Last two clients I took over, both needed help with 2nd year accounts, owners used to do their own accounts and the number of errors I identified is extraordinary. I started to doubt myself and wanted to confirm. Here come very basic questions:
- Hire Purchase expensed - it has to go on a balance sheet, doesn't it?
- Director introduced capital, recorded it as shares but only 1 share valued at £1 issued at incorporation, no intention to purchase additional shares for a few thousands. Am I right it thinking it should go through DLA
- in 17/18 DLA overdrawn by £20k, no P11D filed, no interest charged - I proposed to file late P11D and advised to amend personal tax return
- dividend declared based on profits before tax - no CT recognised in accounts. Not right, but at the time the director didn't know they need to include CT in the accounts. What would you do?
- would you allow to expense assets worth £1,500 for a company with turnover of £5k?