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

Discussion in 'UK Accountancy' started by A.Lee, May 24, 2012.

  1. A.Lee

    A.Lee Guest

    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.
     
    A.Lee, May 24, 2012
    #1
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  2. A.Lee

    Martin Guest

    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... :)
     
    Martin, May 24, 2012
    #2
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  3. A.Lee

    Peter Saxton Guest

    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?
     
    Peter Saxton, May 30, 2012
    #3
  4. A.Lee

    A.Lee Guest

    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.
    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.
     
    A.Lee, May 30, 2012
    #4
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