Missing historical data and reconstructing accounts-obligations re records
A business has been left "stuck" at the moment as a former employee who had complete control of financial matters and reporting etc has just left without leaving data backups, detailed paperwork etc of the accounts for the Ltd company.
The accountants who worked with this employee are advising that they have no other papers (they produced a set of basic accounts that have been filed), but say they worked from data supplied by the employee -and they have nothing at their premises.(so I have no P&L either).
The ex-employee has been approached but he too advises that he has nothing that he can hand back. He has handed back credit cards and keys etc.
Can anyone advise me what the accountants are legally responsible to provide to this ltd company? Without a full detailed P&L, how can i reconstruct the accounts without opening balances?
There was an outstanding invoice that was being disputed between the accountant and ltd company and so neither side were being too progressive about this- but regardless should the accountants firm have a copy of the detailed P&L and some back ups of the data that was provided..or is this not applicable now that "web" accounting is here?
Any advice about the way forward would be good as I am really keen to see this business thriving again. It is fair to say that accounting/reporting matters are not the directors forte. He is good at what he is in business for !
- Employers NI allowance 269 3
- Where to follow court cases/rulings 592 7
- Paying Son 331 14
- Which time limits apply? 363 4
- HMRC Discovery powers 168 2
- Client Paperwork Retention? 331 10
- Exclusion from VAT Registration 128 4
- Appeal against penalty- error in SA tax return 271 3
- Just checking re PSA 236 1
- Reimbursing director travel costs 316 4
- Anyone else getting these HMRC letters? 1,465 7
- I am 34 years old, am I too old to start a career in Accounting ? which is the best way to pursue it 1,508 19
- Market Invoice (P2P invoice discounting) tax treatment 330 2
- Friday Question 571 7
- New Client works under PAYE but is about to set up own LTD. 424 8
- Independent Examination work programme 150 2
- Non reporting RTI - penalties 547 9
- Buy to Let Property! Shell I buy or not? 302 2
- Sage Instant Accounts Complete De-install problem 225 7
- What is the best way to buy commercial property these days 328 5
- Interest paid - do new rules affect Tax Credits? 491
- DTA tie-breaker issue 293
- CGT for NOn UK residents 263
- Tax Implicatins on a Directors Loan 254
- Employer's pension contribution - need to be PAYE registered? 245
- What are the tax implications of overseas sales through a UK based company? 231
- Apprenticeship Levy 228
- profit or loss on furnishings and deed of trust 220
- Capital Gains personal representatives 207
- Tenants in Common - Actual % split not written down 191