Simple Ltd company accounts service

Simple Ltd company accounts service

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Just wondering if anybody can recommend some kind of automatic and cheap accounts creation service for a Ltd company with very very simplistic and small transactions.

bbeing 1year of income entries totalling about £9k and administrative expenses about £400 per year (2-3 transactions) and £8500 wage expenses and that's it. No opening/closing stock considerations, all cash transactions, and a fortnightly payroll and that's it.

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By johngroganjga
27th Aug 2014 11:32

VT

PS That's just a software solution of course.  If however you want an end to end "service" the obvious answer is to go to a firm of practising accountants who will do it all for you. 

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By Yoshik
27th Aug 2014 11:52

Whilst I know the choice of many is VT I would recommend a look at Quickfiles a free cloud software.

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By johngroganjga
27th Aug 2014 11:59

I am sure Quickfiles is excellent (although I have no experience of it) but it is news to me that it has a statutory accounts production package.  Indeed all the publicity I have seen suggests that it is a book-keeping package for non-accountants.

So are you sure it will "create" the OP's company's accounts for him?

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By Yoshik
27th Aug 2014 12:08

I am sure Quickfiles is

The OP did not ask for a statutory accounts production package merely an accounts creation package. That is provided by Quickfile. 

 

 

 

 

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By Ken Howard
27th Aug 2014 12:12

VT

If you know what you're doing as regards the double entry side of things, and you're just interested mostly in the statutory format for Co House and HMRC, then I'd suggest VT accounts, which costs around £200 p.a. for the updated versions as the disclosure rules change almost yearly.  It comes with the VT transaction double entry book-keeping system for your day to day transaction entry which is then imported into the accounts production system which in turn can be used to submit the accounts to Co House.  It also produces the xbrl file for attaching to your corporation tax return to submit to HMRC.  

I don't know of any other book-keeping system, desktop nor online, that will come in at that price or less, and come with the formats/functionality to automatically produce the statutory accounts.  Most will produce a profit & loss account and balance sheet, but not produce them in the statutory format with the relevant directors report, notes, etc. which is what you get with the VT system.

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By johngroganjga
27th Aug 2014 12:18

"Statutory accounts

"Statutory accounts production package" is admittedly my paraphrase of the OP's "accounts creation service".  I have to say that I am at loss to understand what type of "accounts creation service" would not end up with the entity's "accounts" having been "created".

But of course, perhaps the OP did not mean what I understood them to mean.

As a matter of curiosity, what type of "accounts" does QuickFiles' "accounts creation package" "create" then?

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By petersaxton
27th Aug 2014 12:23

From the OP

I don't think the OP really knows what is involved.

I'm not going to guess. Let them get in touch with an accountant - they need one!

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By davidmi
27th Aug 2014 14:01

Google is your friend!?!

As the OP's request apparently involves a modest amount of entries and hopefully lacks complication, I would suggest he does a web search using the words 'diy' and 'accounting' which will bring up some software options starting from £50 for an Excel-based package that can be combined with HMRC's guidance on/examples of Directors' Report etc. to satisfy all the obligations to both HMRC and Companies House. Any associated risks will be his/her responsibility at the lower end of the software price range. He/she will probably need to weigh up how much software supplier or associated forum back-up comes with particular packages if this route is chosen.

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By petersaxton
27th Aug 2014 14:47

Google can be your enemy

Overdrawn director's loan?

Capital allowances?

More than 12 month accounting period?

Trying to do it yourself is a disaster waiting to happen.

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By arcon5
27th Aug 2014 20:10

There is no directors loan account, capital transactions or anything like that.

For clarity I do mean statutory accounts and I do have small double entry book keeping experience through to TB, just no knowledge of drawing up company accounts

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By petersaxton
27th Aug 2014 21:02

Period

what period are the accounts for?

when did the company start trading?

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By johngroganjga
27th Aug 2014 22:30

If you have no knowledge about how to prepare accounts what you need is an accountant not a software package. Even the cleverest accounts production package needs an accountant to "drive" it.

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By petersaxton
27th Aug 2014 23:13

"I thought software did it all"

I have a client who thought that if he got accounting software it would do the bank reconciliations and allocate money received to sales invoices automatically. I bet he thought it would raise sales invoices without the need of a human as well!

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By DMGbus
28th Aug 2014 08:46

Advice needed

The OP quite correctly is looking to keep costs to a minimum by doing as much work as possible himself to avoid perceived uneconomic costs.

The technical aspects of Ltd Co accounts and tax computations do warrant seeking local professional advice at modest cost (ie. avoid "household name" firms of expensive accountants - instead look for a small local, maybe a one-man-band accountant experienced enough to provide the necessary advice).

It might be possible for a fee of £100 to £200 to find the ideal solution - NOT a bookkeeper but an experienced local advisor who has many years experience with tax / accounts who can for a modest fee have a meeting to look over the figures and advise the best way forward and you do the online filing yourself under guidance.   

There are two alternatives to the above advice:

Muddle through, no outside costs apart from potential penalties for making errors (plus possibly missing out on valuable tax advice - established accountants will clearly have a lot to offer)Pass the whole lot over to an accountant who'll do what's necessary for perhaps a fee of £500+VAT or more

 

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By Hugo Fair
14th Mar 2021 20:26

And again ... why has an OP that was last 'updated' nearly 7 years ago suddenly been 'promoted' into today's "Most Recent Replies" listing?!?

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Replying to Hugo Fair:
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By Paul Crowley
14th Mar 2021 20:46

My guess
Deleted advertising spam from an advertiser suggesting that Access database beats spreadsheets

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Replying to Paul Crowley:
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By Hugo Fair
14th Mar 2021 21:46

More than likely.
Going back (a long time) to one of my previous incarnations as a database designer, this was the kind of sloppy design that raised my blood pressure (as I presume that the 'trigger' is set to be effected upon any change to the post, rather than only a specific action like 'add-a-post').

FWIW the same kind of lackadaisical design means that the 'timing' shown for an individual post changes if you edit it (within the allowed 30 mins) ... making it hard subsequently to follow the logical flow of related posts. Unnecessary, as it means someone has chosen to show time 'last edited' rather than time 'originally posted' (which I would find more useful).

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