So confused..

[SallyPlanIT]

Hi TACKSMAN

You need to be aware that HMRC have a stiff penalty regime and late filing of PAYE, VAT, Annual Return, Accounts and Company Tax Return can all result in a fine.

P35 and P11d attract a £100 fine for every month that they are late. I would check with your accountant that everything that should have been filed, has been.

As a Director, you are ultimately responsible.

[SackmanandCo]

Hi All,

A little help understanding if you will. I incorporated my ltd company in July last year and began contracting in september. I have an accountant who in my opinion is pretty useless and does not answer any of my questions around tax and when payments are due.

I recently had a letter from the IR for which i needed to submit my 1st Annual return. I spoke to him about this and he said he will take care of it, no explanation about what it entailed.

Now my question is - when will my first tax submission be due? will it be at the end of this month (a complete year since incorporation). The reason i ask is, because i want to change accountants because this one is of no help to me - i just dont want to leave it till last minute. so any help on when payments are due is appreciated.

thanks

The annual return is nothing to do with accounts, its just a document on public record confirming who the director, shareholder etc is. Can be completed on line with a cost of £15. The accounting year end is something else, you can extend or shorten as you like. Many prefer March as it ties in with personal tax returns. The Company tax is payable 9 months after the year end.

[pmeswani]

It is better to be silent and thought a fool than to speak out and prove it.

Before you try and get clever, you might consider that our answers above are no less than the truth from people who have been answering questions on these boards for several years. After all that time we are getting a little tired of seeing the same old cries for help from people who clearly have no f***ing idea what they are doing. You will forgive us if we seem a little harsh, but it's meant to help you out. Others have had the same treatment and responded positively to it, why don't you try doing the same. Or, of course, it just could be that you're right and we're wrong and we should spend our weekends answering questions that are so easily answered it's embarassing.

Your CT is payable 9 months less one day after your company year end (I'm assuming you know when that is). You will receive notice for a CT65 with a copy to your accountant (who I also assume you have nominated as your agent for HMRC). He will work out your year end figures, and send you a set of accounts which you will study and hopefully agree. He will then submit the CT calculations to HMRC who will expect payment in due course, and send a copy of your abbreviated accounts to Companies House. Does that explain why your original question was naive in the extreme?

I won't begin to bore you with dividend and salary calculations, VAT and FRS, depreciation, operating expenses, P35s and all the other trivia, much less your IR35 status, but I suggest you find out what they all are and what they mean. As I said, you have no idea how much you don't know.

HTH...

The guy has been using an Umbrella since 2006 (have checked his previous posting). You would have thought in the 3.5 - 4 years he has been contracting the OP would have done some research, or at least wait until the facts have been known about Ltd co's before jumping into the responsibilities of running a business. Don't worry, the next thing we know is that his Ltd company isn't owned by him.

[malvolio]

A company annual return or shuttle return is a fairly basic form that, unless you make any changes to shareholders etc, just has to be signed and sent back. Usually six weeks or so or so before company year end, mine is anyway. When I started cotracting I lost a fair bit of money trusting to accountants to get things in so I would recommend reading up on things you have to do. Here is a cut and past from my remind spreedsheet.

CT 9 months after end of period
CT forms 1st anniversary of last day of period
Shuttle return ? Usually about 6 weeks before end of period
Accounts to co hse 9 months after end of period
PAYE quarters 19-Jan-2010
19-Apr-2010
19-Jul-2010
19-Oct-2010
19-Jan-2011
Any Paye from prev year 19-Apr-2010
P14 & P35 19-May-2010
P11D & P11Db 6-Jul-2010
P60 31-May-2010
NI owed from P11Db 19-Jul-2010
VAT end Mar,June,Sep,Dec unless flat rate which I know nowt about.

You get a few days extra for some things if done online.

Not wrong. Not what was asked ...

BTW, VAT due date is dependent on your original registration date; mine, for example, starts in October.

[xoggoth]

A company annual return or shuttle return is a fairly basic form that, unless you make any changes to shareholders etc, just has to be signed and sent back. Usually six weeks or so or so before company year end, mine is anyway. When I started cotracting I lost a fair bit of money trusting to accountants to get things in so I would recommend reading up on things you have to do. Here is a cut and past from my remind spreedsheet.

CT 9 months after end of period
CT forms 1st anniversary of last day of period
Shuttle return ? Usually about 6 weeks before end of period
Accounts to co hse 9 months after end of period
PAYE quarters 19-Jan-2010
19-Apr-2010
19-Jul-2010
19-Oct-2010
19-Jan-2011
Any Paye from prev year 19-Apr-2010
P14 & P35 19-May-2010
P11D & P11Db 6-Jul-2010
P60 31-May-2010
NI owed from P11Db 19-Jul-2010
VAT end Mar,June,Sep,Dec unless flat rate which I know nowt about.

You get a few days extra for some things if done online.

[cojak]

I would contact your local tax office and ask them.

[malvolio]

Great stuff guys, you should start a partnership as a pair of clowns! i'll be director of your company.

It is better to be silent and thought a fool than to speak out and prove it.

Before you try and get clever, you might consider that our answers above are no less than the truth from people who have been answering questions on these boards for several years. After all that time we are getting a little tired of seeing the same old cries for help from people who clearly have no f***ing idea what they are doing. You will forgive us if we seem a little harsh, but it's meant to help you out. Others have had the same treatment and responded positively to it, why don't you try doing the same. Or, of course, it just could be that you're right and we're wrong and we should spend our weekends answering questions that are so easily answered it's embarassing.

Your CT is payable 9 months less one day after your company year end (I'm assuming you know when that is). You will receive notice for a CT65 with a copy to your accountant (who I also assume you have nominated as your agent for HMRC). He will work out your year end figures, and send you a set of accounts which you will study and hopefully agree. He will then submit the CT calculations to HMRC who will expect payment in due course, and send a copy of your abbreviated accounts to Companies House. Does that explain why your original question was naive in the extreme?

I won't begin to bore you with dividend and salary calculations, VAT and FRS, depreciation, operating expenses, P35s and all the other trivia, much less your IR35 status, but I suggest you find out what they all are and what they mean. As I said, you have no idea how much you don't know.

HTH...

[TACKSMAN]

Great stuff guys, you should start a partnership as a pair of clowns! i'll be director of your company.

[Clippy]

I've checked and was unable to find anything specifically related to my queries.

Anybody able to offer any advise on my query?

Thanks

Sorry, but you are coming across as someone who wants to be spoon fed!

[malvolio]

I've checked and was unable to find anything specifically related to my queries.

Anybody able to offer any advise on my query?

Thanks

Your query is that you have taken on the duties of a director without having any knowledge of how the company works, you haven't tried to find out in the year you've been trading and can someone please tell you all the things you don't know. OK...

You also have an accountant who is not answering questions, and are unable to formulate a Google search along the lines of "Company tax fiiling date" (hint: I just did that and got about 1.320,000 answers. at least some of which will be relevant).

Sure you' re cut out for this?

Anyway, go to www.pcg.org.uk and download their guide. When you've read it, then come back and ask some intelligent questions.

HTH

[TACKSMAN]

On the right hand side there is a box titled CUK Navigation.

Within that box, there is an entry called First Timers. Have you had a look in there?

If not, have you used the search box in the top right hand corner?

People here will tend to be more helpful if you can show you have made an effort to research the answers yourself first.

I've checked and was unable to find anything specifically related to my queries.

Anybody able to offer any advise on my query?

Thanks

[Clippy]

On the right hand side there is a box titled CUK Navigation.

Within that box, there is an entry called First Timers. Have you had a look in there?

If not, have you used the search box in the top right hand corner?

People here will tend to be more helpful if you can show you have made an effort to research the answers yourself first.

[TACKSMAN]

Hi All,

A little help understanding if you will. I incorporated my ltd company in July last year and began contracting in september. I have an accountant who in my opinion is pretty useless and does not answer any of my questions around tax and when payments are due.

I recently had a letter from the IR for which i needed to submit my 1st Annual return. I spoke to him about this and he said he will take care of it, no explanation about what it entailed.

Now my question is - when will my first tax submission be due? will it be at the end of this month (a complete year since incorporation). The reason i ask is, because i want to change accountants because this one is of no help to me - i just dont want to leave it till last minute. so any help on when payments are due is appreciated.

thanks