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HGV driver new company

I am an HGV driver and worked as a self employed for small driving agencies and it was easy to do accounts but now as I moved to a big agency they required me to start a ltd so can somebody please advice on the accounting steps to take every year ( i.e. Corporation tax, accounts, end of year return, PAYE and tax return.

Any help would be greatly appreciated

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02nd Jun 2012 12:57

You seem to know WHAT to do but I doubt you would know HOW to do them. You need to get an accountant.

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02nd Jun 2012 13:10

Kounnis And Partners
Dear Mike

We can prepare limited company accounts from as little as £60 per month + VAT and sole trader and partnership accounts for even less! Please note that our initial consultation meeting is free of charge so if you would like to discuss anything further please do not hesitate to contact me. Office Tel: 020 8498 2777

We also have a lot of free information / fact sheets on our website once you register. You can register for free

http://accountancy.kounnis.com

Andreas Kounnis

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02nd Jun 2012 13:27

Thanks for your quick replies Greatly apprecieted.

I seem to know about it as I have spend a week reading on HMRC site and trying to the the right thing

It seems to me that the information is there but no specifications on how to go about and what first.

When is a ltd with only me and the secretary ( which was a requirement as to open the company) the accountant sound expensive and scary  so Andreas is not the 60 pounds + vat per month that scare me but the word "from as little"

if there anyone that can advice please do

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02nd Jun 2012 13:42

Fixed fee

 

<<<It seems to me that the information is there but no specifications on how to go about and what first.>>>

You could look into the Companies Acts and spend a few years learning it but I think your time would be better spent on your business.

<<<When is a ltd with only me and the secretary ( which was a requirement as to open the company) the accountant sound expensive and scary  so Andreas is not the 60 pounds + vat per month that scare me but the word "from as little">>>

You don't need a secretary.

I've seen nuclear power stations advertised from £10 (I haven't) but you wouldn't get a very good one.

I would expect you could get a bill for about £1,000 including VAT so Andreas could have the right amount if you could nail him to a price.

Seeing as you could save £1,500 in tax straight away from most accountants it is worth it.

 

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@ Mike

I need to get a 32 tonne truck from Dover to Aberdeen. I've never driven before, so could you tell me how to drive an HGV?

Sorry to sound facetious. If I were to ask you how to do the journey avoiding the M1, I reckon you could post an answer. Likewise here.

You need to appoint an accountant, but more importantly recognise that a) it's natural to have one and to build in the cost before choosing to run a limited company and b) it is an investment - a half-decent accountant will provide you with advice and tips that will save you far more than it will cost you in fees.

 

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02nd Jun 2012 19:52

What about the other drivers?

Have you spoken to the other drivers to see how they do it?  It may be they use accountants (or bookkeepers) and could advise or recommend suitable advisers.

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03rd Jun 2012 19:24

@andy.partridge

If you try to do Mike's job you are liable to be arrested - if he tries to do yours no-one will bat an eyelid.  #justsaying!

RM

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@ RM

Funnily enough I've no issue with Mike trying to do my job, but that's another thread!

I don't want to do Mike's job either. I was really trying to draw some kind of parallel that would demonstrate how difficult it would be to answer his question satisfactorily on this forum.

As it happens I do hold a PSV licence, but only to improve the chances of my ex-wife being knocked down by a bus.

 

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