time they are simply loans from the company. When the dividend paperwork is (contemporaneously) done they may then be illegal but I would imagine any accountant would limit them to the distributable reserves.

[DaveB]

@Kenny - I've decided to get quotes tomorrow to get an Accountant to do my P+L/Balance Sheet/Dir's Report. As a micro-entity, I'd be grateful for ballpark how much I should pay out.

@meridian - The account, including the 23%, was zeroed down earlier this year. That money is sitting in my personal account, I just haven't yet touched it yet.

Oh dear, oh dear, oh dear.

[northernladuk]

Guess we won't be hearing the outcome of this... Shame.

[Kenny@MyAccountantFriend]

@Kenny - I've decided to get quotes tomorrow to get an Accountant to do my P+L/Balance Sheet/Dir's Report. As a micro-entity, I'd be grateful for ballpark how much I should pay out.

@meridian - The account, including the 23%, was zeroed down earlier this year. That money is sitting in my personal account, I just haven't yet touched it yet.

Will depend on the level of assistance your looking for but I would expect something similar to what has been suggested already by others in the £600+ range.

Money in a personal account is an issue as if it's the company funds they should be held in a company account.

[Scruff]

I fear that you are going to be reamed due to your complete negligence in conducting your business affairs. No sympathy from me I'm afraid, since it's folk like you which have got Gideon ready to ream us, come April.

[Alan @ BroomeAffinity]

@Kenny - I've decided to get quotes tomorrow to get an Accountant to do my P+L/Balance Sheet/Dir's Report. As a micro-entity, I'd be grateful for ballpark how much I should pay .

Anywhere between £400 and £1,000. We often do year end only for £500-ish but experience tells me that those that leave things as late as this, there's a lot of headaches involved so if factor in another £100-£200. Budget for about £600 plus vat.

[northernladuk]

So you have issued the odd invoice - kept a record of nothing - probably paid the wrong amount of tax on your income, not paid any NI or whatever (depending on what level of salary you have paid yourself). No real record of expenses. You don't understand the difference between your company account and your money. Good luck. I hope you are now getting all your paperwork together quickly and working out what you think is missing.
If I was an accountant I would either A) run fast or B) charge a huge amount to do the work.

You forgot to mention illegal dividends....

[LucidDementia]

Get a decent accountant hired, a good one will have you straightened out in an afternoon.
He'll charge you a grand though.

[dmini]

So you have issued the odd invoice - kept a record of nothing - probably paid the wrong amount of tax on your income, not paid any NI or whatever (depending on what level of salary you have paid yourself). No real record of expenses. You don't understand the difference between your company account and your money. Good luck. I hope you are now getting all your paperwork together quickly and working out what you think is missing.
If I was an accountant I would either A) run fast or B) charge a huge amount to do the work.