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Amended Accounts

Do I need to restate or file new set of accounts?

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Got a client whose old accountant has not refelcted any new activity in accounts where there was activity( he kept same number as prior year).

In order to do latest accounts , I will have to sort out previous years accounts.Thinking to file amended accounts and tax return for previous year and then do latest accounts.

Not sure if its possible to file above as period to be amended is 30.19.2019 as its too late?  Can anyone please suggest? thanks in advance.

Replies (19)

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By johngroganjga
07th Sep 2021 19:40

Isn’t this what Prior Year Adjustments are for?

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Replying to johngroganjga:
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By David Ex
07th Sep 2021 20:17

johngroganjga wrote:

Isn’t this what Prior Year Adjustments are for?

Sounds like a complete cluster****. Is PYA appropriate, assuming the errors are material, or is a restatement of PY required in the CY accounts?

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Replying to David Ex:
By johngroganjga
07th Sep 2021 21:22

Restatement of PY in the CY accounts is precisely what a PYA is, isn’t it?

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Replying to johngroganjga:
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By David Ex
07th Sep 2021 21:54

johngroganjga wrote:

Restatement of PY in the CY accounts is precisely what a PYA is, isn’t it?

That long ago I can’t remember! Was thinking PYA was less detailed/one liner.

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Replying to David Ex:
ALISK
By atleastisoundknowledgable...
08th Sep 2021 07:56

I would have said a PYA is a 1 liner at the bottom of the P&L for e.g. 'we forgot to run depn' or 'we've realised we should have capitalised something' or 'we didn't include income received into a PayPal account (and corresponding fees) that the client didn't tell us about'.
(No) Prizes for guessing which of those I've done a PYA for.

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Replying to atleastisoundknowledgable...:
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By Adzuk
08th Sep 2021 11:21

Thank you. There are sales , expenses and everything as nothing was entered in PY, whereas prior year adjustments is one liner?
And what about PY CT600?

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Replying to Adzuk:
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By DKB-Sheffield
08th Sep 2021 11:29

Notwithstanding the answers about whether or not to file the amending accounts etc...

Your question regarding whether you can file an amended CT600...

"Yes" you can file an amended CT600 for the accounting year ended 30/09/2019 by 30/09/2021. This is 12 months after the filing deadine for 2019.

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Replying to DKB-Sheffield:
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By Adzuk
08th Sep 2021 11:41

Thank you

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By Leywood
08th Sep 2021 00:12

The Accountant did it?

Are you sure it wasn’t the client trying to be clever?!

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Replying to Leywood:
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By Paul Crowley
08th Sep 2021 09:57

Sounds like the accounts were deliberately not done, and rather than guess the figures, prior year put in.
On a challenge the answer is "Whoops do not know how that happened"
BUT clearly not made up,

@OP
Was there a bill from accountant and was it paid
This sounds like something put in to avoid penalties and client did not want to pay the prior accountant's fee to do the proper accounts and repair the damage

Do not blame the accountant as being incompetent
This is clearly down to client not supplying details but wanting something filed to avoid penalty

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Replying to Paul Crowley:
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By Adzuk
08th Sep 2021 11:15

Thats what I think , she did not supply the details :(

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Replying to Adzuk:
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By Leywood
08th Sep 2021 12:50

Personally I dont think you should include criticism of the accountant until and unless you have full facts from the client and/or you can see it for yourself.

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Replying to Leywood:
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By Adzuk
08th Sep 2021 13:03

Sorry ,,,agreed

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By Adzuk
08th Sep 2021 11:16

Probably client tried to be clever

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RLI
By lionofludesch
08th Sep 2021 07:19

This stuff irritates the **** out of me.

The company should be closed and have its assets confiscated and the directors made personally liable for its debts.

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Replying to lionofludesch:
paddle steamer
By DJKL
08th Sep 2021 10:25

A list similar to Ko Ko's seems appropriate.

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By Hugo Fair
08th Sep 2021 13:12

So you really did listen to your Dad's record collection!

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Replying to Hugo Fair:
paddle steamer
By DJKL
08th Sep 2021 18:04

Afraid so, coupled with my older sister playing Pitti Sing in a school production of the Mikado so spending weeks rehearsing at home. (Catch is she got a taste for amateur stage so then graduated to Carmina Burana, still far better than my two other sisters torturing cats with their guts(Violin lessons)).

As kids we were actually taken to some professional G & S performances in Edinburgh, some I do not mind, there is a certain wit to them, they certainly are more entertaining than a never ending opera.

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Replying to DJKL:
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By Hugo Fair
08th Sep 2021 20:15

I share your opinion of Opera ... but back in 1970 was persuaded by an ex-Teacher that "if you like that prog-rock stuff, you should go to the Royal Festival Hall and see / listen to the production of Verdi's Requiem (with an extended orchestra and double choir).
He was right, it was mind-blowing (or 'far out' in the vernacular then) ... and I felt like I'd witnessed the fount from which prog-rock (sans guitars) had sprung!

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