He could do it himself by using Companies House online template. As a limited company he also has to prepare IXBRL compliant accounts and a company tax return for HMRC as well as probably needing to do a self assessment tax return as a director. If he is an employee of the company there is payroll obligations and there is additionally other companies house requirements such as the annual return each year.
I generally advise against anyone who doesnt have prior experience of doing ltd company accounts doing it themselves as they need to ensure the accounts conform with Companies Act laws as well as all the accounting standards and legislation. Penalties for having accounts/tax wrong or late can be harsh.
I have a fixed price fee that takes care of
1. Doing the full accounts and submitting abbreviated accounts at Companies House
2. Preparing and submitting company tax return
3. Preparing and submitting up to 2 directors/employees personal tax returns
4. Preparing monthly payroll for up to 2 employees.
5. Preparing and submitting any documents to Companies House eg Annual Return.
Basically what most small/medium sized limited companies need.
My fees depend on two matters; turnover and quality of records. If your friend has only a few transactions and turnover of less than £40k they would fall into my basic bracket of £720 per year, or £60 per month.
If they would like to discuss further then message me via my website below.
Hi Mark - thanks so much for replying but that's far too much for him to pay. I don't know, but doubt his turnover is likely to be little more than even £1000. I've found a couple of sites advertising for £50 for simple tax returns - and I can imagine what you'll all say but really he just will not be able to pay a significant amount.... :( The advice given to him to sell his stuff through a limited company was not good I fear....
He won't qualify for the £50 simple tax return as that will just be for the individual self assessment. Given that there will be next to no bookkeeping it seems he may find someone at around £350, I only say that as I quoted someone my absolute rock bottom price of £500 to be told they'd been quoted £350 but I have no idea where. I've just googled Mazuma and they apparently do a very small Ltd from £399 (plus vat I assume) which may be the way for him to go but in the future if his company gets going he would probably be better to go to a local accountant who will sit with him and give good advice.
