Changing accountant - CRO and other implications?

N

Nostromo

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Advice requested please...

How hard is it to change accountants?

What are the pitfalls and obligations with regard to the CRO, Revenue etc.?

What do I need from my soon-to-be-ex-accountant? My accounts and paperwork are very slight (I'm an IT contractor Ltd. company, it should be very straightforward) but he has some bank statements and receipts, do I need these back (I have photocopies)?

Thanks - N.
 
If you have selected a new accountant then they will write to the existing accountant on what is a standard procedure letter. They will get all the necessary information to continue. They will usually write to Revenue to advise of the change so that copies of relevant correspondence go to them and not the old accountant. The CRO is not a problem unless your companys registered office is at your accountants address in which case you need to get that changed.

Once the existing accountant has written to the new accountant with the requested information and you have your original records back then there should be no problem from there on. Of course any fees due to the existing accountant would want to be discharged.
 
Graham, thanks very much for that useful info.
Can anyone recommend an accountant for this kind of business? I'm in the west but it seems to me that the accountant could be based anywhere.
 
Nostromo said:
Can anyone recommend an accountant for this kind of business?
Click to expand...

If your "accounts and paperwork are very slight " as you say, most if not all accountants should be able to do your work, from what you say. Its just a matter of getting quotations from a dozen or two.....are seeing which are most prompt and efficient in giving you the quotations as well. Shop around. Just like the price of petrol varies, so do accountants, only more so.
 
> By the time you contact the first dozen, you probably would have most of the work done yourself.

Good point Ubiquitous! I'm thinking certainly the end-of-year VAT return and probably the P35 are DIY candidates.

What about directors income tax returns though - is that a Form 11 or Form 12?

I'm familiar with filing Form 11s from several years as a sole trader; also I'm jointly assessed with my wife, who is now co-director of my Ltd. company. Does that mean that the directors income tax return would just be ONE Form 11 or 12? Or would we need one each?

And finally, as a sole trader I had to include (v. small) expenses on my Form 11 - would those be the case on a Form 11/12 filed as directors income tax return too, or are those expenses already covered off in the company accounts?

Thanks -

N.
 
Nostromo said:
What about directors income tax returns though - is that a Form 11 or Form 12?
Click to expand...
Form 11
Nostromo said:
I'm familiar with filing Form 11s from several years as a sole trader; also I'm jointly assessed with my wife, who is now co-director of my Ltd. company. Does that mean that the directors income tax return would just be ONE Form 11 or 12? Or would we need one each?
Click to expand...

One Form 11 for the 2 of ye (self & spouse) is the easiest option imho

Nostromo said:
And finally, as a sole trader I had to include (v. small) expenses on my Form 11 - would those be the case on a Form 11/12 filed as directors income tax return too, or are those expenses already covered off in the company accounts?
Click to expand...

The latter - your form 11 should not refer at all to company earnings, expenses etc as these relate solely to the company and will be included in the company CT1 return. Your form 11 should include your salary from the company, together with other income (self & spouse) as well as claims for credits etc.
 
Thanks indeed Ubiquitous, excellent info. So I just file a Form 11 for the two of us, stating PAYE income from company (which is all of our income), and tick the boxes for credits claimed... is there somewhere special that I have to mark this Form 11 as a directors' tax return Form 11, I wonder?

Anyway, it looks then as if doing a Directors Income Tax Return is somewhat simpler than the personal sole trader income tax returns I've been doing for the previous few years - and it's definitely one to add to the DIY list, so. Appreciate the help.
 
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