I have a new client who is a residential property management company (LTD)
I will being doing the accounts and bookkeeping and passing on the work for submissions to companies house and hmrc to my contact to sort.
My question is this is my first residential prop comp, last year dormant accounts were filed, and I have never dealt with either dormant accs or prop comps b4, it is fairly simply, with few transactions, but I wondered if there is anything different I would need to be aware off when doing the final accounts and bookkeeping with this type of client, I have done work for ltd company before, e.g. plastic manufacturer, farmer but not property companies - or not dormant accounts.
should I be asking client for copy of dormant company accounts? I know when doing my other ltd clients I see the previous but not sure about what to do with dormants.
thank you in advance as always!
-- Edited by lor on Friday 8th of October 2010 12:50:49 PM
-- Edited by lor on Friday 8th of October 2010 12:52:20 PM
There are a couple of options. If the company is genuinely dormant, i.e. there's been zero activity for the year, then you can file a DCA (Dormant Company Accounts) form, which is a real basic thing.
The other way is to file actual dormant accounts, which will basically be a Dormant Statutory Accounts format (depends on your accounts production software how you do this) that will have a balance sheet, usually showing share capital and a debtor for the same value as share capital.
Dormants shouldn't take you any more than an hour.
Thanks - I have a small web design business on the side, so did it myself with content provided by my colleague as I'm not a VAT expert as he is :) But good to have feedback
thank you for your help, I have sorted now, as it was dormant last year there wasn't any trading activity, fairly simple set of accounts required, small profit and loss and balance sheet. I will passing on to my guy to send to hmrc and companies house this week.
