1st Year ltd company - what tax is due?

[mrnoodle]

I've been contract for a while but just recently started my own ltd company. I registered it in October '11 and started invoicing, no problems.

I've been fortunate that so far I've taken less than £6k since October (so no NI/tax due?) in total as I have savings anyway (before then I took 12 months out travelling) - and want to minimise my tax liability by taking dividends when I need to later on in the year.

I'm now starting to think about income tax/self assessment etc... my company annual return is in October but I'm wondering when I'll have to complete a self assessment as the HMRC have not contacted me about it yet... how long do I have before I'll have to pay...next January?

I haven't got an accountant yet but I've have been keep financial records, recipts etc... basically what HMRC advises.

[cojak]

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[mrnoodle]

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Financial Matters - No nonsense summary! :: Contractor UK

So really don't have to worry about personal tax until my company year end which is October, I'll have to complete a self-assessment after that.

[northernladuk]

If you don't know why didn't you get an accountant???

As a direcotry you have legal responsibility to know and submit your accounts. Not something to be taken lightly.

[mrnoodle]

If you don't know why didn't you get an accountant???

As a direcotry you have legal responsibility to know and submit your accounts. Not something to be taken lightly.

I'm going to get one this month, I just wanted some heads up what I should expect this year, I've just been too busy to sort it out.

[quackhandle]

I'm going to get one this month, I just wanted some heads up what I should expect this year, I've just been too busy to sort it out.

Don't forget the CUK levy tax, I will pm you an account number and sort code so you can pay your yearly dues.

qh

[Greg@CapitalCity]

For personal tax you will need to prepare/submit a tax return for the 2011/12 tax year. This must be filed (and any tax due, paid) by 31 Jan 2013.

Don't wait for the HMRC to contact you - call them on 0845 900 0444. This is the easiest option, but it can be unreliable if you get to speak to a poorly trained HMRC call centre operator. You will need your NI number on hand, and the date you were appointed a director. Tell the call centre operator that you need to get set up for personal self‐assessment because you are a company director. They may tell you that you need to call another number to register as a self employed person. This is WRONG. Tell them it is a requirement that you register for self‐assessment since you are a company director, and that you are NOT self‐employed. If the call centre operator insists that you need to call a different number, then ask to speak with their supervisor.

[Sausage Surprise]

Are you charging VAT?

[mrnoodle]

Are you charging VAT?

No, VAT except at the moment. By the end of the year I expect to have earned enough to pay VAT however.

[mrnoodle]

For personal tax you will need to prepare/submit a tax return for the 2011/12 tax year. This must be filed (and any tax due, paid) by 31 Jan 2013.

Don't wait for the HMRC to contact you - call them on 0845 900 0444. This is the easiest option, but it can be unreliable if you get to speak to a poorly trained HMRC call centre operator. You will need your NI number on hand, and the date you were appointed a director. Tell the call centre operator that you need to get set up for personal self‐assessment because you are a company director. They may tell you that you need to call another number to register as a self employed person. This is WRONG. Tell them it is a requirement that you register for self‐assessment since you are a company director, and that you are NOT self‐employed. If the call centre operator insists that you need to call a different number, then ask to speak with their supervisor.

Thankyou. You confirmed what I thought.