Comments on: Accounts and returns

By: Paul Kay

Paul Kay — Tue, 18 Dec 2012 16:22:20 +0000

Why should any company not filing audited accounts be sending accounts by post in the first place?

There is a perfectly acceptable method of online filing that anybody with access to the internet can use. Filing by pigeon post seems bizarre in the 21st century. Don’t blame the legisation makers they’ve tried and succeeded in facilitating the filing of accounts for most businesses except audits, llps and some exceptions such as charities and bodies registered under acts other than the various Companies Acts

By: Chris Scanlon

Chris Scanlon — Thu, 04 Oct 2012 14:38:06 +0000

Why do we need to produce two sets of accounts for small businesses. one for Companies house and one for HMRC. Surely HMRC sould be prepared to accept management accounts if they want information beyond that required by Companies House. it makes a mockery of the simplification that the Companies Act 2006 has brought for small businesses - so that nothing has actually changed. HMRC need to move with the times and end their requirements for full accounts.

Comment Tags: Simplify HMRC accounts requirements for SME's

By: Robert Spencer

Robert Spencer — Wed, 06 Jun 2012 17:03:43 +0000

I have just received a fine from Companies House of £750.00 because the accounts that I filed on time contained this sentence The Directors Statements required by Section 249(B) are shown on the following page which forms part of the Balance sheet. Companies House rejected the accounts because the phrase refers to the old Companies act not the new one We are a tiny trading Company our turnover is less than £8,000 a year we ask no one for credit .. a) why do we have to file these accounts anyway and 2) why fine us £750 .. when the only thing that was wrong was teh Section number in the note .. the figures were perfectly accurate. It is behaviour like this that makes people rebel against governments .. the fine is manifestly unfair the expression Section 249b(4) has cost us £750. This cannot be right . Abandon Annual returns and annual accounts filing for small companies!!

Comment Tags: Annual returns and annual accounts Unfair Fines

By: James O Dwyer

James O Dwyer — Tue, 15 May 2012 13:30:03 +0000

The new CT corporation tax returns using the latest versions of [Text Deleted] clashed with just about all the installed security on my current network. There was hardly any guidance available to help and no-one at the tax office could tell me what to do.

1 – When introducing new systems ensure staff that deal with the public in the specfic departments have had training to answer questions from the public.

2 – Communicate the changes clearly, here the tax office fails almost without fail, the irony is not lost on me.

3 – Some consideration for small business many of which do not have IT structures in place as sudden switiching to computerised solutions adds to the cost of doing business. Transition years with major changes such as the new electronic CT returns.

4 – Answer the [Text Deleted] phone! A 15min to 20min wait is really poor.

By: Debbie Wiggins

Debbie Wiggins — Tue, 17 Apr 2012 11:00:43 +0000

For SME you should scrap the regulations for tax, vat and companies house and start again. Trying to modify existing legislation to fit SME is like trying to rebake a burnt cake and expecting it to be edible. Has anyone actually thought about creating regulations that protect SME rather than continually ending up punishing them for the temerity of wanting to be in business at all.

Comment Tags: accounts, small business, Tax

By: KAI CHUNG

KAI CHUNG — Mon, 09 Apr 2012 14:34:15 +0000

Regarding the Penalties for late filing of annual accounts - These are archaic in nature, as the reason most accounts are late, are due to reasons beyond the Company or its Officers reasonable control. The concept dates from the Victorian era, and should be modernised. As HMRC have successfully implemented "Reasonable Excuse" provisions into their tax legislation, it's about time Companies House dis the same. Reasons for late accounts include the unreliable postal service, Summer 2011 Riots, Severe Weather and Flooding, and similar circumstances. The statutory "Reasonably Practicable" test shall be applied.

Comment Tags: accounts, Companies House, Late Filing, Penalty

By: Robert Spencer

Robert Spencer — Sun, 18 Mar 2012 07:36:26 +0000

I Agree with John Winder.. my tiny company was fined £200 for being a day late filing its accounts .. it never seeks credit .. businesses make a business decision non whether to grant credit most small businesses never use credit agencies .. the argument that it will stifle credit availability is wrong .. we ask for trade references if we are going to grant credit .. far more accurate! It really is an antiquated and bureaucratic requirement to file accounts for small concerns. Comments about credit-worthiness are noted but surely a company that is keen to maintain this will continue file accounts for the public record. Those that choose not to file will understand that their ability to seek credit may be hampered. Of course, in these times of electronic filing it is not such an onerous task to depatch a copy to Companies House but the penalties levied for lateness or want of form in the accounts, are ridiculously high and bear no relationship to what really is at stake for being late. The cynic might think it’s just another revenue raising device

Comment Tags: annual returns/ too high penalties / filing accounts pointles / filing 16 page annual returns pointless

By: Ellie Goddard

Ellie Goddard — Sun, 04 Mar 2012 15:04:06 +0000

If not abolish them then at least put on a par with income tax and put into self assessment - that would negate the need for Class 2 and Class 4 applications for exception or deferment, which are really time consuming for the self-employed who are really hit by the ridiculous admin of NIC - far worse that for employers for whom software does most of the work.

Comment Tags: NIC, Tax

By: Nigel Hughes

Nigel Hughes — Fri, 24 Feb 2012 11:07:54 +0000

Radically simplify the disclosures required in small company accounts, or, as the next best thing, implement the recommendations of the Company Law Review Committee in respect of the format of small company accounts - it was well thought through, but completely ignored when CA 2006 was introduced. Make sure HMRC and Companies House talk to each other about the development of formats for online submissions of company accounts - the Companies House balance sheet format works well, HMRC's version is woefully inadequate - why didn't they talk to each other? If the format of accounts is to be determined by Company Law, what purpose do the AB's standards serve? If the format of accounts can be delegated to a standard setting body - as with IAS accounts - what purpose do the Regulations serve? Surely we should have one thing or the other, not two sets of rules.

Comment Tags: Format of Company Accounts

By: Shaun Jones

Shaun Jones — Thu, 23 Feb 2012 16:29:20 +0000

I have to register with government gateway for a number of reasons, including VAT, Corporation tax, individual tax. This results in a number of unique references, id's and passwords - This could be simplified and access through a single portal designed for ease; or at least made an option for businesses who don't want such complications. Also, registering a Ltd company with companies house does not result in the appropriate authorities being notified, and as such further notifications are then needed - this could be made more efficient by being prompted to answer questions about corporation tax, vat etc. a single government gateway id could then be sent out to the company. When registering our company with HMRC they have asked us tomake returns for years our business was neither registered nor operating. When we phoned and eventually spoke to someone, they simply said make a nill return - how often does this happen and why is it at all necessary? HMRC should have cancelled the request to make such returns, a nill return is not helping anyone.

Comment Tags: Companies House, Corporation tax, Government Gateway, hmrc, vat