Accounting question .. new ltd company

[Lewis]

I set up my limited company a couple of months ago but the company has had no income, not been registered for PAYE, corporation tax in fact didn't even have a bank account until this week (i.e. I had done nothing but incorporate it). Do I have to file any forms for the last tax year (e.g. P14 for me) ? My first end of year accounting is obviously a while away and I'm still searching for an accountant at the moment and so have no professional advice to hand at present. Any advice much appreciated.

[PAG]

As far as I am aware, you don't have to submit anything. Once you register with PAYE then you willl have to fill in form every month, VAT quarterly. Rest at the end of your co. accounting period. For the first year of the opening of the co yuo can delay your accounting period for 18 months. All you may need to do is inform HMRC that you are running a business. This can be done over the phone.

[philip@wellwoodhoyle]

Be careful if you have used a formation agent who may have initially used their own address as the company's registered office. HMRC usually send their opening corporation tax information request letter to the initial registered office address. Some company formation agents don't pass the letters onto the shareholders/directors to deal with. Also, HMRC sometimes open a PAYE scheme automatically without you asking/telling them, so they may well have set up a scheme and be expecting an employers annual return - the forms will have again gone to the original registered office address. Of course, if you have never used any address but your own, you would have received any of these from HMRC directly yourself and you would therefore know if they were expecting anything from you.

[Lewis]

Thanks for the help. Fortunately the registered office was setup properly from the start. Regarding the 18 month accounting period in the first year, is there any advantage to doing that? I just assumed it would be easier to make it a standard year.

[xoggoth]

Have you not had a notification regarding corporation tax? When I set up another company a couple of months back I got a letter requiring me to tell them when the company started trading or otherwise that it hadn't within three months of setup.

[Lewis]

Have you not had a notification regarding corporation tax? When I set up another company a couple of months back I got a letter requiring me to tell them when the company started trading or otherwise that it hadn't within three months of setup.

Yep got that.