Hi there - this is my first post on this forum as I wanted some general advice on the tasks required after the first year end of a new limited company both as a company and individual. Administrators: if there has already been another thread or you feel this post is more appropriate on another section please feel free to move.
I set up a limited company in Apr 2014 with me being the only employee and director. I've been paying regular salaries from my company to myself through HMRC's basic tool with the view of taking a dividend once corporation tax has been paid. I'm trying to put together a task/checklist of all the things that I need to do. Ideally I would prefer to do this myself as opposed to going through an accountant. So far I have gathered I need to do the following:
1. Companies House annual return - completed
2. Complete all PAYE requirements for tax year 14/15 as an employer (I'm actually due money from HRMC so I think I can claim this and record it as income for 14/15 year?)
3. Record all income and expenses from first day of company to the end of first accounting period - maintained on a simple excel
4. Complete company tax return on HMRC's website
5. File Companies House annual accounts (same as number 3? or will I need to purchase 'tagging' software for this to be completed?)
6. Work out the post tax dividend and pay this to shareholders (not quite sure what is involved here yet)
7. Complete HMRC's self assessment as an employee and director recording salary and dividend received.
(I'm not VAT registered)
I managed to come up with the above by going through all my previous correspondance and having a check online.
I just wanted to make sure I'm not missing anything and the above is complete. Or if anybody could direct me to a link or somewhere which would explain each of the steps required that would be great.
Sorry for the long post.
Many thanks in advance
Captain
I set up a limited company in Apr 2014 with me being the only employee and director. I've been paying regular salaries from my company to myself through HMRC's basic tool with the view of taking a dividend once corporation tax has been paid. I'm trying to put together a task/checklist of all the things that I need to do. Ideally I would prefer to do this myself as opposed to going through an accountant. So far I have gathered I need to do the following:
1. Companies House annual return - completed
2. Complete all PAYE requirements for tax year 14/15 as an employer (I'm actually due money from HRMC so I think I can claim this and record it as income for 14/15 year?)
3. Record all income and expenses from first day of company to the end of first accounting period - maintained on a simple excel
4. Complete company tax return on HMRC's website
5. File Companies House annual accounts (same as number 3? or will I need to purchase 'tagging' software for this to be completed?)
6. Work out the post tax dividend and pay this to shareholders (not quite sure what is involved here yet)
7. Complete HMRC's self assessment as an employee and director recording salary and dividend received.
(I'm not VAT registered)
I managed to come up with the above by going through all my previous correspondance and having a check online.
I just wanted to make sure I'm not missing anything and the above is complete. Or if anybody could direct me to a link or somewhere which would explain each of the steps required that would be great.
Sorry for the long post.
Many thanks in advance
Captain
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