Originally posted by hobnob
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Previously on "Basic question regarding new Limited Co and tax"
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Originally posted by MarkusB View PostOr do I need to do a Personal return for invoices during the period before company (Apr - Aug) and then also a company return for company invoices Aug-Apr?
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Originally posted by jamesbrown View PostThe company didn't exist before August so it would be rather hard for it to invoice before August. [...] The first and most important thing to understand about a company is that it isn't you, it's a separate legal entity.
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Here is that case for anyone interested:
https://www.casemine.com/judgement/u...94e06b9e19e690
Again, not relevant to the OP who received personal income and needs to complete a SATR indicating that income. Any invoices properly raised after incorporation would be company income, of course.
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( And to be absolutely clear, the special facts of that case I mentioned absolutely do not apply in your case because the fees were paid to your personally. )
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The company didn't exist before August so it would be rather hard for it to invoice before August. That said, it isn't quite that straightforward - there was a tribunal case about a decade or so ago (I forget the name) that HMRC lost in attempting to reassign pre-incorporation invoices to the individual who performed the work as personal income, but there were some special facts in that case. However, you can claim several pre-incorporation expenses, which is routine. The first and most important thing to understand about a company is that it isn't you, it's a separate legal entity.
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Originally posted by MarkusB View PostInvoices before August paid into Personal bank account. Invoice after paid into Business account.
Consulting newbie in the UK - Contractor UK Bulletin Board
I.e. the old invoices are/were paid into your personal bank account because you're a sole trader?
Also, just to clarify, are you planning to start using a limited company later this year (Aug 2024) or did you start using it last year (Aug 2023)?
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Thanks. Invoices before August paid into Personal bank account. Invoice after paid into Business account. (The nature of the services provided is same before and after.)
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Your accountant can take you through all of this.
How did you invoice before August, and what bank account was it paid into?
And what are the answers since august?
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Basic question regarding new Limited Co and tax
If I setup a limited company in August, when it comes time to complete my tax return can I record all my fees for that tax year against that company?
Or do I need to do a Personal return for invoices during the period before company (Apr - Aug) and then also a company return for company invoices Aug-Apr?
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