Corporation tax return help please

[floricita]

Thanks, that does seem to be the case.

Do you know the implications for this please?

HMRC do owe me £1200 in tax overpayment for that financial year yet to be paid, just as a note.

Ah looked on hmrc site if I get it done in the next month it will be £100 fine I calculate for late personal tax return up to 6 months

[floricita]

But there could be a BIK depending on the size of the directors loan, which would require tax (and national insurance) to be paid on it.

Depending on when the loan was taken, I'm not sure whether that would have been on last year's P11D or whether it will be declared on this year's P11D in July.

It was taken dec 2012

[northernladuk]

Thanks, that does seem to be the case.

Do you know the implications for this please?

HMRC do owe me £1200 in tax overpayment for that financial year yet to be paid, just as a note.

Owe you or your company. It's a little bit important to get the distinction right.

[floricita]

Owe you or your company. It's a little bit important to get the distinction right.

Owe me not the company.

[floricita]

But having gathered more facts with the help of you guys, I am starting to think that it may be easier to consult a professional just tomake sure everything is cleared on payment, as some of these things I did not consider at first thought.

Does anyone know how quickly accountants can churn something like this out? And approximate fees?

[TheFaQQer]

It was taken dec 2012

So, when you prepared your P11D in July 2013, what information did you include on there? Was there a BIK for the loan you took from the company?

Did you prepare a P60 for the tax year 2012/2013? Did you prepare one for 2013/2014? What else might you have missed?

For this year, you can find all the important dates here, since you haven't got anyone to advise you.

[Clare@InTouch]

Ah looked on hmrc site if I get it done in the next month it will be £100 fine I calculate for late personal tax return up to 6 months

You're into daily penalties now, not just the flat £100, as you're over 3 months late.

It doesn't matter if HMRC owed you anything for another year, or even that year.

[northernladuk]

But having gathered more facts with the help of you guys, I am starting to think that it may be easier to consult a professional just tomake sure everything is cleared on payment, as some of these things I did not consider at first thought.

Does anyone know how quickly accountants can churn something like this out? And approximate fees?

Time to stop trolling us and ring some accountants hey....

[Clare@InTouch]

But having gathered more facts with the help of you guys, I am starting to think that it may be easier to consult a professional just tomake sure everything is cleared on payment, as some of these things I did not consider at first thought.

Does anyone know how quickly accountants can churn something like this out? And approximate fees?

It entirely depends. It's a busy time of year with P11D's underway, so each accountant's workload will vary. They will need to establish what needs doing first, and then will quote accordingly.

[floricita]

So, when you prepared your P11D in July 2013, what information did you include on there? Was there a BIK for the loan you took from the company?

Did you prepare a P60 for the tax year 2012/2013? Did you prepare one for 2013/2014? What else might you have missed?

For this year, you can find all the important dates here, since you haven't got anyone to advise you.

Hi, I didn't submit any of those forms.

Essentially, I originally paid an accountancy firm to do the accounts when I first set up the company, soon found out that the contract was going to be really short so decided to stop the accountancy service. Upon stopping their services, I asked what the key dates were, and they gave them for companies house return and corporate tax return dates, so I assumed these were the only ones.

Then not looking for sympathy (just to let you know how I got in this situation), but I basically didn't consider my limited company after that, had some personal issues, mum died and I sufferred depression for quite a while. Got a regular job with PAYE. And then recently got a reminder from HMRC about paying the corp tax. So I am now dealing with it.

I accept full responsibilty for not looking after my limited company during that time and I just want to get everything paid and sorted so I can move on and don't have to think about this anymore. The accountant look likes the best option at the moment.