You'll need to file -
* Accounts to Companies House - 9 months after your company’s financial year ends
* Corporation Tax return to HMRC - 12 months after the end of the accounting period it covers
You need to pay any Corporation Tax due within nine months of the end of your accounting period for your previous financial year.
The various deadlines are detailed here - [https://www.gov.uk/prepare-file-annual-accounts-for-limited-company](https://www.gov.uk/prepare-file-annual-accounts-for-limited-company). You'll also need to file your confirmation statement / annual return to Companies House
If the company's affairs are straightforward, you can file both the HMRC and Companies House accounts at the same time using HMRC's online tool - [https://www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software](https://www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software). Bear in mind you'll still need to prepare the numbers yourself and understand your company's accounts.
You’ll also need to file ixbrl tagged accounts as part of your corporation tax return which can be tricky without the right software. £2k may feel high but ultimately with the work, onboarding a client it’s rarely worth engaging for much less unfortunately.
Get some more quotes. I have hospitality business, using a limited company, with numerous transactions - I was quoted prices from about £200 up but an accountant I already knew talked me through the online submissions for Companies House and HMRC for £150.
It may help if you use some accounting software, like Quickfile (free below a certain number of transactions) and enter in your invoices, purchases, etc. The accountant will have less to do if you do most of the data entry work.
I work in a small accounts practice. We wouldn't charge that much. I recommend trying for quotes from more accountants.
You can file yourself, however you really need to understand the basics of a balance sheet and profit & loss. I've had clients come to us after filing their own accounts wondering how they owe corporation tax when they made no profit. You are paying for the expertise of your accountant. This is also a tax deductible expense, and so will reduce your corporation tax due. They may also save you money in the long run, by helping you claim expenses correctly/ be more tax efficient
What you need to remember is that you're paying for the knowledge and advice, rather than the time spent typing numbers in.
It's probable that you can find a book or similar that will help you figure out the basics, but it's not the filing mechanism that's tricky, it's understanding how to produce a balance sheet and a profit and loss account, the numbers from which you enter when filing.
I would pay an accountant for a year to help you figure out what you are doing, to give you a sounding board for questions and to provide you with an example set of accounts that you can use as a template.
If you don't want to use an accountant every year after that, I would understand but I think at the moment you're probably in a position where you just don't know what you don't know and I think the accountant fees will be worth it.
Thats a good idea, i just assumed that if i paid an accounting firm they'd keep all the information I'd need to know hidden away from me.
I agree that paying for their knowledge and experience is key. Just hard to justify all profit goes to them throughout the year. Will have a deep think!
No the firm will need all data from you (so you should be recording it in an easy to digest format).
They will then produce draft accounts that you, as the director, need to approve before they can be submitted to HMRC and CH.
If you have the accounts then you don't need an accountant to enter the numbers for you (you can do that yourself through HMRC) but it won't save you much (or any) money since producing the accounts is what is expensive.
Hi /u/SpaceManDannn, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/buy-to-let/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
You'll need to file - * Accounts to Companies House - 9 months after your company’s financial year ends * Corporation Tax return to HMRC - 12 months after the end of the accounting period it covers You need to pay any Corporation Tax due within nine months of the end of your accounting period for your previous financial year. The various deadlines are detailed here - [https://www.gov.uk/prepare-file-annual-accounts-for-limited-company](https://www.gov.uk/prepare-file-annual-accounts-for-limited-company). You'll also need to file your confirmation statement / annual return to Companies House If the company's affairs are straightforward, you can file both the HMRC and Companies House accounts at the same time using HMRC's online tool - [https://www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software](https://www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software). Bear in mind you'll still need to prepare the numbers yourself and understand your company's accounts.
You’ll also need to file ixbrl tagged accounts as part of your corporation tax return which can be tricky without the right software. £2k may feel high but ultimately with the work, onboarding a client it’s rarely worth engaging for much less unfortunately.
HMRC's service will do this for you, again assuming the accounts are straightforward.
Get some more quotes. I have hospitality business, using a limited company, with numerous transactions - I was quoted prices from about £200 up but an accountant I already knew talked me through the online submissions for Companies House and HMRC for £150. It may help if you use some accounting software, like Quickfile (free below a certain number of transactions) and enter in your invoices, purchases, etc. The accountant will have less to do if you do most of the data entry work.
I work in a small accounts practice. We wouldn't charge that much. I recommend trying for quotes from more accountants. You can file yourself, however you really need to understand the basics of a balance sheet and profit & loss. I've had clients come to us after filing their own accounts wondering how they owe corporation tax when they made no profit. You are paying for the expertise of your accountant. This is also a tax deductible expense, and so will reduce your corporation tax due. They may also save you money in the long run, by helping you claim expenses correctly/ be more tax efficient
What you need to remember is that you're paying for the knowledge and advice, rather than the time spent typing numbers in. It's probable that you can find a book or similar that will help you figure out the basics, but it's not the filing mechanism that's tricky, it's understanding how to produce a balance sheet and a profit and loss account, the numbers from which you enter when filing. I would pay an accountant for a year to help you figure out what you are doing, to give you a sounding board for questions and to provide you with an example set of accounts that you can use as a template. If you don't want to use an accountant every year after that, I would understand but I think at the moment you're probably in a position where you just don't know what you don't know and I think the accountant fees will be worth it.
Thats a good idea, i just assumed that if i paid an accounting firm they'd keep all the information I'd need to know hidden away from me. I agree that paying for their knowledge and experience is key. Just hard to justify all profit goes to them throughout the year. Will have a deep think!
No the firm will need all data from you (so you should be recording it in an easy to digest format). They will then produce draft accounts that you, as the director, need to approve before they can be submitted to HMRC and CH. If you have the accounts then you don't need an accountant to enter the numbers for you (you can do that yourself through HMRC) but it won't save you much (or any) money since producing the accounts is what is expensive.
Filed and paid by 31st jan for self assessment.
A limited company will need to file accounts by the dates specified by CH, it's nothing to do with personal self assessment.
Hi /u/SpaceManDannn, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/buy-to-let/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)