Question about Ltd Co and Tax Return reporting

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ChimpMaster replied

19 January 2009, 10:44
Originally posted by PhilAtBlevinsFranks View Post

Hi TazMaN

There is no problem setting up the company before you need it.

The Tax return is about reporting income from the Limited Company, so if there is no income from the company in a fiscal year you will not need to report it.

Phil

Phil you're a star, thanks.
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PhilAtBFCA replied

19 January 2009, 10:36
Ltd Co and Tax Return

Hi TazMaN

There is no problem setting up the company before you need it.

The Tax return is about reporting income from the Limited Company, so if there is no income from the company in a fiscal year you will not need to report it.

Phil
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ChimpMaster replied

19 January 2009, 09:39
Originally posted by jmo21 View Post

...

early preparation so you are good to go?

Yes, in effect. But I see what you're saying. So I could actually perform the work in April, but wouldn't need the Ltd set up until end of that month, when I need to bill. Is my thinking correct here?

This would save me having to report as a Director in the 2008/9 Tax Return next year.
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jmo21 replied

19 January 2009, 09:26
what's the point?

to secure the company name?
early preparation so you are good to go?
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ChimpMaster started a topic Question about Ltd Co and Tax Return reporting

19 January 2009, 09:20
Question about Ltd Co and Tax Return reporting

If I wanted to open a new Ltd Co to start using after April 5th 2008 (to tie in with the financial year), could I open it now and just leave it dormant for a couple of months?

Would I still have to declare the Ltd Co on the Tax Return next year (2009/10), even if no work/income was processed through the company in 2008/9? I believe I would, because I would be a director, but I can't see the point of putting it on the Tax Return if it hasn't been used.
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