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Submission of own accounts/tax returns

  • Practice Licence
  • 6 posts
  • # 119910

Hi everyone,

 

I have a query regarding submitting my own accounts and my husbands limited company accounts:

 

As a Level 4 member, can I prepare and submit my husbands limited company accounts without the need for an accountant? (I am also a director of his company)

 

Also am I allowed to submit my own bookkeeping accounts myself or is another bookkeeper/accountant required to do this

 

Thanks in advance,

 

Lori

  • Practice Licence
  • 6 posts
  • # 119946

Just bumping this up to see if there is anyone that knows the answer to this or whom I could ask?

 

Thanks

Lori

  • Fellow PM.Dip
  • Practice Licence
  • 33 posts
  • # 119952

I think there are two issues here.

There is no problem with you filing your own tax return, as a lot of people do.

There is no problem with a director of a Ltd company filing their own accounts at Companies House, and their own tax returns, proving they meet the following: https://www.gov.uk/audit-exemptions-for-private-limited-companies#:~:text=For%20financial%20years%20that%20begin,or%20fewer%20employees%20on%20average

I think your other issue is what does the ICB allow/advice?

I believe again there is no problem with you filing your own Return, and I do not think there is a problem with a Level 4 filing tax returns or companies house paperwork, but if there are outside directors, and you are not employed by the Ltd company, it may be worth declaring or requesting approval for the board due to a potential conflict of interest.

I am sure the ICB will correct me, if I am wrong in my interpretation of the rules.

 

  • Practice Licence
  • 6 posts
  • # 120001

goldaccounting said:

I think there are two issues here.

There is no problem with you filing your own tax return, as a lot of people do.

There is no problem with a director of a Ltd company filing their own accounts at Companies House, and their own tax returns, proving they meet the following: https://www.gov.uk/audit-exemptions-for-private-limited-companies#:~:text=For%20financial%20years%20that%20begin,or%20fewer%20employees%20on%20average

I think your other issue is what does the ICB allow/advice?

I believe again there is no problem with you filing your own Return, and I do not think there is a problem with a Level 4 filing tax returns or companies house paperwork, but if there are outside directors, and you are not employed by the Ltd company, it may be worth declaring or requesting approval for the board due to a potential conflict of interest.

I am sure the ICB will correct me, if I am wrong in my interpretation of the rules.

 


 Thanks for reply, yes was hoping for ICB to let me know the answer to this but not sure who to contact which is why I posted on here, I thought I read somewhere that we were not allowed to file accounts/tax returns of any of our own businesses if we were also doing the bookkeeping, was just looking for confirmation. 

I am employed by my husbands ltd company and on the payroll, I do the accounts from start to finish and currently hand everything over to a local accountant along with my own self employed bookkeeping records, but what they are charging is getting ridiculous especially when I know I could complete this all myself.

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