accounts to submit while extension

[gupta33v]

hi

could anyone pls help me with this, for the first extension what accounts we have to submit. i have not invested any money into the business in the first 2 years. all money invested as director loan into business in third year. so what accounts i need to submit, is it only 3rd years or for all three years. please help

also i have a very small business so my accounts are not audited, my accountant submit my accounts to hmrc thats it. do we have to submit audited account for three years (if i have to submit three years accounts) or would only 3rd account would suffice.

does these has to be signed by the accountant as well.

do we need any letter from accountant to verify that these accounts are genuine or only i have to sign the accounts on each page.

help people. thanks

[zimba]

could anyone pls help me with this, for the first extension what accounts we have to submit. i have not invested any money into the business in the first 2 years. all money invested as director loan into business in third year. so what accounts i need to submit, is it only 3rd years or for all three years. please help

Submit only accounts that show investment

also i have a very small business so my accounts are not audited, my accountant submit my accounts to hmrc thats it. do we have to submit audited account for three years (if i have to submit three years accounts) or would only 3rd account would suffice.

No need for audit. Simply submit the last year accounts

does these has to be signed by the accountant as well.

An accountant can sign the report page but your signature as a director is mandatory

do we need any letter from accountant to verify that these accounts are genuine or only i have to sign the accounts on each page.

No. You need to sign the director's report and balance sheet to sign them off as correct. That's it

[gupta33v]

Thank you Zimba for your help.

Sorry for my twisted question I am trying to understand one of your replies.

I only have to submit last year accounts as my investment is done in last year. I understood that bit but just to confirm again I only have to request my accountant to sign the last year accounts (report page) only for the one which I have to submit (last / 3rd year), right? The reason for this is because I changed accountant and the one I am having now is only dealing with last year submission of accounts so he is not keen to sign the previous two years accounts.

Also, I invested all the money as in the form of director loan in to the business account, would this be an issue as all the money is literally sitting in my business account?

Also, when I changed my accountant I asked the previous one to change the year end for my accounts, previous accountant was suppose to prepare the accounts till Oct 2015 as that was my normal year end date but I asked him to extend the dates till May 2016 and then in June 2016 I hired a new accountant who is now dealing with my last year account before extension is due in May 2017, do you think HO would question me as to why I have taken such decision and why I am only submitting my last year accounts, not three or two years. Could this be seen against me?

Looking forward to your reply.

Cheers

[zimba]

I only have to submit last year accounts as my investment is done in last year. I understood that bit but just to confirm again I only have to request my accountant to sign the last year accounts (report page) only for the one which I have to submit (last / 3rd year), right? The reason for this is because I changed accountant and the one I am having now is only dealing with last year submission of accounts so he is not keen to sign the previous two years accounts.

There is no requirement to sign report page. I suggest to ask your accountant to sign the report page for the accounts showing investments

Also, I invested all the money as in the form of director loan in to the business account, would this be an issue as all the money is literally sitting in my business account?

Unless your business activity made enough money to run and pay for expenses.

Also, when I changed my accountant I asked the previous one to change the year end for my accounts, previous accountant was suppose to prepare the accounts till Oct 2015 as that was my normal year end date but I asked him to extend the dates till May 2016 and then in June 2016 I hired a new accountant who is now dealing with my last year account before extension is due in May 2017, do you think HO would question me as to why I have taken such decision and why I am only submitting my last year accounts, not three or two years. Could this be seen against me?

This is not relevant to HO

[Satinder25]

[quote]An accountant can sign the report page but your signature as a director is mandatory

do we need any letter from accountant to verify that these accounts are genuine or only i have to sign the accounts on each page.

No. You need to sign the director's report and balance sheet to sign them off as correct. That's it[/quote]


Hi Zimba, We are two partners and the accounts are signed only by one person saying on behalf of Directors....Is that Ok?

[zimba]

Yes

[Satinder25]

Thanks Zimba

[gupta33v]

Thanks a lot fellow members for your help, special thanks to Zimba, mate you're a star

Another few quick questions, hope you guys don't mind -

Does it really needed to submit the whole one year's business bank statements while doing extension application?

What if I do not submit a full year's statement, would my application get rejected?

This is probably the most silliest one, Do we submit the statements to show the business activity or just to show the investment?

I hold 2 business accounts, one current and other is business savings, where can I park the investment? If any of them, do I need to submit one full year statements for the account where the investment is parked?

Also, if some can share the link to the guidance or docs that are required to submit with extension application. I just don't to submit anything unnecessary or extra and doesn't want to miss out any required docs at the same time. I would highly appreciate your assistance.

Thanks folks

[zimba]

Your questions suggest that you did NOT read the guide at all, like most of the people here

Does it really needed to submit the whole one year's business bank statements while doing extension application?

No

What if I do not submit a full year's statement, would my application get rejected?

No such requirement

This is probably the most silliest one, Do we submit the statements to show the business activity or just to show the investment?

To show investment as well as showing you have UK bank account.

I hold 2 business accounts, one current and other is business savings, where can I park the investment? If any of them, do I need to submit one full year statements for the account where the investment is parked?

Any business account is acceptable

Also, if some can share the link to the guidance or docs that are required to submit with extension application. I just don't to submit anything unnecessary or extra and doesn't want to miss out any required docs at the same time. I would highly appreciate your assistance.

GUIDE: https://www.gov.uk/government/publicati ... trepreneur