New Company - Help
Discussion
Dear PH Massive,
I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
DozyGit said:
Dear PH Massive,
I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
Get an accountant I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
DozyGit said:
Dear PH Massive,
I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax? DEPENDS - WILL YOU BE EXTRACTING PERSONAL INCOME FROM THE COMPANY?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
YOU NEED TO NOTIFY HMRC THAT THE COMPANY EXISTS. THEY WILL ISSUE YOU A CORPORATION TAX NUMBER AND SEND YOU A LETTER TELLING YOU WHEN ACCOUNTS AND CT RETURNS NEED TO BE FILED
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
NO BEARING ON WHAT THE COMPANY DOES
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
As someone else said, you need an accountant.I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax? DEPENDS - WILL YOU BE EXTRACTING PERSONAL INCOME FROM THE COMPANY?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
YOU NEED TO NOTIFY HMRC THAT THE COMPANY EXISTS. THEY WILL ISSUE YOU A CORPORATION TAX NUMBER AND SEND YOU A LETTER TELLING YOU WHEN ACCOUNTS AND CT RETURNS NEED TO BE FILED
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
NO BEARING ON WHAT THE COMPANY DOES
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
Thanks guys for all the replies.
I will now look for an accountant, I thought I wouldn't need one till we actually started selling, as in Dormant as pointed out here.
It's completely different area to my work, not even remotely so I don't think it matters, but will watch out
I will be updating you all on how it goes
I will now look for an accountant, I thought I wouldn't need one till we actually started selling, as in Dormant as pointed out here.
It's completely different area to my work, not even remotely so I don't think it matters, but will watch out
I will be updating you all on how it goes
You dont need an accountant from day 1
You can register the company for tax on the government gate-way website once you are ready to trade.
Every year you need to file a confirmation statement, very simple, costs £13, it just shows who is running the company and what its doing, if its dormant there is an option to select
If you need any further advice please message me directly, more than happy to help
You can register the company for tax on the government gate-way website once you are ready to trade.
Every year you need to file a confirmation statement, very simple, costs £13, it just shows who is running the company and what its doing, if its dormant there is an option to select
If you need any further advice please message me directly, more than happy to help
markscdirect said:
You dont need an accountant from day 1
You can register the company for tax on the government gate-way website once you are ready to trade.
Every year you need to file a confirmation statement, very simple, costs £13, it just shows who is running the company and what its doing, if its dormant there is an option to select
If you need any further advice please message me directly, more than happy to help
Thanks will doYou can register the company for tax on the government gate-way website once you are ready to trade.
Every year you need to file a confirmation statement, very simple, costs £13, it just shows who is running the company and what its doing, if its dormant there is an option to select
If you need any further advice please message me directly, more than happy to help
Eric Mc said:
You don'T NEED an accountant at all. However, anybody running running a limited company would be very wise to have one handy - the earlier the better.
PS - have you fully understood what the new Confirmation Statement is REALLY about?
Thanks, I was thinking I would get one once we started trading. At the moment we have the domains and company registered. We are working on the website, product design/make and marketing. So we expect say an year before opening an account and actually trading.PS - have you fully understood what the new Confirmation Statement is REALLY about?
I have read on the website but not sure if I understand, would be great to hear more, always love to learn.
Thank you for your time, much appreciated
As has been said, get an accountant - there will be number of different way you can do things.
For example, you may want to extend the first business year/trading period to 18 months.
If you don't register the company as dormant you are going to have to file accounts - but then you may be limited as to what expenses you can register as losses. Again, an accountant will tell you.
The two basic things you have to do with a limited company are file an annual return to Companies House(which is a statement of shareholders/directors etc) and file accounts and a tax return. The latter almost always requires an accountant - which costs - hence why it may be better to just register the thing as dormant till you are ready to start trading
For example, you may want to extend the first business year/trading period to 18 months.
If you don't register the company as dormant you are going to have to file accounts - but then you may be limited as to what expenses you can register as losses. Again, an accountant will tell you.
The two basic things you have to do with a limited company are file an annual return to Companies House(which is a statement of shareholders/directors etc) and file accounts and a tax return. The latter almost always requires an accountant - which costs - hence why it may be better to just register the thing as dormant till you are ready to start trading
DozyGit said:
Dear PH Massive,
I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
3. Yes as youre a director so would need to file a tax return.I have registered a private Ltd company, but work full time. This company has nothing whatsoever to with my work, but rather the other half wants to work on it. Basically I don't expect we will make anything to write home about. I have several questions;
1. I have bought the domain names (3months ago)
2. LTD company registered 2 months ago
3. Do I need to register for self assessment of tax?
4. When do I need to do the tax return for the company - basically it made a loss of some money - domains etc
5. The other half is still not ready to trade, maybe will take her an year or so, do I file returns in the meantime.
Basically any advice relating to tax returns and company returns will be of help. I am reading a book on the accounts aspect :-)
Thanks everyone,
DG
4. Return for this tax year will be issued in April and will need to be filed by end of Jan 2018. Doesn't matter if you made a loss or profit.
5. As per 4, still needs to be filed.
Even though HMRC states that directors of limited companies should file personal Self Assessment tax returns, the actual legal position is that they do not have to UNLESS they have income from the company (or elsewhere) that can only be taxed properly under the Self Assessment tax system.
For most directors, who are usually (but not always) shareholders of their own company, that "Self Assessment" income will be dividends.
As regards to the company "Annual Return", as of June 2016, the old style Annual Return ceased to exist. It has been replaced by a new filing obligation called a "Confirmation Statement.
In most respects, this is identical to the old style Annual Return. However, it has one significant difference in that Company Law now requires that companies notify to Companies House individuals or corporate bodies who may hold influential positions within a company but who are not formally appointed as Company Director, Company Secretary or Shareholders. They don't even have to be employees. If they are in the background influencing the company, they must be named.
For most directors, who are usually (but not always) shareholders of their own company, that "Self Assessment" income will be dividends.
As regards to the company "Annual Return", as of June 2016, the old style Annual Return ceased to exist. It has been replaced by a new filing obligation called a "Confirmation Statement.
In most respects, this is identical to the old style Annual Return. However, it has one significant difference in that Company Law now requires that companies notify to Companies House individuals or corporate bodies who may hold influential positions within a company but who are not formally appointed as Company Director, Company Secretary or Shareholders. They don't even have to be employees. If they are in the background influencing the company, they must be named.
Wombat3 said:
As has been said, get an accountant - there will be number of different way you can do things.
For example, you may want to extend the first business year/trading period to 18 months.
If you don't register the company as dormant you are going to have to file accounts - but then you may be limited as to what expenses you can register as losses. Again, an accountant will tell you.
The two basic things you have to do with a limited company are file an annual return to Companies House(which is a statement of shareholders/directors etc) and file accounts and a tax return. The latter almost always requires an accountant - which costs - hence why it may be better to just register the thing as dormant till you are ready to start trading
Thanks for the informationFor example, you may want to extend the first business year/trading period to 18 months.
If you don't register the company as dormant you are going to have to file accounts - but then you may be limited as to what expenses you can register as losses. Again, an accountant will tell you.
The two basic things you have to do with a limited company are file an annual return to Companies House(which is a statement of shareholders/directors etc) and file accounts and a tax return. The latter almost always requires an accountant - which costs - hence why it may be better to just register the thing as dormant till you are ready to start trading
ASONI said:
3. Yes as youre a director so would need to file a tax return.
4. Return for this tax year will be issued in April and will need to be filed by end of Jan 2018. Doesn't matter if you made a loss or profit.
5. As per 4, still needs to be filed.
Thanks, so since I opened in September 2016, I will have to do the return online by Jan 2018, will add to my calendar! 4. Return for this tax year will be issued in April and will need to be filed by end of Jan 2018. Doesn't matter if you made a loss or profit.
5. As per 4, still needs to be filed.
Eric Mc said:
Even though HMRC states that directors of limited companies should file personal Self Assessment tax returns, the actual legal position is that they do not have to UNLESS they have income from the company (or elsewhere) that can only be taxed properly under the Self Assessment tax system.
For most directors, who are usually (but not always) shareholders of their own company, that "Self Assessment" income will be dividends.
As regards to the company "Annual Return", as of June 2016, the old style Annual Return ceased to exist. It has been replaced by a new filing obligation called a "Confirmation Statement.
In most respects, this is identical to the old style Annual Return. However, it has one significant difference in that Company Law now requires that companies notify to Companies House individuals or corporate bodies who may hold influential positions within a company but who are not formally appointed as Company Director, Company Secretary or Shareholders. They don't even have to be employees. If they are in the background influencing the company, they must be named.
Thanks, most useful, now I see more reason as to why they need the confirmation statement!For most directors, who are usually (but not always) shareholders of their own company, that "Self Assessment" income will be dividends.
As regards to the company "Annual Return", as of June 2016, the old style Annual Return ceased to exist. It has been replaced by a new filing obligation called a "Confirmation Statement.
In most respects, this is identical to the old style Annual Return. However, it has one significant difference in that Company Law now requires that companies notify to Companies House individuals or corporate bodies who may hold influential positions within a company but who are not formally appointed as Company Director, Company Secretary or Shareholders. They don't even have to be employees. If they are in the background influencing the company, they must be named.
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