B1 second return, accounts question

[underpaid]

Hi there,

I have just filled my second B1 return online claiming the audit exemption, rang the help line and they informed me that I must submit a set of accounts aswell as the payment and signature page within 28 days, she pointed me to a sample on information leaflet 10 on the core website but to be honest I dont think I can fill anything out on it, the company has no assets of any kind etc. and the only thing I have to show is a few jobs being carried out (Ber's) and money being lodged to pay a small loan we got from the bank, never taken any money out of it for ourselves, business is partime thankfully.

Does any one have a sample or template which I can insert my few figures on for my second return?

Thanks in advance.

 

[papervalue]

Hi there,

I have just filled my second B1 return online claiming the audit exemption, rang the help line and they informed me that I must submit a set of accounts aswell as the payment and signature page within 28 days, she pointed me to a sample on information leaflet 10 on the core website but to be honest I dont think I can fill anything out on it, the company has no assets of any kind etc. and the only thing I have to show is a few jobs being carried out (Ber's) and money being lodged to pay a small loan we got from the bank, never taken any money out of it for ourselves, business is partime thankfully.

Does any one have a sample or template which I can insert my few figures on for my second return?

Thanks in advance.

Honestly it would take to long to explain as you are trading and have a bank account. You will have to prepare a set of accounts and these would be both used for company office and tax office


The bank account Will be used as the basis of information for accounts.
lodgements should be broken up between sales and loan
and all the payments out of bank have to be allocated between pl and Bs. I assume you are not registered for Vat
The accounts will have to have statement of director responsibilities/balance sheet and notes.

My Advise is.

Tell us here your Incorporation Date
Tell us your accounting period
Tell us your annual return date

OPtion 1.

1. Gives us the above dates to see can ard date be moved a few months
2. Contact an accountant to put it together for you as audit exempt.

As you have 28day limit, I make call Monday Morning

You biggest mistake now would to ignore 28day deadline as them you Loose Audit Exemption and would have to get next 2 sets of accounts audited before getting back exemption

 

[Graham_07]

2. Contact an accountant to put it together for you as audit exempt.

As you have 28day limit, I make call Monday Morning

You biggest mistake now would to ignore 28day deadline as them you Loose Audit Exemption and would have to get next 2 sets of accounts audited before getting back exemption

If you do not know what to file then you risk losing audit exemption which would be very costly. I would recommend option 2. above as a matter of urgency.