Requirement for Ltd Company

Discussion in 'UK Accountancy' started by Dirk Bruere at NeoPax, Feb 27, 2011.

  1. I am thinking of setting up a small ltd company, with initially very low
    annual turnover. Do the accounts have to be audited by a chartered
    accountant or can I do them myself?


    Dirk

    http://www.neopax.com/technomage/ - My new book - Magick and Technology
     
    Dirk Bruere at NeoPax, Feb 27, 2011
    #1
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  2. Dirk Bruere at NeoPax wrote:

    > I am thinking of setting up a small ltd company, with initially very low
    > annual turnover. Do the accounts have to be audited by a chartered
    > accountant or can I do them myself?


    Small companies do not need to have their accounts audited.
    To qualify, the company must meet the technical definition of "small".
     
    Ronald Raygun, Feb 28, 2011
    #2
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  3. On 28/02/2011 14:40, Ronald Raygun wrote:
    > Dirk Bruere at NeoPax wrote:
    >
    >> I am thinking of setting up a small ltd company, with initially very low
    >> annual turnover. Do the accounts have to be audited by a chartered
    >> accountant or can I do them myself?

    >
    > Small companies do not need to have their accounts audited.
    > To qualify, the company must meet the technical definition of "small".
    >

    Turnover?

    --
    Dirk

    http://www.neopax.com/technomage/ - My new book - Magick and Technology
     
    Dirk Bruere at NeoPax, Feb 28, 2011
    #3
  4. On 28/02/2011 16:54, Dirk Bruere at NeoPax wrote:
    > On 28/02/2011 14:40, Ronald Raygun wrote:
    >> Dirk Bruere at NeoPax wrote:
    >>
    >>> I am thinking of setting up a small ltd company, with initially very low
    >>> annual turnover. Do the accounts have to be audited by a chartered
    >>> accountant or can I do them myself?

    >>
    >> Small companies do not need to have their accounts audited.
    >> To qualify, the company must meet the technical definition of "small".
    >>

    > Turnover?
    >

    http://www.ukbusinessforums.co.uk/forums/showthread.php?t=58864

    --
    Dirk

    http://www.neopax.com/technomage/ - My new book - Magick and Technology
     
    Dirk Bruere at NeoPax, Feb 28, 2011
    #4
  5. Dirk Bruere at NeoPax

    Peter Saxton Guest

    On Mon, 28 Feb 2011 16:55:58 +0000, Dirk Bruere at NeoPax
    <> wrote:

    >On 28/02/2011 16:54, Dirk Bruere at NeoPax wrote:
    >> On 28/02/2011 14:40, Ronald Raygun wrote:
    >>> Dirk Bruere at NeoPax wrote:
    >>>
    >>>> I am thinking of setting up a small ltd company, with initially very low
    >>>> annual turnover. Do the accounts have to be audited by a chartered
    >>>> accountant or can I do them myself?
    >>>
    >>> Small companies do not need to have their accounts audited.
    >>> To qualify, the company must meet the technical definition of "small".
    >>>

    >> Turnover?
    >>

    >http://www.ukbusinessforums.co.uk/forums/showthread.php?t=58864


    Why don't you look at the place that knows?

    http://www.companieshouse.gov.uk/about/gbhtml/gp2.shtml#ch6
     
    Peter Saxton, Mar 1, 2011
    #5
  6. Dirk Bruere at NeoPax

    AnthonyL Guest

    On Sun, 27 Feb 2011 12:54:46 +0000, Dirk Bruere at NeoPax
    <> wrote:

    >I am thinking of setting up a small ltd company, with initially very low
    >annual turnover. Do the accounts have to be audited by a chartered
    >accountant or can I do them myself?
    >
    >


    Further to the responses you already have I will add that providing
    you qualify, which appears likely, the on-line filing procedure makes
    it very straightforward to submit the accounts yourself if you have
    your accounts in a good format.

    Similarly the HMRC Employer CD ROM takes the hassle out of payroll for
    free if there are only a couple of employees.


    --
    AnthonyL
     
    AnthonyL, Mar 1, 2011
    #6
  7. Dirk Bruere at NeoPax

    Guest

    On 1 Mar, 07:21, (AnthonyL) wrote:
    > On Sun, 27 Feb 2011 12:54:46 +0000, Dirk Bruere at NeoPax
    >
    > <> wrote:
    > >I am thinking of setting up a small ltd company, with initially very low
    > >annual turnover. Do the accounts have to be audited by a chartered
    > >accountant or can I do them myself?

    >
    > Further to the responses you already have I will add that providing
    > you qualify, which appears likely, the on-line filing procedure makes
    > it very straightforward to submit the accounts yourself if you have
    > your accounts in a good format.
    >
    > Similarly the HMRC Employer CD ROM takes the hassle out of payroll for
    > free if there are only a couple of employees.
    >
    > --
    > AnthonyL


    Yes but don't forget that from April Companies House and HMRC will
    require the filing of annual accounts and corporation tax returns in
    ixbrl format which can be quite tricky.
     
    , Mar 1, 2011
    #7
  8. Dirk Bruere at NeoPax

    AnthonyL Guest

    On Tue, 1 Mar 2011 07:10:27 -0800 (PST), ""
    <> wrote:

    >
    >Yes but don't forget that from April Companies House and HMRC will
    >require the filing of annual accounts and corporation tax returns in
    >ixbrl format which can be quite tricky.


    Surely that only applies if you are using 3rd party accounting
    software. I was referring to doing it via the HMRC "Corporation tax
    online" system.

    http://www.hmrc.gov.uk/ct/ct-online/file-return/index.htm



    --
    AnthonyL
     
    AnthonyL, Mar 2, 2011
    #8
  9. Dirk Bruere at NeoPax

    Deanco

    Joined:
    Mar 12, 2011
    Messages:
    6
    Limited Company accounts do not have to complete by a chartered accountant. However, diy Ltd Compnay accounts is never a good idea. It can be quite comples even for a small company. Deanco.co.uk
     
    Deanco, Mar 12, 2011
    #9
  10. Dirk Bruere at NeoPax

    Truemanbrown

    Joined:
    Sep 1, 2011
    Messages:
    70
    I would advise you to consult an accountant. A good one should save you more in tax to more than justify their fee.
     
    Truemanbrown, Sep 2, 2011
    #10
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