Advice for a new business

maureen cassidy

Could someone give me some advice please.

1) My partner has set up his own company and registered with Companies House in Aug 09, but did not start trading until Jan. Companies House have asked him to submit his annual return yet he has only been trading for 9 months. What should he do?

2) He put a loan into the company that he would like to take back out. What is the best way to do this?

3) He has taken no salary from the company but would like to take a percentage of the profit out as a dividend, can this be done?

4) He often uses his own private car (not an asset of the business) does he just claim the milage back - rate?

5) Occasionally he hires van's and fills them up - can both of these be claimed as expenses?

6) Finally as it is only a little company with hardly any assets does he just need to produce a P & L account - he was also told that he could submit his accounts as unaudited. I am not so sure about this.

Thank you for any advice you can give me in advance.

Kind Regards
Maureen

Bluewednesday

maureen cassidy wrote: »

Could someone give me some advice please.

1) My partner has set up his own company and registered with Companies House in Aug 09, but did not start trading until Jan. Companies House have asked him to submit his annual return yet he has only been trading for 9 months. What should he do?

Yes he should still submit his annual return, these are not accounts but details about shares, directors, addresses etc

maureen cassidy wrote: »

2) He put a loan into the company that he would like to take back out. What is the best way to do this?

Just take the cash out - it's his money.

maureen cassidy wrote: »

3) He has taken no salary from the company but would like to take a percentage of the profit out as a dividend, can this be done?

Yes it can (as long as the company is solvent) but this may not be the most tax efficient way to do it.

maureen cassidy wrote: »

4) He often uses his own private car (not an asset of the business) does he just claim the milage back - rate?

Generally 40p per mile for the first 10,000 miles and 25p per mile thereafter

maureen cassidy wrote: »

5) Occasionally he hires van's and fills them up - can both of these be claimed as expenses?

Yes these are legitimate business expenses

maureen cassidy wrote: »

6) Finally as it is only a little company with hardly any assets does he just need to produce a P & L account - he was also told that he could submit his accounts as unaudited. I am not so sure about this.

Yes, you generally wouldn't audit unless a shareholder requested it or you have to legally!

maureen cassidy

Thank you so much for your help and responding so quickly Bluewednesday - it is so nice to know there are people out there that can help.

Bluewednesday

You're more than welcome