Forming A Limited Company

[bob561941]

I formed a limited company in February 2013 but haven't started trading. Do I have to employ an accountant, I have owned investment property since I was 21 years old(in those days you had to be 21 before you could buy property) I have always submitted my own tax returns to HMRC and would prefer to submit my own company returns does HMRC permit me ?

[ummmm]

Yes you are permitted. Although an accountant could help you save money.

[RATTER15]

Like ummmm said, a good accountant will save you money.

[bob561941]

The accountant I employed Has beentrying to flog me tax enquiry fee protection insurance by sending me scare leters.

[RATTER15]

bob, mine offered it to us, we declined. Tell him where to stick it if you dont want it or change accountants.

[bob561941]

Thankyou RATTER13

[tonywiltshire]

A limited liability company, even if it is dormant company for which there are special arrangements, will require both accounts and an annual return for which there is a charge from Companies House within 28 days from the anniversary of incorporation. These are very simple documents to prepare talk to Companies House on 0303 123 4500

[FredPuli43]

I'd pick another accountant! You don't strictly speaking , need one, but life is much easier with one, particularly with investment companies. You will soon find out that HMRC and the tax laws don't favour them much. If an accountant "signs off " the accounts, you'll have less trouble. There are two kinds of accountants. There are bean counters and there are the ones with imagination. The second kind doesn't try to scare you or sell insurance, but the first will probably do for now. The second comes into his or her own when your business prospers a bit (and when it is hitting the rocks, come to that) but you generally find only out which is which by asking around. One of mine saved a quarter of a million in tax at a stroke, simply because he saw how doing things one way would be better than doing it another. That's what you need and in advance of making big decisions.

[tonywiltshire]

Fred is of course correct where your limited liability company has been trading but if you are retaining a dormant company for possible future use you will only have to account to Companies House and the forms are very simple and you can easily deal with them. Where you have an untaxed income you will have to declare this to HMRC but as you will be aware that correct information is submitted is your responsibility.

[bob561941]

Thanks everyone for your help, the company was incorperated on the 15th feb 2013 but has not traded. I have set up a bank account in the Company's name and intend to purchase investment property in the Company's name can anyone recommend a good book on this subject.