I have been approached by a mini cab firm to so their accounts. The owner started trading as a limited company in October last year but has got himself into a bit if a middle, which I am hoping to help out with. He bought the company in last year after having worked with the previous owner. Stupidly he invested a lot of money and lost it, decided to buy the business off this person and continue on his own. He doesn't really have a clue how to run the admin side of the business and registered as a limited company because he thought he had to as the last owner was limited. He hasn't got a huge turnover so I am wondering whether it would be best for him to go as a sole trader. Is this possible? Is it a straight forward process? I have no experience with limited companies and have told him it's best to speak with an accountant regarding company house requirements as it's a bit out of my capabilities at the moment. He has kept all the records of the business in folders, he hasn't got a huge turnover and is the only director/shareholder. He pays 2 part time staff cash in hand and uses his personal account to pay for the expenses of the company. I have stressed how important it is for him to use the company account only and to keep everything separate but what's done is done and he is eager to learn the right way of doing things, possibly with my help. He has taken no salary himself and doesn't have a payroll for the two part time staff. Basically, apart from the company formation, the accounts are being started from scratch. Firstly, I would like to know if an accountant would process the paperwork for companies house and let me do the bookkeeping, corporation tax and payroll if needed? Anyone any idea of the rough costs the accountant will charge for this? I appreciate quotes will vary, he is based in London. Is it worth him staying as a limited company? And just for my information for future reference, how would we go about paying him a salary for last years accounting period or would he have to take it in dividends? Any advice would be very appreciated as I never really intended on getting involved so much but would be excellent experience for me.