I've done my account wrong ..what next?

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
 
Possibly quite easily resolved depending on the circumstances - you need to talk to a decent accountant, one who is competent to resolve the thing for you, and do it quickly because you're only wasting time and money by delaying.
 
This would be "bread & butter" for any accountant worth his /her salt. You are not in any sort of real trouble but by the sounds of it you may have missed a revenue deadline filing date for self-assessment & this will become a problem if you do not act or get a competent accountant to act quickly & decisively
 

No he hasn't even missed a filing deadline for self-assessment, his original accountant was correct in what they said in that regard. If he commenced as a sole trader in 2010 then his first return won't be due in until 31/10/12.

The real issues centre around whether he has, in fact, been trading as a sole trader or a Ltd company.
 

As mandelbrot says you need to clarify more clearly what the current position is.

You say that you set up the company and started trading in Nov 10 but that you have filed accounts as not trading.

So you have not issued any invoices in the name of the company, returned no VAT or PAYE/PRSI. You do not have a bank account in the name of the company. As long as the CRO returns are up to date then there is no issue having the company dissolved.

A director who owns more than 15% of the share capital in company is required to file a return by the due date there is no 2 year commencement for this return so you are late with this return as the 10 return was due by 31 Oct 11, this is the policy in my local district anyway.

Get a decent accountant to look at this for you and YES get rid of the company.
 

The proprietary directorship won't be an issue IF the company hasn't traded (although I didn't actually think of it at all when I posted above..! )
 
You must log in or register to reply here.
Menu
Log in
Register