Limited Company & Corporation tax returns......How difficult is it to do yourself?

[MrSkipsey]

As the title says, how difficult is it to do yourself?
Im a one man band and most of my work is done sub-contracting. My accountant TBH isnt worth a rub and never returns calls or answers e-mails so am thinking of letting him deal with last years return and then doing it myself or find another accountant.

Ive filled in self employed self assesments a few years ago but this was only for a trivial amount and not much expenses and that seemed to go Ok but does it get harder and more complicated being a Ltd company?

Any help would be appreciated guys. Also, for example. My accountant told me from the start that I cant claim for any food or drink brought during work hours, when I asked why, he told me its because I need food to eat. Its the first time Ive used an accountant as Ive only been Ltd for just over a year so my 1st return is due soon.

Is there a list of what you can and cant out in for???? I know you have to prove its for business use. Eg, I purchased a Plasma, Blu-Ray player and laptop at Christmas. I use the lappie for my invoices so put that receipt in. The Plasma and Blu-Ray are in the front room of my flat which doubles up as my office when I do my paperwork on the lap top....Can I put those receipts in too? as yet I havent.

MODS: If this thread runs the risk of spoiling it for those with their own returns then please edit or delete parts or the whole thread at your discretion.

Many thanks.
Mike.

 

[Mac]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

As the title says, how difficult is it to do yourself?
Im a one man band and most of my work is done sub-contracting. My accountant TBH isnt worth a rub and never returns calls or answers e-mails so am thinking of letting him deal with last years return and then doing it myself or find another accountant.

Ive filled in self employed self assesments a few years ago but this was only for a trivial amount and not much expenses and that seemed to go Ok but does it get harder and more complicated being a Ltd company?

Any help would be appreciated guys. Also, for example. My accountant told me from the start that I cant claim for any food or drink brought during work hours, when I asked why, he told me its because I need food to eat. Its the first time Ive used an accountant as Ive only been Ltd for just over a year so my 1st return is due soon.

Is there a list of what you can and cant out in for???? I know you have to prove its for business use. Eg, I purchased a Plasma, Blu-Ray player and laptop at Christmas. I use the lappie for my invoices so put that receipt in. The Plasma and Blu-Ray are in the front room of my flat which doubles up as my office when I do my paperwork on the lap top....Can I put those receipts in too? as yet I havent.

MODS: If this thread runs the risk of spoiling it for those with their own returns then please edit or delete parts or the whole thread at your discretion.

Many thanks.
Mike.

My uncle used to do mine and he was excellent.You can claim for most things as long as you keep all your receipts.If you use your home as place of business as well,you can claim a proportion of your utilities,don't know how much thou off hand.Even washing work clothes all counts,so keep your shopping receipts.If you go out for a meal,keep them too and claim as business meal.Keep everything mate and if you find yourself a decent accountant,he will be able to tell you what you can and can't claim for.Good luck anyway mate

 

[scouse007]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

As the title says, how difficult is it to do yourself?
Im a one man band and most of my work is done sub-contracting. My accountant TBH isnt worth a rub and never returns calls or answers e-mails so am thinking of letting him deal with last years return and then doing it myself or find another accountant.

Ive filled in self employed self assesments a few years ago but this was only for a trivial amount and not much expenses and that seemed to go Ok but does it get harder and more complicated being a Ltd company?

Any help would be appreciated guys. Also, for example. My accountant told me from the start that I cant claim for any food or drink brought during work hours, when I asked why, he told me its because I need food to eat. Its the first time Ive used an accountant as Ive only been Ltd for just over a year so my 1st return is due soon.

Is there a list of what you can and cant out in for???? I know you have to prove its for business use. Eg, I purchased a Plasma, Blu-Ray player and laptop at Christmas. I use the lappie for my invoices so put that receipt in. The Plasma and Blu-Ray are in the front room of my flat which doubles up as my office when I do my paperwork on the lap top....Can I put those receipts in too? as yet I havent.

MODS: If this thread runs the risk of spoiling it for those with their own returns then please edit or delete parts or the whole thread at your discretion.

Many thanks.
Mike.

I am actually registered as a Limited Company and have just given my books to my accountant to check and present to the Tax man and companies house.
When I originally went LTd I approached several accountants and they wouldn't or should I say couldn't help me.
If I understand the rules correctly, because of the complexities governing Limited companies then a Chartered Accountant is required to do your accounts, if this is correct then you are deffinately not allowed to do them. AS I've already said 3 or 4 other accountants I tried were unable to do them.

 

[Spudnik]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

I think if you are Ltd, your accounts should be audited, which means, no you cant do them yourself.

However, i know for a fact that you wont be able to claim for your plasma or blu-ray, unless you have a dedicated office with a waiting area

 

[Mac]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

I think if you are Ltd, your accounts should be audited, which means, no you cant do them yourself.

However, i know for a fact that you wont be able to claim for your plasma or blu-ray, unless you have a dedicated office with a waiting area

What about a purpose built office in the garden away from the house

 

[MrSkipsey]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

My uncle used to do mine and he was excellent.You can claim for most things as long as you keep all your receipts.If you use your home as place of business as well,you can claim a proportion of your utilities,don't know how much thou off hand.Even washing work clothes all counts,so keep your shopping receipts.If you go out for a meal,keep them too and claim as business meal.Keep everything mate and if you find yourself a decent accountant,he will be able to tell you what you can and can't claim for.Good luck anyway mate

Got all the receipts in monthly envelopes in a box with each months invoice. I also account for washing work clothes, vehicle valet aswel as fuel, meals & entertaining, tools and clothing receipts. Just want to know if theres anything that I can put in for that Im not already?????

I think if you are Ltd, your accounts should be audited, which means, no you cant do them yourself.
However, i know for a fact that you wont be able to claim for your plasma or blu-ray, unless you have a dedicated office with a waiting area

If I cant do them myself Jason then I will have to look for another accountant as Im not entirely happy with the one I have.
Does a designated waiting area have to be a seperate room from the office? I have a nice size living room with a few comforatble sofas where my clients sit and watch the entertainment system while I do any office work until I can see them?
The office area, was in the front room but can be quite easily moved to a small 3'x4' alcove in the hallway. Its only a small shelf, laptop and chair. Its all connected by WiFi so the prnter is actually in the kitchen within a designated office supplies cupboard.
Would this then be acceptable to be able to put the Plasma and Blu Ray receipts in? Obvously office work and clienst are then seperated.

What about a purpose built office in the garden away from the house

I live on the 1st floor of a block of flats so have no green areas but do have acces to a storage area below me behind the caretakers office.
Its not big,...About 4'x6' with a lockable door that could quite easily contain a small computer table and chair. Lick of paint, run a light in there and Id be away if the above option is acceptable!

 

[jimuk07]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

What about a purpose built office in the garden away from the house

You would have to pay business rates to the council for that, same goes for any room in yourhouse you claim for in a return.

The company director can do the corporation tax returns but it is not easy and an accountant may save you money.

p.s If you dont show a profit then you dont owe anything.

just to add, you need to also submit your company accounts, in an approved format, along with your return.

You can apply to be exempt from having to submit accounts to companies house as you are a small company. So no worries about auditing.

 

[Mac]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

You would have to pay business rates to the council for that, same goes for any room in yourhouse you claim for in a return.

The company director can do the corporation tax returns but it is not easy and an accountant may save you money.

p.s If you dont show a profit then you dont owe anything.

just to add, you need to also submit your company accounts, in an approved format, along with your return.

You can apply to be exempt from having to submit accounts to companies house as you are a small company. So no worries about auditing.

Does that go for self employed as well

 

[jimuk07]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

Yes. But, each case IS different and rates vary. In some cases rates may not be chargeable at all.

 

[Mac]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

Yes. But, each case IS different and rates vary. In some cases rates may not be chargeable at all.

So if you have a spare room at home and use it as an office,what your saying is you have to pay business rates to the council

 

[jimuk07]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

So if you have a spare room at home and use it as an office,what your saying is you have to pay business rates to the council

If the office was set up solely for your business activities or have a room modified for your business operation then thats a yes.

As an electrician is a 'mobile' job, having a room set up solely for business activities is not very common. But its better to be aware of the rules.

If you start claiming against home utility bills in your tax return then business rates may become liable.

Talking to the council or checking out sites like businesslink might be able to make things more clear then I can! lol

 

[Mac]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

Sorry to be a pain mate.If you are a sole trader without an office and do all your books/paperwork at home,how do you stand.You have a home computer that you do all your paperwork on but the kids still use it, say,who will know

 

[jimuk07]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

Sorry to be a pain mate.If you are a sole trader without an office and do all your books/paperwork at home,how do you stand.You have a home computer that you do all your paperwork on but the kids still use it, say,who will know

To be honest, from what you have said, business rates will be of no concern to you. Your office is for mainly family use.

If, as iv seen mentioned, you had a room for seeing clients and other business activities then business rates is of concern.

 

[MrSkipsey]

Re: Limited Company & Corporation tax returns......How difficult is it to do yourself

To be honest, from what you have said, business rates will be of no concern to you. Your office is for mainly family use.

If, as iv seen mentioned, you had a room for seeing clients and other business activities then business rates is of concern.

Ok...Ill leave the Plasma and Blu Ray receipts in the drawer and wont bother with them....Just trying to keep my TB down to a bare minimum as we all hat paying it!