Frequently Asked Questions

Do I need to complete a full audit of my company accounts?

You are not required to complete an audit of your private limited company accounts unless it has two or more of the following:

  1. Your annual turnover exceeded £6.5m.
  2. Your companies’ assets exceeded £3.26m
  3. 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?

Salford Chartered Accountants has a team of business start-up experts that can help you with business plans, profit and loss forecasts and cash flow forecasts. We can listen to all your ideas and plans and help you turn them into profit!

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?

It is a statutory requirement that you file company accounts at company’s house within 9 months of your financial year end date. Your accounting date may be on the anniversary of your incorporation or shortened or extended. Many companies run their first-year accounting date to 31st March. It is usual practice that an abbreviated set of accounts is filed at Companies House rather than a full set as this only gives a “snap-shot” of the business and does not go into great details. The abbreviated accounts can be filed in paper form or by filing online.

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 £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?

We file all tax returns online unless our client requires a tax return completing from previous years when online filing is not possible.

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?

A company tax return needs to be completed and filed within 12 months of the financial year end.

Do I need to register for Vat when I start my business?

Vat registration is not mandatory unless a business has exceeded the vat threshold, in which case it must register for vat. The current vat registration turnover threshold is £83,000 (As at 01.12.2016).

What schemes are there for vat that suit my business?

There are several different schemes available for businesses in relation to vat. These schemes are often dependant on the turnover of the business and the way the business operates. Various schemes to assist smaller traders may be;

  • 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?

A VAT return should be completed as soon as HMRC sends you a notice to complete a vat return. This is usually the vat certificate. Upon notification of the vat registration date the taxpayer must charge vat from that date forward. Vat is then accounted for from the date of vat registration up to and including the first vat period end. Vat returns are usually accounted for and submitted every three months from this point onwards. This is usually known as the vat quarter. HMRC allows one month and seven days to file the vat return. All vat returns are required to be filed online. Payment must be made by this date as well. Surcharges are imposed for late vat returns. These surcharges rise dependent on the number of vat returns that are filed late.

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.

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Salford Chartered Accountants offer a wide and varied range of related tax and accountancy services from simple company incorporations and business start-up expertise to full representation in the most complex of tax and vat investigations.

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SALFORD

M6 6AP

EMAIL

martin@salfordcharteredaccountants.co.uk

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0161-278-2714

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Salford Chartered Accountants are a long established local firm of 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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