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.
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New Limited Company - first year end
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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?Comment
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Originally posted by captain View PostI'm trying to put together a task/checklist of all the things that I need to do.
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.Comment
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Originally posted by syrio View Post1. 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.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by Alan @ BroomeAffinity View Post2. 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?Comment
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Originally posted by captain View PostYeah, 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'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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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.Comment
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Originally posted by meridian View PostFor 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."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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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 yearThe Chunt of Chunts.Comment
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Originally posted by captain View PostYeah, 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
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 leastComment
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