Help Limited company accounts and tax return

Help Limited company accounts and tax return

10:17 AM, 1st December 2016, About 7 years ago 7

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Looking for some help please. I have just incorporated to provide a managing company to my properties and to buy a future property through. I have always done my own self assessment as reasonably good with excel and numbers but can’t find any good templates or guides for when it comes to corporation tax and companies house

So I have been to see accountants who all want to charge £500-1000 to do this for me when as a fairly straightforward LTD with only rent in, mortgage out and a few other expenses it shouldn’t be that hard and sure I could do it myself! Anyone in (or been in) the same situation and got any suggestions of where to find good templates to produce my own accounts in please?


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Neil Patterson

10:22 AM, 1st December 2016, About 7 years ago

Hi Stuart,

Despite the cost I would always recommend using a qualified and insured accountant.

They will normally at least save you what they cost in knowledge you do not have and do you know what to do if you get audited by HMRC.

We have used the same accountants for over 20 years and they help many Property118 readers. Please see >>

Simon Lever - Chartered Accountant helping clients get the best returns from their properties

12:40 PM, 1st December 2016, About 7 years ago

Hi Stuart

As an accountant I would echo what Neil has said. Well I would, wouldn't I!

Are you able to file your accounts in the correct format with HMRC and file the corporation tax return and accounts online? This is now a requirement - no paper any more.

Do you know about MTD - making tax digital - and the rules that are being brought in?

Do you know about the changes in the format of limited company accounts due to FRS102 and what you need to do by way of accounting disclosure? Do you know what has to be filed with Companies House under the new format?

You could go and find all of this out yourself, but it would take you a long time to learn this stuff and then you have to keep up to date.

Are you sure you are claiming the correct deductions from your income and not claiming the wrong things.

Is it better to buy a property in a property management company or would it be better to have a separate investment company to buy the property. What about VAT?

Not to mention remuneration strategy, payroll, keeping your statutory affairs up to date, group structures etc.

All of that for under £1,000 per annum?

I know what I would decide as a property investor.

Mike W

11:14 AM, 2nd December 2016, About 7 years ago

Hi Stuart,
I am in the same position. Suggest you pay for one or two years. Make sure you get reports and understand exactly what is being done. Then when you know what to do, DIY.

Joe Bono

14:36 PM, 2nd December 2016, About 7 years ago

Being a cheapskate is never a sound financial step!
Stick to what YOU do best and use the expertise of others

Stuart Lindley

14:42 PM, 2nd December 2016, About 7 years ago

Thanks for all the advice. I agree it can often make sense to pay for advice and is prob the best thing to do at least for a year or so to learn what is needed. I guess I am just surprised in this digital age where most things can be more self-served if you have some knowledge to bring costs down. Clearly a gap in the market!

David Wright

18:45 PM, 2nd December 2016, About 7 years ago

Surely all tax expenses are claimable back? Or have i got it wrong?

Michael Barnes

1:02 AM, 4th December 2016, About 7 years ago

Reply to the comment left by "David Wright" at "02/12/2016 - 18:45":

You cannot claim back the expenses; you can deduct them from income to reduce tax bill.

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