Frequently Asked Questions
Do I need to complete a full audit of my company accounts?
- Your annual turnover exceeded £6.5m.
- Your companies’ assets exceeded £3.26m
- You employ more than 50 employees on average.
The following statement is a requirement if you claim to be exempt from an audit.
For the year ending ………………., the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
Even if your company is exempt from an audit it is an obligatory requirement should shareholders with at least a 10% shareholding request one. This may be an individual or a group of shareholders. The request for an audit must be made at least one month before the end of the financial year in that it is being requested.
I need an accountants letter preparing for the bank and a business plan. Is this something you can do?
We know that is it daunting putting everything in place at the beginning but our business start-up team will go through every item on your agenda and assist you achieve your goals.
If you require assistance with business funding, we can point you in the right direction and may be able to offer guidance on funding for your new business start-up.
We can of course provide a letter from a respected firm of Chartered Accountants.
What documents do I need to file at Companies House?
In addition to the filing of accounts, a confirmation statement must be filed each year on the anniversary of the incorporation. This replaces the annual return which was completed previously. A person of significant interest must be declared on this form prior to filing. There are strict compliance regulations to ensuring that not only are documents are filed on time but are complied with Company Law. If said documentation is not completed correctly the document examination branch of Companies House will reject any forms submitted.
If Private Limited Company Accounts are filed late or not filed at all or a confirmation statement has not been submitted Companies House will instigate severe penalties that could total Â£5000 to the directors and will propose that the companies’ assets be frozen and the company be struck from the registrar.
When does my personal tax return need to be filed?
Generally, tax returns for self-assessment (Personal Tax) need to be filed by January 31st following the April 5th tax year ending. Example, if a tax return is for the year ended 5th April 2016 it must be filed by midnight on 31st January 2017.
When does my company tax return need to be filed?
Do I need to register for Vat when I start my business?
What schemes are there for vat that suit my business?
- Flat Rate Scheme (Maximum turnover threshold).
- Cash Accounting Scheme (Maximum turnover threshold).
- Vat Margin Scheme (On second hand cars).
- Annual Accounting scheme.
How often do I need to file a vat return and when?
Please contact us for a free consultation for any further advice you may require. All consultations are free of charge and without any obligation whatsoever.
MONDAY TO FRIDAY
09:00 - 17:30
MANCHESTER CHARTERED ACCOUNTANTS,
76 KING STREET
Manchester Chartered Accountants who pride ourselves in saving our clients tax by our expertise, knowledge and hard work.
We are members of the Association of Chartered Accountants and by our qualifications, experience and ongoing development we will ensure you and your company are kept up to date with all new tax legislation and statutory requirements. Our ethos is simple, we strive to be experts at saving tax and will continue to do so for our clients year by year. We will ensure the following 7 factors at all times.
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