New ltd.company tax question

[KLakey]

Wondered if anyone could help. I have set up a ltd. company for which I am the sole owner\director and have "started trading" as of 5th January 09. However my balance sheet shows 0 along with my in and out both showing 0 as i've not as of yet actually started any work for clients let alone been charging. I just wanted to check that I am ok until next Jan re tax returns - been having a last minute panic!

Worth noting I am on PAYE from another company and have been for the whole of the previous tax year. I haven't taken anything from my company yet or put in any directors loans etc.


The other question I have is regarding PAYE and employer contributions. As far as I can work out the employer contribution is on top of employee contributions and is paid at 11% (within thresh holds) is this correct and is this contribution made post or pre corporation tax?

Thanks in advance guys I appreciate everyone is more than busy at the moment.

[Eric Mc]

Sounds like you desperately need to be talking to an accountant.

As the company is currently doing nothing and you have not taken any money from it, it is highly unlikely that you will need to complete a tax return based on your income so far from the company. Obvopisly, if the situation changes before 5 April 2009, then a tax return might very well be necessary.

Please note that the company only started in January 2009, which falls within the tax year 2008/09. The tax returns facing the 31 January 2009 filing deadline are the returns covering 2007/08 - well before the date you started the company.

I would suggest that you will need to complete a tax return for 2008/09. The relevant filing deadlines for that retutrn are 31 October 2009 (for paper filing) and 31 January 2010 (for on-line filing).

[KLakey]

Thanks Eric,

I am looking into the accountant as we speak, but panic over for now.