Annual company accounts

Princess Gucci

Help please,
i am starting to study the finance part of technician level in feb. But my problem is this. My husband ran a limited company which we want to close now and HMRC says we can not do this until we have returned the final accounts for the year.

Is there a set template for these final accounts as a company? and where do they have to be submitted too? Any advice gratefully received as our accountant wants £1400 to do them. EEEEKKK Or if anyone can reccomend any books that will help

Many thanks in advance

Debz

Company Accounts

If it was me who didn't know about company accounts and if I hadn't studied them either I would certainly pay for the expertise of an accountant - to do the accounts on my behalf. They do need to be in a specific format as your Technician studies will show and in keeping wth accounting standards and policies. The accounts when prepared are forwarded to the Registrar of Companies which is at Companies House, Cardiff.

mowzer

Is this quote from a big or small firm?

You can try and keep costs down by doing as much of the work yourself as possible, eg analyse and reconcile bank account(s), make list debtors and creditors at year end etc.

If all the accountant needs to do is put your work into statutory format and calculate tax it should work out much cheaper for you. Where i work easier jobs are also done by staff with the least experience, who have the lowest charge out rates. If your accountant is still quoting £1000 + i would find another one.

peugeot

There are a number of factors accountants take into consideration when arriving at their fee. Typically a firm will charge a fee based on the state of the books and records and how long it will take an appropriately qualified/experienced staff member to deal with the work.

As mowzer says, there are things you can do to reduce the fee such as preparing an initial trial balance from which the accountants will then undertake some control account reconciliation work and produce the statutory accounts.

Preparing statutory financial statements does require an understanding of accounting standards and relevant disclosure requirements. Companies House have been known to reject accounts which contain incorrect disclosures.

Kind regards
Steve

Princess Gucci

Great, thank you everyone who has advised me. Muchly appreciated:thumbup:

bigmuggsy

Im a partner of a small company which do all aspects of accountancy, it is a side line from my normal 9-5. If you would like me to complete your accounts please contact me, the charge will be £200. For further info please e-mail me muggsym@hotmail.co.uk (private e-mail address).

Thanks

Mike

Bluewednesday

bigmuggsy wrote: »

Im a partner of a small company which do all aspects of accountancy, it is a side line from my normal 9-5. If you would like me to complete your accounts please contact me, the charge will be £200. For further info please e-mail me muggsym@hotmail.co.uk (private e-mail address).

Thanks

Mike

How can you quote without knowing what's involved in the job?

bigmuggsy

Thats just a quote, anyway its non of your business

118 11kate

bigmuggsy wrote: »

Thats just a quote, anyway its non of your business

Ohhhhhh, hark at her !!!!!!!!:001_tt2:

sarahwilson

bigmuggsy wrote: »

Thats just a quote, anyway its non of your business

Thats a rather immature answer, I would be interested to know how you have arrived at that figure to do the work and I'm sure other people who are thinking of working for themselves would too. Are you just charging a flat fee no matter how long it takes or is that a ball park figure based on other jobs you have done?

bigmuggsy

Its not an immature answer, its an answer straight to the point. I offered my accountancy services for such a fee because our business is new and I'm trying to develop a higher client base. If it is was obviously too cheap for the size of the job then i'd consult with the person in question and advise that a higher fee would have to be charged. My main point in offering to do the accounts for £200 would be to a) attract interest and b) indicate how much companys get ripped off by large accountancy firms for work that takes such a small amount of time.

I don't see the problem in offering to do the accounts, if anybody does feel free to contact me at muggsym@hotmail.co.uk

sarahwilson

Thats a better answer now we can understand why you have been able to come up with a price, thats a good idea to build a client base up.

CJC

Ummm...

1. You should not be posting adverts for your services here.
2. I'm not so sure that advertising accountancy services on a website for accountants is going to be that effective in any case :huh:

Good luck with your business just the same.

bigmuggsy

Thats fair enough, thanks for your points. Out of interest though, why can't I advertise my business here? Surely as an AAT student, the association would actively encourage advertising of accountancy services through its website? As far as I'm aware I'm not breaching any rules.

Anyway I've not been contacted by the original post after all this, but thanks to those who made their points.

Best of luck for the exams

Mike

Princess Gucci

hi mike, have managed to secure some work experience in a chartered accountants. So he is going to help me do the accounts now. But thank you for your offer and i hope you get some work in soon.

Kind regards Princess

Poodle

bigmuggsy wrote: »

Surely as an AAT student, the association would actively encourage advertising of accountancy services through its website? As far as I'm aware I'm not breaching any rules.

I can think of some.

Being a student you will not be an AAT Member in Practice and will not therefore have any professional indemnity insurance.

Princess, another alternative could have been to search the MIP register for a MIP in your area.

Poodle