hi,
i am a recent set up my own limited company and i would be grateful if someone can given me some guidance on how to produce some accounts.
if you have any guidance/notes/ template can you please email it to me.
kind regards
Replies (6)
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will you ....................
So you want an accountant to tell you how to do your own accounts? It this some sought of a joke? I wonder if you will be willing to share your business idea and the rest with us too!
You wouldnt ask a doctor to tell you how to deliver a baby because you got your wife pregnant, or would you?
If I were you I would.........
Hi,
If I were you, I would employ a small local accountant who is a member of ICAEW or ACCA, it won't cost that much as most will offer really low rates for startups. However, if you are going to do it all by yourself then this is what you should do.
Download a set of accounts from www.companieshouse.gov.uk. Make sure it's a set of accounts prepared under UKGAAP.
Then I would down load the accounting standards FRS 1 - 30, SSAP 4 - 24, all the UITF Guidance and don't forget the most recent FRSSE, which is quite useful for small businesses.
Finally you might want to read the Companies Act 2006 as well. These will give you all the information you need to know to prepare a set of accounts which Companies House will accept.
After this you might want to read the Tolley's tax guide, that's about 10,000 pages long. This will help to ensure you don't get caught out by HMRC.
So far it has taken me 3 years to qualify and a further 8 years of experience and I still only know a small amount of this stuff but as every situation is different you need to be aware of most of it.
Good luck with your reading, but I don't know how you are going to setup a business and learn all that you need to know about accounting and tax at the same time.
Shall we start again?
Despite the manner in which they were put, there's some validity to some of the above points over the preparation of annual accounts for Companies House & HMRC but as you are a recent start up I'm guessing you might be talking about some sort of management accounts or even bookkeeping system.
Whatever the case we'd need more info on what you do and the make up of the business to advise properly.
Perfectly happy to have a chat next week so PM me if you're interested.
Use the same accountant
If the OP is actually asking about keeping records at this stage and is still planning to ask an accountant to prepare statutory accounts and tax computations along with iXBRL and such then I would suggest they talk to the same accountant to help with both activities.
FreeAgent for your own Limited Company
Hi
How about using FreeAgent for keeping the records of your own company ?
Phil