First Set of Accounts

[kellyh85 0]

Hi All , Thanks for taking the time to read this.

I have just set up a LTD company for a property I have just purchased for rental and need help & advice on getting the first set of accounts sorted, Any sample Balance sheets etc available to guide ? or is it best to get an accountant in place ?

:-)

 

[david slater 118]

Hi Kelly do you have any experience in this area? I guess it depends how much you value your time. You could probably read up and learn how to produce a set of accounts and use some software to help but it could take a while to get up to speed. Also you need to be confident your workings would be correct too. There are people who do their own accounts but I think the majority outsource to an accountant.

Good look in whatever you decide though.

[taxantics 45]

Hi Kelly, you’ll also need iXBRL compliant software to submit corporation tax online to HMRC. There are reasonably priced packages out there although you’ll probably find that there are accountants who will help with single property companies at a fair fee. Having an accountant or tax advisor on board also means you should be able to make the most of reliefs such as the obvious but often missed statutory home as office deduction. I would suggest that it would be more advantageous in the long run to engage a professional for accounts and tax advice. I’d be happy to go through your options if you want to email me (jerome@taxantics.co.uk).

[EvolutionBlogger 80]

On 11/12/2020 at 12:40 PM, kellyh85 said:

Hi All , Thanks for taking the time to read this.

I have just set up a LTD company for a property I have just purchased for rental and need help & advice on getting the first set of accounts sorted, Any sample Balance sheets etc available to guide ? or is it best to get an accountant in place ?

:-)

 

I would get an accountant (and I say this as someone that isn't an accountant!). Very few property investors do their own accounts

 

[jamesbo 0]

Morning,

I was a chartered accountant who worked in practice for a few years but no longer do so and now own my own SPV for property investment. My advice would use some of the free accountancy software that is out there (I use wave however I believe they are no longer supporting non US companies) but there are others. Essentially these will auto populate trial balances, profit and losses, balance sheet etc. All you need to do is enter the bank statement data and can also use it to generate sales invoices if you need to. Having software like this is helpful for you as you can see how the finances are shaping up and also helpful for your accountant. It should in theory lead to lower fees as you would be providing them the necessary info in a format that is much better than a spread sheet etc.

I wouldn’t recommend you try and do the accounts and corporation tax returns yourself unless your familiar with things like revaluations, deferred tax, tax reliefs such as capital allowances and knowing what expenses are not allowable for tax purposes.

hope that helps.

James