Year End Accounts
maureen cassidy
Registered Posts: 7 New contributor 🐸
Hi All - please could someone give me some advice.
My partner is just about to submit his first set of accounts covering a 15 month period. He is the only person who works for the company on a part time basis (at the moment) and does not draw a wage. He works from home and there are no real assets, most of his time is computer time, apart from when he is popping out to see a client.
Therefore I guess all we need to produce is a profit and loss account listing his sales - any expenses. The only problem is - is that he paid the expenses privatley and has not yet claimed them back from the company. His year end was December - is he too late to claim these expenses back? They mainly consisted of vehicle rental, private mileage and the odd client meal.
Hope someone can guide me as to setting out his P&L based on the above.
Many Thanks
Moe
My partner is just about to submit his first set of accounts covering a 15 month period. He is the only person who works for the company on a part time basis (at the moment) and does not draw a wage. He works from home and there are no real assets, most of his time is computer time, apart from when he is popping out to see a client.
Therefore I guess all we need to produce is a profit and loss account listing his sales - any expenses. The only problem is - is that he paid the expenses privatley and has not yet claimed them back from the company. His year end was December - is he too late to claim these expenses back? They mainly consisted of vehicle rental, private mileage and the odd client meal.
Hope someone can guide me as to setting out his P&L based on the above.
Many Thanks
Moe
0
Comments
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I would put the expenses in, debit the individual expense account and credit directors loan.
I presume it's a limited company? If so you will need to do a balance sheet too.0 -
Hiya Bluewednesday,
Thank you for your help - it is a limited company but has very few assets and liablities, so the balance sheet would look quite bare. Would this be still ok?
Thanks for your help.
Kind Regards
Maureen0 -
You need a balance sheet for the abbreviated accounts regardless of how bare it looks. We may file non trading accounts with share capital and a bank account - they don't get much more bare than that.
Do you know what you are going to file at Companies House?0 -
Hi Bluewednesday,
I have a rough idea what we are doing - this is my partners first year, so it is quite new for him too.
Do you mean are we going to file a P&L amd Balance Sheet? I thought he would have been better starting off as a sole trader as his sales/costs are quite small at the moment.0 -
maureen cassidy wrote: »it is a limited company but has very few assets and liablities, so the balance sheet would look quite bare.maureen cassidy wrote: »I thought he would have been better starting off as a sole trader as his sales/costs are quite small at the moment.
I think the difference is whether he is a self employed or has a limited company.
For a sole trader:
http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1073789606&type=RESOURCES
But for a limited company:
http://www.businesslink.gov.uk/bdotg/action/layer?r.i=1073789619&r.l1=1073858805&r.l2=1085161962&r.l3=1073865436&r.s=sc&r.t=RESOURCES&topicId=1073865436
Explanation of the basics by businesslink:
http://www.businesslink.gov.uk/bdotg/action/layer?r.i=1073789606&r.l1=1073858805&r.l2=1085161962&r.l3=1073865730&r.s=m&r.t=RESOURCES&topicId=10738657300
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