Hello Everyone.
I need some advice please and hope you can help!
I've been a Ltd Co contractor for 7 years and my last contract ended back in February this year and I then took a fill time PAYE job with another company. So really, the Ltd company isn't in use any more but I do owe the company loan money which I will pay back over 4 years with interest do I can claim back my S455 tax.
During the 4 years in takes me to re-pay the loan, there will be no activity in the Ltd Company apart from me paying in £5000 a year plus interest, plus the bank charges which my bank makes. That is all.
My current accountant who charge £125 a month have said that they'd reduce my charges to £39 for those 4 years as the company isn't trading. But I have heard that I can opt for "Micro Entity" accounts which are reportedly very simple, and to for me, there are only 3 types of transactions I will ever make:
1. Loan repayment once a year
2. Interest payment once a year
3. Monthly bank charges.
Oh and the £30 annually to Companies House for filing.
I believe that i can do the Micro Entity accounts myself. For my company it can't be difficult, so I save the £39+VAT every month for 4 years. My question - has anyone done their own Micro Entity accounts?
I know some of your may say that accountants study for years and come out with a recognised qualification, but my accountant has made some really bad basic errors which I spotted and had to get corrected, and on a VAT matter, HMRC were on my side and not on the accountants, so I don't really buy into the 'qualified professional' argument.
If anyone has gone 'alone' to do Micro Entity accounts, I'd be willing to hear.
Chloe.
I need some advice please and hope you can help!
I've been a Ltd Co contractor for 7 years and my last contract ended back in February this year and I then took a fill time PAYE job with another company. So really, the Ltd company isn't in use any more but I do owe the company loan money which I will pay back over 4 years with interest do I can claim back my S455 tax.
During the 4 years in takes me to re-pay the loan, there will be no activity in the Ltd Company apart from me paying in £5000 a year plus interest, plus the bank charges which my bank makes. That is all.
My current accountant who charge £125 a month have said that they'd reduce my charges to £39 for those 4 years as the company isn't trading. But I have heard that I can opt for "Micro Entity" accounts which are reportedly very simple, and to for me, there are only 3 types of transactions I will ever make:
1. Loan repayment once a year
2. Interest payment once a year
3. Monthly bank charges.
Oh and the £30 annually to Companies House for filing.
I believe that i can do the Micro Entity accounts myself. For my company it can't be difficult, so I save the £39+VAT every month for 4 years. My question - has anyone done their own Micro Entity accounts?
I know some of your may say that accountants study for years and come out with a recognised qualification, but my accountant has made some really bad basic errors which I spotted and had to get corrected, and on a VAT matter, HMRC were on my side and not on the accountants, so I don't really buy into the 'qualified professional' argument.
If anyone has gone 'alone' to do Micro Entity accounts, I'd be willing to hear.
Chloe.
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