Corporation tax return help please

[stek]

Thanks.

No I have never said that if you read my posts.

I have no idea how to do it and that is why I am asking for some advice on here as a starting point.

I have merely said that I will learn how to do it and I will do it.

If you wish to help, then that is greatly appreciated, if you're getting irritated for whatever reason I suggest you have a cup of tea or a bath rather than post unwarranted negativity on here.

Cheers

Look, pay an accountant 500 quid now or whatever and save yourself £2/3k in penalties and interest. Do it now.

[TheCyclingProgrammer]

*awaits new thread from OP in the future about the penalty HMRC have imposed*

[floricita]

You don't have any personal tax to pay? How does that work?

They most likely will, however, it is my understanding that this is not due at the same time as Corp tax deadlines are. But I've been doing this for 5 minutes so don't shoot me down just yet!!! I will investigate the deadlines.

[floricita]

Look, pay an accountant 500 quid now or whatever and save yourself £2/3k in penalties and interest. Do it now.

Thanks. So what penalties would they impose?

[Scruff]

I think that you unable to take advice, either meaningful and sincere, or ironic.

I would have suggested that your audience on Mumsnet might appear to be more sympathetic, but since this thread is not in General, that would appear to be contra bonos mores on this forum?

[floricita]

I think that you unable to take advice, either meaningful and sincere, or ironic.

I would have suggested that your audience on Mumsnet might appear to be more sympathetic, but since this thread is not in General, that would appear to be contra bonos mores on this forum?

I think that is a little unfair to be fair.

No one is either forcing you to read or comment on this thread.

There has been plenty of great advice on here from get an accountant to some of the things I should investigate further all of which I am considering

However, it seems that the latter posts are trolls, like I said no one is forcing you to read or comment here. I don't get the sudden agitation

[barrydidit]

They most likely will, however, it is my understanding that this is not due at the same time as Corp tax deadlines are. But I've been doing this for 5 minutes so don't shoot me down just yet!!! I will investigate the deadlines.

Deadline was 31st January 2014 for filing a tax return and paying any tax due for the tax year ending 05/04/2013. If you took the money 18 months ago then I would imagine this is overdue.

[Clare@InTouch]

Thanks. So what penalties would they impose?

If you're a director you should be registered at such with HMRC. You should also then have filed a tax return for each year that is covered. If you're saying the company is 18 months old then that takes you back to what, January 2013? So you should have filed a return for the year to 05/04/2013 which would have been due by 31/01/2014. Penalties are as follows:

An automatic penalty of £100 for a late return, or a paper return filed after 31 October, even if there is no tax due

Over three months late - a penalty of £10 per day for each additional day, up to a maximum of 90 days (£900)

Over six months late - the greater of £300 or 5% of the tax due

Over twelve months late - a further £300 or 5% of the tax due if greater, or 100% of the tax due if information is being deliberately withheld from HMRC. This could be 200% if the income or gains arise outside of the UK.

You presumably also failed to notify HMRC that you needed a tax return, so there could be a penalty there.

An accountant will not only prepare documents for you, they will also be able to advise on the most effective way to appeal any penalty and mitigate any charges. Appealing within certain timeframes, and knowing how to appeal, is more complicated than just knocking out a quick set of accounts and tax return.

[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.

[TheFaQQer]

Well to be fair, OP hasn't actually received any personal income from the company yet.

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.