Reply to: How soon after year-end do you do file company accounts?

[Contreras]

Inverting slightly: what do you consider an acceptable timeframe once the accountant gets the "stuff"?

Mine generally turns around the "stuff" (a spreadsheet) into filed accounts within 48hrs. Sometimes I think he's just showing off, like ha this is so easy and that'll be another grand for a day's work please.

Up to 3 weeks would be fine I think, at least it would seem better value ;-).

[MPwannadecentincome]

What he means is if you leave a credit balance on your CT account it will accrue interest and this needs to be accounted for as income in your books (DR INTEREST RECEIVED CR CORPORATION TAX I think). If they repay you any overpayment instead then that's just a refund.

It's really no different to interest received for any other account.

OK thanks - SJD never told me!

[FarmerPalmer]

Year end 31st December. Accounts filed 1st January. I run my accounts via a spreadsheet that gives me real time data on my profit and loss and balance sheet. I normally cross check everything the last week in December before the year end. I use online banking to verify the actual banking figures on the 1st January, and if it all reconciles then it gets filed. If it doesn't reconcile, it gets filed once I find the error, and double check again.

[ladymuck]

Inverting slightly: what do you consider an acceptable timeframe once the accountant gets the "stuff"?

Depends on the time of year, as there are some periods that are naturally busier than others. However, mine does everything within a couple of weeks, three tops.

[TheCyclingProgrammer]

My accountant didn't tell me that! I will have to ask them....

What he means is if you leave a credit balance on your CT account it will accrue interest and this needs to be accounted for as income in your books (DR INTEREST RECEIVED CR CORPORATION TAX I think). If they repay you any overpayment instead then that's just a refund.

It's really no different to interest received for any other account.

[MPwannadecentincome]

The money you get back from HMRC is classed as interest, so has to be put into the books and then CT paid on that.

My accountant didn't tell me that! I will have to ask them....

[northernladuk]

With FA I've got a pretty good idea so don't feel the need to get it in early to find out. I also like to give it a couple of months to make sure I've not missed anything although dunno why as it's difficult to do if you manage your accounts properly and use FA.

And in response to Alan I'm pretty laid back about it TBH. Am aware the accountants may have periods where they concentrate on this so as long as I'm informed when I fairly nonplussed about it really.

[Alan @ BroomeAffinity]

Inverting slightly: what do you consider an acceptable timeframe once the accountant gets the "stuff"?

[ladymuck]

Generally I get everything over to my accountant within a couple of weeks of my year end, max a month. I like to know what the liability is sooner than later so, if need be, I can save up. I sometimes pay up early, sometimes I pay closer to the due date.

[NotAllThere]

We sent out accounts to the accountant for year end on the 2nd of January. (Company year = calander year). We've found that if we leave it too late, he gets round to them around September!

[SimonMac]

And then the amount you've paid is different to what you've submitted in the accounts so nothing adds up. And the same again next year.

The money you get back from HMRC is classed as interest, so has to be put into the books and then CT paid on that.

[VectraMan]

It's not. HMRC simply take the overpay from the next years bill at the online portal so you just pay less.

And then the amount you've paid is different to what you've submitted in the accounts so nothing adds up. And the same again next year.

[Lance]

But I've never paid early. I don't want the interest payments; it's just one more complication for next years accounts.

It's not. HMRC simply take the overpay from the next years bill at the online portal so you just pay less.

[TheCyclingProgrammer]

That's not very helpful is it

Well its the truth! My accountant gets them done as soon as they can, depending on how busy they are. They are always delivered to me within a few months at most and they submit them as soon as I've checked them and approved them. I'm not sure it matters either way so long as they are on time.

[VectraMan]

the sooner you pay the more time you have of interest payments from HMRC offsetting against your next bill.

But I've never paid early. I don't want the interest payments; it's just one more complication for next years accounts.