Self assesment - do i need to pay it

[KentPhilip]

Hi,

Could someone please explain why i should be getting a self assesment bill on top of my corporation and paye tax?

Many thanks

The reason is probably because the total of salary and dividends you have paid from the company to yourself last year takes you over the higher rate tax band. Since salary and divis have basically had basic rate tax already paid by the time you receive it there is extra to pay to take it up to higher rate. And I guess your bill is that bill.

(that was very badly explained, but I can't be bothered to retype it. I should be fired)

[Ravello]

Did you pay all your salary as PAYE?
Did you pay all the PAYE as you went?
If so (as an aside) you shouldn't be paying any corp tax, but you should only be doing this if 100% caught by IR35.

Still need to sack your accountant.

[notescontractor]

thanks for your help, i pretty much understand and i will update my accountant.


as far as being a troll is concerned, i am not guilty.
I did take a permie job in sept 2007, however my accountant still hasnt closed down my company and the IR are asking me for 2k self assesment for this year and are threatening to send the debt collectors round. My query though was really to do with the thousands that i had paid in previous years as self assesment - as my accountant has told me that i should never have paid a penny of it.

i really am pretty fed up, i've been asking him to clear this mess up for months now.

[zara_backdog]

Assumming your're not trolling....the tax from the self-assessment relates to tax on your personal income whereas Corporation tax is the tax on yourCo's profit.

1. Pay the tax
2. Get a new accountant

HTH

WHS