FAO Self employed peeps

britboy4321 · 23 Dec 2009 at 16:04

PhillyDee said:
Ive got to do one for my limited companty. Covers the period 24th Aug 2009 to 30th August 2009. What exactly is the point?

So that the next tax return is for exactly a 'month end' day, rather then messing around with the 24th for the rest of time?

LordSplodge · 23 Dec 2009 at 16:22

britboy4321 said:
It shouldn't be - I literally trawled the web and found where you were right and I was wrong.

Thing is, before I looked it up, I'd have bet £10000 that you legally HAD to have a third party check over your accounts -- but nope.

no sarcasm. You were right, I was wrong.

I thought I was right but seeing as you had been doing it for so long (and I have yet to do my first tax return)...

peterattheboro · 23 Dec 2009 at 17:25

britboy4321 said:
It shouldn't be - I literally trawled the web and found where you were right and I was wrong.

Thing is, before I looked it up, I'd have bet £10000 that you legally HAD to have a third party check over your accounts -- but nope.

no sarcasm. You were right, I was wrong.

Ohh man that sucks!

So 10k down the drain then?

britboy4321 · 23 Dec 2009 at 17:34

peterattheboro said:
Ohh man that sucks!

So 10k down the drain then?

Not really. I didn't have to do all my accounts because 'Accounty bloke' did them all. And, as someone said earlier, tax returns are the most boring thing in the entire world to do.

I've basically paid for the priviledge of playing counterstrike whilst my fellow entrepreneurs toil over 65 page tax returns each year (and quartetly VAT returns etc)!!!

Kemik · 23 Dec 2009 at 17:57

britboy4321 said:
So that the next tax return is for exactly a 'month end' day, rather then messing around with the 24th for the rest of time?

No. You can pick any date you like. For tax reasons it doesn't have to be the month end. It is, however, limited to 12 month chargeable accounting periods. If you form your company in October 09 and do accounts for the period to December 2010 you'd need a return for October 1st to Sept 31st then Oct 1st to 31st December.

Pudney · 23 Dec 2009 at 17:57

britboy4321 said:
Thing is, before I looked it up, I'd have bet £10000 that you legally HAD to have a third party check over your accounts -- but nope.

Well, technically if you're not a small company (any two of turnover greater than £5.6mil, balance sheet greater than £2.8mil and at least 50 employees) then you are required by law to have audited accounts.

Pudney · 23 Dec 2009 at 17:59

Kemik said:
No. You can pick any date you like. For tax reasons it doesn't have to be the month end. It is, however, limited to 12 month chargeable accounting periods. If you form your company in October 09 and do accounts for the period to December 2010 you'd need a return for October 1st to Sept 31st then Oct 1st to 31st December.

I think that was what the original guy was implying, so future CAPs were yearly full months (if that made sense).