North London Accountants – David Grant

The following problems sometimes occur when people form limited companies without appointing an accountant:

1) They fail to structure the company so as to prevent or minimise disputes between shareholders;

2) They do not set a year end so as to prevent bookkeeping, accounting and taxation problems;

3) They prepare VAT returns in ways which hinder the preparation of and add to the cost of year end accounts;

4) They do not make provisions for taxation, taking out all money from the company leaving an overdrawn director’s loan account;

5) They pay for company expenses out of their own bank account or credit card;

6) They invest the company’s money in a personal account under the director’s name;

7) They appoint an accountant after they have submitted incorrect accounts, drafted themselves, into Companies House;

8) They appoint an accountant once it is too late to avoid late filing penalties;

9) They appoint a company accountant having already filed their own personal tax returns.

GET AN ACCOUNTANT BEFORE YOU FORM A COMPANY