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I'm going to need an accountant

existentialist

Tired and unemotional
Be gentle with me. This is a confessional.

I think I have probably fucked up quite badly. I have a limited company, and I have - for all kinds of reasons, none of which most people are likely to think are good ones - been blundering along trying to sort things out at the last minute, and not going and getting the professional advice I should have been getting right from the start. I did my corporation tax return last year, and probably messed it up, but managed to finesse it through their system, and got an unexpected hit of £1300 in corporation tax due, which I ended up paying on a personal credit card. For all I know that tax wasn't even due - I was surprised to see that salaries didn't seem to count against profits, for example.

I'm blundering through 2016's accounts (late), and attempting to get that done, too. The company doesn't have any money in it any more - there was a little bit of income, but not much, and I am flailing around, completely out of my depth again. I don't actually have any money in the company to pay for an accountant, but the more I stare blankly at the screen, and the higher my anxiety levels go, the more I am feeling like the only option is probably going to be to head down the road to a local accountancy firm, make a completely clean breast of the whole mess, and take whatever I've got coming to me. For all I know, if I'm not in a position to put a big fat wedge of money down to pay them, they'll probably tell me to get lost.

I'm also wondering whether it would be a good idea to write to HMRC, admit to being in this mess, tell them I'm sorting out, and just hold my breath to see what they will do.

In my (slight) favour, I've got some sort of accounts, cobbled together backwards from the company's bank statements, and I can probably lay my hands on digital copies of all, or at least most, of the invoices and paperwork I may need.

Urban, I need moral support!
 
What about ringing up an accountant and asking them about their charges? That was you'll know what you're dealing with. From a completely non-expert point of view, it does sound to me like you need an accountant. Your company is big enough to employ people, yet you admit that you're "flailing around". I suspect you'll probably save more than you spend.
 
Find an accountant, they'll deal with HMRC on your behalf if necessary. Their fees are a legit business expense so offsettable against CT. And ime it's better actual knowing than fearing what may be. Good luck.

PS And they'll have dealt with this and way worse lots of times so nothing to be embarrassed about.
 
I am fucking hopeless at paperwork. My accountant never makes me feel like an idiot when I don't understand something, send things back late, lose paperwork or use the envelope that has my tax return in as a plant mat so that it gets all damp and wrinkled :oops:

Most of them are used to people being slightly incompetent!
 
:thumbs:

Good luck and try and feel less anxious. They should be able to sort this out and tell you where you stand. It might not be as bad as you fear and, even if it is, at least you've started to address things.
 
Is your paperwork in good order and complete? Yes = excellent, no = sort that out as far as you possibly can. Make sure your bank statements are all there, reconciled if at all possible. Many accountants are madly busy at this time of year - if you have provided them with everything from the start, yours will be an easy job to complete quickly.
Are there any reminders from Companies House lying about? Take them with you.
Have you kept HMRC informed of the salaries you are paying out? Take all that info with you too. I suspect something has gone awry there if salaries did not reduce profit on the last return.
 
All of the paye stuff is in good order, yes. And the accounts are in Gnucash - I downloaded the bank statements as csv, reformatted them a bit, dragged them into Gnucash, and made my best efforts at double-entrying them into some sort of order.

I should have electronic copies of invoices, etc, which I guess I probably need to find and print out, and I do have all the companies house paperwork. So it's not too bad - it's the technical (accounting) stuff that's probably a bit of a mess.
 
Sounds like you may not be as badly off as you think to me, well done on dealing with it though.
 
Who is operating your Real Time Information (PAYE) software?

Your self-assessment is sorted, yeah?

Depending on your company's size you may be better off hiring a one-day a week part-time accountant than contracting an accountancy company. Use networking contacts to check on that.
 
Who is operating your Real Time Information (PAYE) software?

Your self-assessment is sorted, yeah?

Depending on your company's size you may be better off hiring a one-day a week part-time accountant than contracting an accountancy company. Use networking contacts to check on that.
I'm using HMRC's own tool to do the PAYE - actually, it's Not Half Bad. And it runs on Linux (although there was a 3 month hiatus when it didn't, but I wagged a finger at them for that).

If there's one big *phew* in all this, it is that I am absolutely certain that, barring the company return, everything else is pretty much in order. I'm not registered for VAT, so no nasty surprises to come there, so really it's all about sorting out any past cockups, which are almost certainly going to work in my favour, and dealing with the fact that I'm filing late for this year.

I am still a tight acidic knot inside every time I think about it, but "confessing" on here has been remarkably therapeutic - particularly given the reassurance and advice I've had...oh, and I now have a personal recommendation for an accountant, which is something I'd been vaguely trying to get to all along.
 
All of the paye stuff is in good order, yes. And the accounts are in Gnucash - I downloaded the bank statements as csv, reformatted them a bit, dragged them into Gnucash, and made my best efforts at double-entrying them into some sort of order.

I should have electronic copies of invoices, etc, which I guess I probably need to find and print out, and I do have all the companies house paperwork. So it's not too bad - it's the technical (accounting) stuff that's probably a bit of a mess.

Brilliant, you're not really in a mess at all then compared to some of the January walk-ins; if you've got electronic copies of invoices you're unlikely to need to print them out but having them on a usb thingy would help.
You'll be fine, you don't need to be on high alert about this.
 
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Brilliant, you're not really in a mess at all then compared to some of the January walk-ins; if you've got electronic copies of invoices you're unlikely to need to print them out but having them on a usb thingy would help.
You'll be fine, you don't need to be on high alert about this.
I do a bit - this is the 2016 accounts, which were supposed to be filed LAST YEAR! :eek:
 
Unfortunately, you will get the late filing penalty applied.
We had a problem a few years ago, as hmrc changed the required format slightly (which we didn't know about) and sent the stuff back to be amended; by the time it had been reworked, the deadline had passed.
With the seemingly ever increasing complexity (and we are VAT registered) we gave up a couple of years ago and get a local accountant to file most things like the company returns.
Good luck with the paperwork, existentialist.
 
existentialist and I are in a PM conversation and hopefully we'll soon have this sorted.

Can I just say that if there are any other established Urbs who know me and are having similar issues, to drop me a PM. There are occasional advantages to being a capitalist arsehole, one of which is access to tried-and-trusted professional services that I might be able to put you in touch with at mates-rates if you're suffering! It doesn't have to cost a fortune and very often you can get good, solid, professional advice for free.
 
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