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Accountant@Work
[email protected], Accountant
Category: Tax
Satisfied Customers: 605
Experience:  Executive Director at [email protected]
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Is this free service? ok please show me the prices, my first

Customer Question

hello Is this free service?
JA: JustAnswer requires a modest payment. You'll see the amount on the next page. It's way less expensive and more convenient than any face-to-face visit. Have you talked to a tax professional about this?
Customer: ok please show me the prices
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: my first year doing taxes for limited company and its delayed already
JA: Which tax year is this for?
Customer: 21/22
Submitted: 14 days ago.
Category: Tax
Expert:  [email protected] replied 14 days ago.

Hi, welcome to JustAnswer. I'm [email protected], a UK-Qualified Chartered Certified Accountant with over 15 years of experience. I'll be answering your question today.

Expert:  [email protected] replied 14 days ago.

Please state your question, thank you.

Customer: replied 14 days ago.
HelloThis is my first year doing taxes for my company. 21/22I wasnt trading because of covid as it works with events and I started later on.I'm delayed already and need to send papers but have no idea where to start.I have my UTR number.I need to send annual accounts to Companies Houseand send Company Tax Return to HM Revenue and Customs (HMRC) correct?I register on company house on 16/7/20(CS01) Confirmation statement
accepted on 18/08/2021Application to join PROOF
accepted on 18/08/2021What is my first step? Balance sheet?Help :)
Expert:  [email protected] replied 14 days ago.

Thank you for your question. Can you tell me your company registration number first so that i may look at your deadline dates.

Expert:  [email protected] replied 14 days ago.

If you don't have your company registration number to hand, you can tell me your ltd company name and i'll search it myself

Expert:  [email protected] replied 14 days ago.

In the absence of the requested information, i'll give you a general response

Expert:  [email protected] replied 14 days ago.

In order to submit your ltd company accounts, you will first need to prepare your profit and loss and balance sheet accounts from your business records, bank statements etc.

Once finalised, you will need to create an HMRC government gateway account to submit your annual accounts.

You may go to the following link to register for the online portal

https://www.gov.uk/file-your-company-accounts-and-tax-return

Expert:  [email protected] replied 14 days ago.

Through this account, you will be able to submit annual accounts to both companies' house and to HMRC along with the corporation tax return.

Expert:  [email protected] replied 14 days ago.

to save further late filing penalties, you may appoint an accountant to deal with all the pending issues, prepare accounts and submit them to HMRC.

He will also be able to file an appeal with both companies house and HMRC to try and seek a waiver from late filing penalties.

Expert:  [email protected] replied 14 days ago.

I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.

Customer: replied 11 days ago.
oh my. Seems a lot to do.
Here the info requested:
Company name:
BE THE FUTURE LTDCompany number:
12748223Please let me know next steps. I would like to avoid having to pay an accountant. Why I need to appeal? How to do that?
Customer: replied 11 days ago.
Im a very small business...was not trading in the beginning after opening the ltd...how all this works?
Expert:  [email protected] replied 11 days ago.

Accounts overdue

First accounts made up to 31 July 2021
due by 16 April 2022

You have already incurred a penalty of £150 from companies house. You can only file an appeal after the accounts have been submitted.

Expert:  [email protected] replied 11 days ago.

I would like to avoid having to pay an accountant. Why I need to appeal? How to do that?

I'm sorry but JustAnswer is a Q&A platform. We do not provide account submission training as it is a complete process that requires accounting knowledge and understanding.

Expert:  [email protected] replied 11 days ago.

In order to submit your ltd company accounts, you will first need to prepare your profit and loss and balance sheet accounts from your business records, bank statements etc.

Once finalised, you will need to create an HMRC government gateway account to submit your annual accounts.

You may go to the following link to register for the online portal

https://www.gov.uk/file-your-company-accounts-and-tax-return

Expert:  [email protected] replied 11 days ago.

The basic process has been advised above. If you don't want to hire a professional then I would suggest you seek help from someone who has experience of submitting accounts.

Expert:  [email protected] replied 11 days ago.

I hope that the above answers your question.

Customer: replied 11 days ago.
where did you see the penalty? I haven't received any information about that. Where do I pay? Do you provide accountants? Do you know their fee?
Expert:  [email protected] replied 11 days ago.

The penalty is automatically raised when the deadline for filing has passed. 

First accounts made up to 31 July 2021
due by 16 April 2022

As you have passed the 16/04/2022 deadline, a late filing penalty will have been arisen by companies house for £150. You will receive the penalty notice on the company registered address 

Flat 25 Bankside Apartments, Coster Avenue, London, England, N4 2JP

in the coming days or weeks, if not already received.

Expert:  [email protected] replied 11 days ago.

Where do I pay?

You cannot pay it yet. You need to submit the accounts first.

Customer: replied 11 days ago.
the accounts again mean one spreadsheet with profit x loss
balance?
Expert:  [email protected] replied 11 days ago.

Do you provide accountants? Do you know their fee?

Yes, you may appoint an accountant from the JustAnswer platform.

We can book a phone call to discuss your requirements and i can submit a quote for you to consider.

Normally, for trading accounts, the accountancy fees is between £400 - £700

For dormant companies, where no transactions have taken place, the accounting fees ranges between £150 - £250

Expert:  [email protected] replied 11 days ago.

the accounts again mean one spreadsheet with profit x loss balance?

No. This will be your internal working. Then a statutory format has to be followed in order to submit your trading income and expenses to companies house and to HMRC.

You will also need to submit a tax return called CT600 which is a further computation for your tax on profits.

Customer: replied 11 days ago.
this fee is per month or year? How I proof that I was trading for few months after opening the company
Expert:  [email protected] replied 11 days ago.

this fee is per month or year? How I proof that I was trading for few months after opening the company

This is a yearly fee to submit your annual company accounts only.

Your business bank statement will be used to extract income and expenses for account preparation purposes

Customer: replied 11 days ago.
34;Your business bank statement will be used to extract income and expenses for account preparation purposes" Can you explain that better please?
Expert:  [email protected] replied 11 days ago.

Once you accept the quote, your accountant will apply to become your agent at HMRC. So all future tax affairs and letters will be sent to him and he will take care of all the reporting requirements for your ltd company.

You will be able to avoid any late fines.

Expert:  [email protected] replied 11 days ago.

Your ltd company would have had a business bank account.

If your company was trading, you would be receiving incomes in to the bank account and making payments for purchses, utilitiy bills, travel, phone, broadband, etc from this business bank account.

Your accountant will then use your business bank statement to compile your business accounts and prepare Profit and loss statement and balance sheet which will then be used to submit accounts to HMRC and CH in official format.

Customer: replied 11 days ago.
What is the Statutory format? is this another document I have to send?
Customer: replied 11 days ago.
you mention "submit your trading income and expenses" What doe it means?
Expert:  [email protected] replied 11 days ago.

Yes. When you use an accounting software or HMRC portal, you will be filling the relevant boxes and a final report will be compiled based on your submitted information in an official acceptable template for HMRC

Expert:  [email protected] replied 11 days ago.

you mention "submit your trading income and expenses" What doe it means?

It means business income and expenses during the financial year

Customer: replied 11 days ago.
I have all utilitiy bills, travel, phone, broadband in my personal account but I work from home. Would that still be able to use to claim taxes on that?
Expert:  [email protected] replied 11 days ago.

only a proportion

Customer: replied 11 days ago.
Sure. how to calculate this proportion?
Customer: replied 11 days ago.
you mention "submit your trading income and expenses" What doe it means?It means business income and expenses during the financial yearIT THIS THE PROFIT X LOSS BALANCE SHEET?
Expert:  [email protected] replied 11 days ago.

Sure. how to calculate this proportion?

Thank you for the question. As this is a new topic, would you kindly re-post it? Unfortunately, it is JustAnswer policy to only answer a new topic questions in a new chat.

Expert:  [email protected] replied 11 days ago.

you mention "submit your trading income and expenses" What doe it means? It means business income and expenses during the financial year IT THIS THE PROFIT X LOSS BALANCE SHEET?

Yes.

Expert:  [email protected] replied 11 days ago.

I hope the above is helpful. If you would like to discuss over the phone, i'll submit a phone request. If you feel you need to discuss over the phone then please accept the call offer.

Customer: replied 11 days ago.
I'm ok with my unlimited questions. Thanks
So I need to first prepare my prof x loss balance sheet and Statutory format? Where can I find those?
Customer: replied 11 days ago.
Proportion of my home bills to be used on my business to declare as taxes...and company taxes has been the subject...its all related to the same topic.
Expert:  [email protected] replied 11 days ago.

I'm ok with my unlimited questions

You are welcome to ask as many questions as you would like. But every new topic has to be asked in a new post.

JustAnswer charges £5 for every question posted and does not allow an unlimited question facility under a single question.

We are here to answer any questions you may have and would love to assist you. But as per the policy guidelines, you would need to post these questions in a new chat.

Your original question has been answered and i hope it was helpful.

Customer: replied 11 days ago.
WAIT ARE YOU CHARGING ME £5 PER QUESTION???
Customer: replied 11 days ago.
THIS IS WRONG IT SAYS UNLIMITED QUESTION FOR £5 TRIAL...NOW YOU MENTION THERE I A LIMIT?
Expert:  [email protected] replied 11 days ago.

You will be charged £5 for each new posted question. However, you have not been charged anything extra for all the questions you asked me on this chat.

Customer: replied 11 days ago.
Thanks for clarifying.
So I need to first prepare my prof x loss balance sheet and Statutory format correct? Where can I find those?
Expert:  [email protected] replied 11 days ago.

THIS IS WRONG IT SAYS UNLIMITED QUESTION FOR £5 TRIAL

Yes, you may ask questions, but in a new chat

Expert:  [email protected] replied 11 days ago.

Thanks for clarifying. So I need to first prepare my prof x loss balance sheet and Statutory format correct? Where can I find those?

If you require step by step guidance training from an accountant. Kindly post a new question and an expert will pick up the question.

As stated earlier, JustAnswer is not an accountancy training platform. We only answer tax questions.

Expert:  [email protected] replied 11 days ago.

If you need to see the templates, you may google for the UK accounting formats for profit and loss and balance sheet.

Customer: replied 11 days ago.
Im not training but just asking as YOU mention before anyway...If you could confirm will be great.Plus it is exactly a tax question. If you prefer. What documents I need to send in my first year tax account?
Expert:  [email protected] replied 11 days ago.

You will need to submit your business income and expenses, assets, liabilities, and capital incurred in your financial year to CH and HMRC.

Expert:  [email protected] replied 11 days ago.

This will be reported as profit and loss and the Balance sheet. Once filed your ltd accounts will be processed and approved by the CH and HMRC.

Job concluded.

Then you will repeat the same exercise every financial year.

Expert:  [email protected] replied 11 days ago.

I hope that the above answers your question.

Customer: replied 11 days ago.
Thank you. What is capital incurred?
Expert:  [email protected] replied 11 days ago.
It is your company's share capital amount.
Customer: replied 10 days ago.
what does it mean?
Expert:  [email protected] replied 10 days ago.
Share capital is the amount of total value of shares. It is reported on your balance sheet. The share capital of Be the future ltd is £1. So you will report £1 as your capital on the balance sheet.
Expert:  [email protected] replied 10 days ago.
Account preparation is a complete process and these pieces of information will not help you much. You should either seek assistance of a friend who knows how it is done or appoint a professional to do it for you.
Customer: replied 10 days ago.
Thanks for the answers. I just want to know what is what and here is the perfect place to ask questions. I learn a lot even if I will go to a professional or learn my self.What does it mean the value of shares? What does it mean having only £1? How the shares are divided? How many?
Expert:  [email protected] replied 10 days ago.
Thank you for the questions. Kindly re-post these questions in a new post and an expert will be happy to explain.