Ltd. Co. - still need an Acountant to do year end?


A

A.Lee

I'm toying with the idea of changing my status from Sole Trader to Ltd.
Company.
Myself as the only employee, no other involvement from other people.

The only downer will be an Accountant to sign off the accounts at year
end - does an Accountant still need to prepare the simple accounts for a
(very) small business with a turnover typically less than £35k.

Ta
Alan.
 
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M

Martin

A.Lee said:
I'm toying with the idea of changing my status from Sole Trader to Ltd.
Company.
Myself as the only employee, no other involvement from other people.

The only downer will be an Accountant to sign off the accounts at year
end - does an Accountant still need to prepare the simple accounts for a
(very) small business with a turnover typically less than £35k.

Ta
Alan.
You are allowed to do everything yourself - accounts, HMRC stuff and CoHo
filing. No need for an accountant. The clever bit is ensuring you do
everything correctly and on time... :)
 
P

Peter Saxton

I'm toying with the idea of changing my status from Sole Trader to Ltd.
Company.
Myself as the only employee, no other involvement from other people.

The only downer will be an Accountant to sign off the accounts at year
end - does an Accountant still need to prepare the simple accounts for a
(very) small business with a turnover typically less than £35k.

Ta
Alan.
There's no legal requirement to use an accountant but do you know the
disclosure and tax rules? I am assuming you don't.

Why do you want to change status?
 
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A

A.Lee

Peter Saxton said:
There's no legal requirement to use an accountant but do you know the
disclosure and tax rules? I am assuming you don't.
Yes, I had a brief talk with an Accountant yesterday, she explained most
of it, and how it works, she advised that I really shouldnt be doing the
annual return myself, but it was possible if I insisted.
Why do you want to change status?
Mainly for the status of being a Company. I'm due, fairly soon, to get
another qualification. This will then allow me to tender for larger
jobs, and talking to one of the people who award these contracts, they
generally go to a Ltd. Co., no real reason that it couldnt be done by a
Sole Trader, but they look on a Co. as being better organised, and a
little more professional than a S.T.

As you saw from my other post, I applied yesterday, but will keep it
dormant for the time being. Once the building trade picks up, or I start
to get bigger Contracts, then i will start to use the Company for trade.
Ta
Alan.
 

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