End of Year accounts for Ltd company

Jon,

For your first year it depends on (a ) the date you formed it and (b) the date you have chosen for your year end.

If you look on companies house as your record you will see a line saying "next accounts due". if you havent done anything this will be one year and 10 months after the date of formation.

Your accountant should normally be reminding you of the date.

Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

Do I not have to inform them of anything then? Just ignore all tax stuff until December 2006? I formed the company in February 2005.

Erm assuming you have a proper trading company I can pretty much guarantee if you “ignore all this tax stuff” until next year you will have a thoroughly miserable Christmas in 2006 trying to do it all at the last minute and getting depressed about how much money you could have saved doing things correctly in the first place.

There are lots of things you should have done by now, just for one have you agreed a goodwill valuation for the incorporation of your sole trade? If not you are going to already be out of time for getting an agreed valuation onto your self assessment return, which in turn probably means revisions will be needed or you just throw away the tax savings and ignore this route. As I have said to you before you really can’t learn how to run a limited company by fishing for individual answers to questions you have on this site. Get the yellow pages out and call some local accountants - although we are all pretty busy with self assessment right now.

Regards,

------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

---------------------------
Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT