Originally posted by TonyEnglish
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Reply to: Tax is pretty taxing
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Previously on "Tax is pretty taxing"
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I realise that I shouldn't have done what I did, but the amount due is usually a little over a months billings - so it's not hard to retain that throughout the year, which is what I usually do/did. As I said, next year will be an empty one as my company has earned nothing this financial year and hopefully it will be back up and running as normal.
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AFAIK you're supposed to retain funds within the company accounts to ensure you can meet all financial obligations, like corp tax and VAT.
If you've been taking out dividends which deplete reserves to the point that you cannot make these obligations then you're open to claims of directorship negligence.
Late payment might be an option, the interest isn't too bad
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Is there any way I can reduce the corp tax amount. As I'm working like a permie on this role I'm paying my tax for the current year. What I would normally do is save it up as I go along so that it pays the previous years. I'd only intending doing this job for a short time and reverting to type. Unfortunately that never happened and as such I have not replenished the amount needed to pay the corp tax.
Next year I intend using my ltd again when I come back to the UK and will have no tax to pay at this time next year so I was wondering, rather than take the full hit now, could I massage things to pay some of the corp tax next year. I know the answer is probably going to be a no, but thought I'd ask the question.
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Originally posted by TonyEnglish View PostMy accountant is currently preparing my accounts for my year up to April 09. There is going to be a fair chunk of tax to pay - given that my next years accounts are going to be nothing as I will probably spend up to April out here (full financial year) is it possible to carry over some of what I owe to the following year?
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What are you trying to carry over?
You mean delay paying some of the corporation tax?
Or spreading some of the profit earnt in one year to the next year?
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Erm, sorry for sounding like a bumhole but why didn't you ask your accountant this seems he is doing you returns for you right now?
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Tax is pretty taxing
My accountant is currently preparing my accounts for my year up to April 09. There is going to be a fair chunk of tax to pay - given that my next years accounts are going to be nothing as I will probably spend up to April out here (full financial year) is it possible to carry over some of what I owe to the following year?Tags: None
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