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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I set up my Limited company in November 2012 but due to one

Customer Question

I set up my Limited company in November 2012 but due to one disaster after another I had a hair and beauty website without the ability to make any money which was going to come from the directory.
I filed accounts for the first year, which showed a substantial loss, I only launched the directory late last year due but due to circumstances I have been unable to really push it to make money, so I haven't made any. I just want to know do i still need to do a full return again as I cannot afford the fees my accountants charged.
I hope someone can help
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. As far as Corporation Tax is concerned your company can go on making losses, adding to the previous year and carrying forward. That dispenses with the tax. If you have done little business then preparing a profit and loss account and balance sheet should be a relatively simple exercise which you could do yourself. Once you have completed same, ensuring that figures common to both sets of account correspond, you should be able to file your CT return on line and also use the facility to file abbreviated accounts with Companies House which takes another chore away. How much business did you actually do? If you need assistance I may be able to offer my assistance though my personal service company at a reasonable cost. I do hope I can be of help.
Customer: replied 2 years ago.

Thanks for that.

I did absolutely no business at all. By the time the directory was working and i was in a position to earn I was back working more than full time to try to recover all my losses ;-( it's been tough to say the least.

Expert:  bigduckontax replied 2 years ago.
From that we can determine that there will be zeros throughout the Profit and Loss Account and the balance Sheet will be unchanged.
Thus a filing on line will be a relatively simple process. As I said in my original answer you could probably prepare the accounts yourself.
Please be so kind as to rate me before you leave the Just Answer site.
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

I am another Tax expert on Just Answer and a practising accountant.

Did you incur any expenditure in the accounting year in question .. you say you lauched a directory. This must have cost you money although there was no revenue earned.
I have a different view to the last posting by the other expert and I quote "From that we can determine that there will be zeros throughout the Profit and Loss Account and the balance Sheet will be unchanged."

I am happy to help you if you so wish. Please let me know.

Many thanks

Expert:  bigduckontax replied 2 years ago.
I have already offered to assist the questioner and am still available do to do.
If he has expenses to put through the company in the second year then there will, as I mentioned, be more outgoings to increase the losses. Had the questioner provided me with the data needed I could have assisted him to create a Profit and Loss account within the original fee envelope.
Expert:  taxadvisor.uk replied 2 years ago.
The other expert's answer is disjointed.

My advise to you is to consider what activity too place/tasks were undertaken during the year. Then evaluate them in money terms and reflect the cost of it in the accounts.

I will help you prepare a profit and loss account and balance sheet.

Please let me know.

Many thanks
Customer: replied 2 years ago.

Thanks for your advice, help preparing a profit and loss balance sheet would be really appreciated.

Thanks

Becky

Expert:  taxadvisor.uk replied 2 years ago.

Becky, thank you for your reply.

Please advise what information is available and how you wish to proceed..
What is your accounting period end?

Many thanks