Tax forms for salaries

[lolo]

Hello guys,

Recently started my own company, so be a bit patient since that is my first post here.

Q: What kind of forms should I use for paying income taxes for any person emlployed by my LTD. Currently is only me - not sure if I shall be employed by my company, but maybe that's another issue. Since I never worked in this country don't know about those P something forms. Where to request them and what kind should I have... Contact the IR office or buy it somewhere, but from who?

Cheers,
Lolo

[MrsGoof]

Get an accountant !

[lolo]

Thanks for this advice - maybe when I have sufficient funds to pay for his services. To calculate tax on salary or director's fee does not require really services from a third party. Is this really so complex, I don't think so.

Any other ideas?

Cheers,

Lolo

[foritisme]

Thanks for this advice - maybe when I have sufficient funds to pay for his services. To calculate tax on salary or director's fee does not require really services from a third party. Is this really so complex, I don't think so.

Any other ideas?

Cheers,

Lolo

Malvolio he's all yours

[MrsGoof]

THe basic tax stuff is not difficult, knowing ALL your legal responsibilities aqqnd expectation from HMRC is the difficult but.

You need a quallified professional .

Come on malvio, I've put the ball on the Tee, all you have to do is

[XLMonkey]

...if you register as an employer with them, the HM Revenue & Customs will send you a nice "how to set up and run your payroll pack" and invite you to attend a free workshop where they explain all the gory details. They also give you lots of forms and spreadsheets that make your head hurt.

once registered, you send the P45 and tax coding notice of your employees (i.e. you) to the HMRC to let them know your new job, then you fill in monthly (or occasionally, quarterly) payslips and send them off.

most people get an accountant, then get the accountant to do all this stuff for them. It's not complicated, but it is a pain in the ass and getting it wrong is the most common cause of IR35 investigations.

[boredsenseless]

It's not really an option: you'll need an accountant to do the annual return & stuff.

Well thats not really true is it?

Yes its advisable but its by no means a requirement

Unless of course you are turning over 1.1 million and then it is

However the sentiment was correct - you should have an accountant - and the amount they cost they more than save in ideas for saving tax

[malvolio]

Sorry - been busy for once...


Anyway, Lolo, if you are clever enough to set up your own business but too dim or lazy to find out how to run it properly, why should we bother helping? The information is out there, it merely takes a little effort to find it.

And accountants are not expensive, FFS. Get a good one and they'll save you more than their fee. Or don't bother, cock up one of the many things you have to get right and either Hector or the Excise will let you have a fine of a few thousands - that'll cover £50 a month accountants fees for a fairly long time..

How many more times do we have to say it - THIS IS NOT A F***ING GAME, IT'S REAL.

[foritisme]

Malvolio

[lolo]

Thanks for all the responses so far..

The Monkey's was good one (as still don't want an accountant , am I stupid?).

Would it be any difference if I am not on the payroll (haven't got work contract with my LTD), but get only directors' fee and that's is rather rarely event.


Lolo