Ltd company ... things needed??

[skelm]

Wanting to go Ltd. What kind of things do I need to do for Hector??

I have registered for VAT. Applied for FRS ( should I be getting something telling me my application is done?? )

As I understand CT is 9 months after startup ( do I have to register now or as long as before 9 months? )

Self Assesment ( when do I have to do this ..... before 3 months?? ) Do i just register on HMRC site?

Thanks for the help.

[KevinS]

As I understand CT is 9 months after startup ( do I have to register now or as long as before 9 months? )

No, CT is due 9 months after YourCo financial year end..

[malvolio]

First thing to do - sit down and write how much you don't know. That may take longer than you think, 'cos you'll thinking of things....

Then read the guides that we keep telling people to read. That doesn't take too long and will cut your previous list by around 80% (for example, have you made the distinction between You and YourCo, which is pretty important)

Then ask intelligent questions about the remainder of your original list.

Then you will get good and valuable assistance.

"Tell me what I don't know" is not answerable, even if we were inclined to try and do so...

[TheBigYinJames]

First thing to do - sit down and write how much you don't know.

And remember this one rule above all else:

The money in your company account is not yours!

[Moscow Mule]

And remember this one rule above all else:

The money in your company account is not yours!

Not yet it isn't...

*rubs hands in anticipation of retirement day and entrepreneurs relief*

[scooby]

Wanting to go Ltd. What kind of things do I need to do for Hector??

I have registered for VAT. Applied for FRS ( should I be getting something telling me my application is done?? )

As I understand CT is 9 months after startup ( do I have to register now or as long as before 9 months? )

Self Assesment ( when do I have to do this ..... before 3 months?? ) Do i just register on HMRC site?

Thanks for the help.

get a decent accountant. mine has been v good so far and sorted all my setup, PAYE, VAT etc. i only had to sort the bank account (as that was my choice!) and get the gig.

[skelm]

That I shall do( accountant ). But I also want to understand how the whole thing works rather than just pay someone to do it. Might sound daft but its kind of interesting for me.

Its the SA bit that confuses me a little ( as from my understanding SA is I think a way to pay NI & Tax ..same as say PAYE for permies... am i wrong here? i.e on an individual basis.

So in theory I have Company X which pays CT(21%). Company X will also do the VAT returns( -1% first year ).

Now I run it with partner so we are each liable for SA. Even if I was to pay tax free allowance as salary( 5225pa or so per partner ) I still have to fill SA dont i?

Thanks

[malvolio]

That I shall do( accountant ). But I also want to understand how the whole thing works rather than just pay someone to do it. Might sound daft but its kind of interesting for me.

Its the SA bit that confuses me a little ( as from my understanding SA is I think a way to pay NI & Tax ..same as say PAYE for permies... am i wrong here? i.e on an individual basis.

So in theory I have Company X which pays CT(21%). Company X will also do the VAT returns( -1% first year ).

Now I run it with partner so we are each liable for SA. Even if I was to pay tax free allowance as salary( 5225pa or so per partner ) I still have to fill SA dont i?

Thanks

So now do you see why I said

READ THE FIRST-TIMER GUIDES,

if for no other reason that I'm not about to write them all out for you.

You earn money. Some of it is wages, some is divis. You are liable for tax on your personal income. You are a company director so you have to complete an annual SA return. It's not hard to undertstand...

[ASB]

Its the SA bit that confuses me a little ( as from my understanding SA is I think a way to pay NI & Tax ..same as say PAYE for permies... am i wrong here?

Yes. You are wrong.

Self assessment is a regime where taxpayers assess themselves. It is designed to ensure that tax deducted by other entities e.g. an employer) has been deducted correctly. It is also designed to collect underpayments where tax hasn't been deducted. e.g. foreign income under a number of circumstances. It also collects shortfalls (e.g. b.soc interest has tax deducted at basic rate so a higher rate taxpayer has more to pay). It is actually very simple.

If you pay yourself a salary this will be subject to a PAYE scheme (just like any other employer). This is a system designed to approximate the amount of income tax that may be due for a given individual in most circumstances. It also ensures the government has a more even tax flow. Thus tax paid under PAYE is in fact simply a credit against you liability when it is known at the year end through self asessment.

[Jaws]

I have registered for VAT. Applied for FRS ( should I be getting something telling me my application is done?? )

I didn't receive any confirmation (after 3 months) with regard to being on the FRS, although I received the VAT certificate quickly enough. My accountant made a call on my behalf and apparently I'd been set up on FRS all that time.