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• # 79961
• Thu 23 Feb 2012 03:17 PM

Hi

I was just wondering if I needed an accountant to produce the final accounts for a Limited Company?  I was told a while back that I did but I have been reading various threads on the forum and am now a little confused as to whether I do or not!

Help!

Thanks
Jeanette

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• # 79983
• Thu 23 Feb 2012 11:13 PM

Hi Jeanette,

As an MICB you can only prepare draft final accounts for a Limited Company, so yes an accountant will need to prepare the final accounts for a Limited Company. 

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• # 79993
• Fri 24 Feb 2012 08:38 AM

Hi Jeanette,

.....and the reason is because we are not qualified, under MICB, to calculate the Corporation tax liability. I am not sure if there are any other reasons.

Kind regards

Kerry

• www.berrybookkeeping.co.uk
  
  My responses are based on my opinions, not necessarily facts.
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• # 79997
• Fri 24 Feb 2012 10:55 AM

Hi


Thanks both for your replies.


Yes I know we are not qualified for corporation tax and to be honest I wouldn't know where to start with it.  I know we are qualified for draft accounts so what do either of you send to your accountant when you want them to do the final accounts for you?  Just e-mail over a trial balance?      


Thanks

Jeanette

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• # 80000
• Fri 24 Feb 2012 11:14 AM

Hi Jeanette,

They would need all the information to be able to calculate the taxable profits and subsequent Corp tax. My accountant comes to the premises so they can check through all the accounts to calculate taxable profits, i.e nominal ledgers, some invoices, fixed asset additions/disposals etc. The accountant at for my old employer just had a back up of Sage, then requested any other info they needed along the way.


hth

Kerry

Edit: this is just my experience through being an employee, perhaps some others could advise of their experience as a self employed.

Edited at 24 Feb 2012 11:18 AM GMT

Edited at 24 Feb 2012 11:20 AM GMT

• www.berrybookkeeping.co.uk
  
  My responses are based on my opinions, not necessarily facts.
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• # 80004
• Fri 24 Feb 2012 12:06 PM

Hi Kerry


So you are an employed bookkeeper and not a self employed one?  I wondered why you didn't have 'practice licence' shown under your name.  I am an employed bookkeeper and a self employed one.


I work with a couple of accountants and one has said to me if I e-mail over the trial balance he will do the accounts and corporation tax for me.  No doubt he will have a few questions though.


Thanks for your help.         

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• # 80006
• Fri 24 Feb 2012 12:34 PM

Hi Jeanette,

Yes I am full-time employed, but going to apply for my Practice Licence in a month or so (been putting it off for a while now, but set myself a deadline!), and start trying to build up a client base whilst keeping my employment!

I would have thought your Accountant would need more than the Trial Balance, but I suppose the TB is a good starting point!

All the best,

Kerry

• www.berrybookkeeping.co.uk
  
  My responses are based on my opinions, not necessarily facts.
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• # 80029
• Fri 24 Feb 2012 03:56 PM

Hi Kerry


Sounds like a plan.


All the best to you to.


Jeanette      

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