New Limited Company - first year end

[LondonManc]

For what a contractor accountant costs, you'll save more with what they can get you back through paying the correct money at the correct time.

[Alan @ BroomeAffinity]

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?)

You're aware that under RTI yiu need to dealing with PAYE returns on a monthly basis?

[syrio]

I'm trying to put together a task/checklist of all the things that I need to do.

1. Get an accountant.

At least for the first year.

You'll probably end up paying them as much as you would have paid if you'd had them all year, so really you might as well have had them all year.

[LondonManc]

1. Get an accountant.

At least for the first year.

You'll probably end up paying them as much as you would have paid if you'd had them all year, so really you might as well have had them all year.

Indeed. They'll also advise of any approrpiate things that you can claim for that you aren't currently aware of as well as reviewing goverment budgets to see if you need to change your balance between salary and dividends, review expenses, etc.

[captain]

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?)

You're aware that under RTI yiu need to dealing with PAYE returns on a monthly basis?

Yeah, I've been submitting my monthly salary on RTI through HMRC's online tool. However at the end of tax year 14/15 it shows I am owed money from them. I'll need to check how this is claimed back or maybe just carried forward to the next tax year

[northernladuk]

Yeah, I've been submitting my monthly salary on RTI through HMRC's online tool. However at the end of tax year 14/15 it shows I am owed money from them. I'll need to check how this is claimed back or maybe just carried forward to the next tax year

You could just ask your accountant or he might have dealt with this so it never occurred. Simples.

[meridian]

For a more comprehensive and correct reply to the OP's questions, wouldn't he be better posting to an accountants forum, rather than to a forum of people that use accountants?

Sounds like the OP doesn't want to use or pay for an accountant but wants free advice from one.

[DaveB]

For a more comprehensive and correct reply to the OP's questions, wouldn't he be better posting to an accountants forum, rather than to a forum of people that use accountants?

Sounds like the OP doesn't want to use or pay for an accountant but wants free advice from one.

Which, in all probability, will be worth exactly what he paid for it....

[MrMarkyMark]

Yeah, I've been submitting my monthly salary on RTI through HMRC's online tool. However at the end of tax year 14/15 it shows I am owed money from them. I'll need to check how this is claimed back or maybe just carried forward to the next tax year

[FK1]

Yeah, I've been submitting my monthly salary on RTI through HMRC's online tool. However at the end of tax year 14/15 it shows I am owed money from them. I'll need to check how this is claimed back or maybe just carried forward to the next tax year

Specially registered because of this thread. Too many zombies for me

Correcting payroll errors
https://www.gov.uk/payroll-errors/co...yments-to-hmrc

Your limited company's first accounts and Company Tax Return
https://www.gov.uk/first-company-accounts-and-return

Running a limited company
https://www.gov.uk/running-a-limited-company

Corporation Tax: commercial software suppliers
https://www.gov.uk/government/public...ware-suppliers

Accounts and tax returns for private limited companies
https://www.gov.uk/prepare-file-annu...nnual-accounts

I am with you, Captain However the advise to get an accountant for the first year does makes sense.

Just maybe you need a proper bookkeeping and accounts production software to help you on the first place and then if needed a professional accountant who uses the same software.

You might find "check and file" service for £99 for FreeAgent software. It might be a compromise between full accounting servicing and full independence.

But again, the vast majority of LTD contractors do need full professional accounting services and it fits them well. Psychologically at least