1st Year Newbie goes mad with money needs help

[ElectricChair]

The pimps are different too

thats true. you have to be careful while showering too. but apart from that its lovely.

[FiveTimes]

but which is the best religion?

The op will have plenty of time to decided on the correct one at Her Majestys expenses

[Flat Eric]

The funny thing is. If you end up gaoled for this then you will be guranteed to serve all of your sentence yet if you rape, shoot, mug, assault someone, you'll be out in less than half your sentence...

With this in mind, when the tax man comes knocking on your door, bludgeon him to death. You'll go to gaol for half your term and you'll have removed a tax inspector from the gene pool thus doing us all a favour...

[TheFaQQer]

All
Contracting Since Jan ( Limited Company)
Not paid any paye yet
Not paid any VAT yet
Spent a whole chunk of money
(transfers from business account to personal as and when needed)
Not done anything accoutancy wise

Now very worried about end of year
Head well and truly buried in sand

Will a good accountant be able to sort out the mess ?
Will the tax man be pi$$ed that I havent paid him owt yet ?
What about all the cash transfers ! ( hardly schduled dividends?)

What to do ?
HELP!

1 - Are you VAT registered? If not, then you have nothing to pay the VAT man.

2 - What salary are you paying? If you are not paying anything that requires income tax to be paid, then there is no PAYE to be paid. I'd be surprised though.

3 - Get an accountant, quickly. You need to sort this all out.

4 - You could class the cash withdrawals as a loan to the director, rather than dividends. There would be a BIK (possibly), but you wouldn't have to sort out paperwork for the dividends. You'd pay more, but it might be easier to sort the mess out this way. Repay the cash, and then pay a dividend once you've sorted the mess out.

5 - Stop treating company money as your own. The company and you are completely separate entities, so you can't just dip into the company account as and when you feel like it.

6 - Get an accountant, quickly. You need to sort this all out. I know I've said it before, but it's kind of important.

Be prepared for a sound from HMRC

[Number9]

I wouldn't worry but get a accountant quick.

I've done the same so far, and my accountant said we can add it all up later at year end.

But I had paid paye to the taxman and I'm not registered with VAT

I've just been taking what I need each month, but the LTD owes me salary, mileage and expensives which I will add up at year end and then draw a divide with whats left.

I agree its not the way to go and I will be more on the ball next year.

Taxman will be ok with this as I'm a company and have to follow certain rules anyhow

[FiveTimes]

I wouldn't worry but get a accountant quick.

I've done the same so far, and my accountant said we can add it all up later at year end.

But I had paid paye to the taxman and I'm not registered with VAT

I've just been taking what I need each month, but the LTD owes me salary, mileage and expensives which I will add up at year end and then draw a divide with whats left.

I agree its not the way to go and I will be more on the ball next year.

Taxman will be ok with this as I'm a company and have to follow certain rules anyhow

[TheFaQQer]

I wouldn't worry but get a accountant quick.

I've done the same so far, and my accountant said we can add it all up later at year end.

But I had paid paye to the taxman and I'm not registered with VAT

I've just been taking what I need each month, but the LTD owes me salary, mileage and expensives which I will add up at year end and then draw a divide with whats left.

I agree its not the way to go and I will be more on the ball next year.

Taxman will be ok with this as I'm a company and have to follow certain rules anyhow

[Number9]

At least the in-house copywriters picked up my spelling mistakes.............wow you guys must be great fun to be around, laugh a minute !

[Flat Eric]

At least the in-house copywriters picked up my spelling mistakes.............wow you guys must be great fun to be around, laugh a minute !

proofreaders

[Jog On]

Soprry if this is a silly question but isn't CT due 9 months after the year end?