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Ltd Accounts

  • 23-08-2011 8:47am
    #1
    gerryR
    Registered Users, Registered Users 2 Posts: 190 ✭✭


    Hi All

    May have to set up a LTD company if an upcoming job comes through, my (Limited) understanding is that for a limited company you have to get a chartered accountant to do the accounts and that carries a certain minimum fee in excess of 1k.

    My question is this, if I had to set this up in November, do the accounts have to be done and submitted by the calender year end (i.e. 2 months later) or is it 12 months from when the company is set up? Trying to see if it's avoidable to get hit with a large bill a month or two into the job!

    Thanks for any advice
    gR


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Gerry

    If you shop around you will get a competitive quote to do the job of this size. It is important that you get an accountant who is the right size for your business. By this I mean that if you go to one of tthe big 4 you will most likely have a minimum fee of in excess of €1000 (but with an excellent service if you are looking for the prestige that such a firm can bring for you). But if you are just looking to keep yourself out of trouble you should go to a smaller firm you will get a much more reasonable quote.

    The accounts do not need to be done by a qualified accountant unless they are late filing in the CRO. In that case they will need to be audited and this can only be done by a registered auditor. However if you go with a person who is qualified you will find that you have more comeback in the event of things turning sour between you.

    If you set up your limited company in November then it will generally be at least a year before you will need to worry about accounts. However you may have to file certain returns ona calander year basis such as P35, income tax return, etc.

    If you have any further queries do send me a PM.

    Kind Regards


    dbran


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