S
smallbusines
Guest
Hi Everyone
I'd really appreicate some advice as I know I've messed up my accounts. Its a little over a year since I started trading I have a very small wedding video service company which only employs myself.
Initially I took some well meaning but misplaced advice to set an LTD. I actually done this before I was any where near ready to start a business. The LTD has been up and running for a couple of years now and I've returned my paper work as not trading with the help of an accountant. The problem is that I really should have set up a sole trader not an LTD (the paper work is just too complicated for someone who hasn't a clue about accounts)
I've started the process to dissolve the LTD and I'm looking to register as a sole trader instead. The problem is the over lap. I set up my company with the help of the back to work scheme and started trading in November 2010. I was miss informed by a friend (who is a part time accountant) that I didn't have to submit account for my first two years in business as a sole trader. I've since google it and it seem the advice I've been given is again wrong.
My question is should I get rid of the LTD asap and register as a sole trader and how do I go about sorting out the fact I sorted my taxes for 2011 or the month in 2010. Also I'm not profit yet so but I know this doesn't matter when it comes to account...you still have to do your accounts... How much trouble am I in and how do I fix this.
All advice will be greatly appreciated
I'd really appreicate some advice as I know I've messed up my accounts. Its a little over a year since I started trading I have a very small wedding video service company which only employs myself.
Initially I took some well meaning but misplaced advice to set an LTD. I actually done this before I was any where near ready to start a business. The LTD has been up and running for a couple of years now and I've returned my paper work as not trading with the help of an accountant. The problem is that I really should have set up a sole trader not an LTD (the paper work is just too complicated for someone who hasn't a clue about accounts)
I've started the process to dissolve the LTD and I'm looking to register as a sole trader instead. The problem is the over lap. I set up my company with the help of the back to work scheme and started trading in November 2010. I was miss informed by a friend (who is a part time accountant) that I didn't have to submit account for my first two years in business as a sole trader. I've since google it and it seem the advice I've been given is again wrong.
My question is should I get rid of the LTD asap and register as a sole trader and how do I go about sorting out the fact I sorted my taxes for 2011 or the month in 2010. Also I'm not profit yet so but I know this doesn't matter when it comes to account...you still have to do your accounts... How much trouble am I in and how do I fix this.
All advice will be greatly appreciated