Reply to: Corporation Tax

[eek]

What, you mean I should have been paying another tax as well as the VAT?

Why didn't someone tell me?
Who can I sue?

Will HMRC let me off if I phone them and say I had a deprived upbringing?

Accountants, Huh, what are they good for?

P.S. Can I claim for a new washing machine as I use it to wash my work clothes?

You mean I have to pay the VAT I collect to someone

[Scruff]

Mine is the Eleventeenth of Decembeard

[VectraMan]

You can change it ... why not go for the 1st of April. You could sync it with your VAT quarter as well. Why not go for a mid month year end date just to make your accounting more fun.

Make it 29th February and you only have to pay every four years.

[ctdctd]

What, you mean I should have been paying another tax as well as the VAT?

Why didn't someone tell me?
Who can I sue?

Will HMRC let me off if I phone them and say I had a deprived upbringing?

Accountants, Huh, what are they good for?

P.S. Can I claim for a new washing machine as I use it to wash my work clothes?

[Scruff]

Even the crappest accountant doing your books will be able to tell you when your company tax year ends. Just ask him. Honestly, it's that simple.

He is his Accountant.

[Contreras]

Yes but my accountant's crap, hence my questions are directed here.

What do you mean by accounting year end?

I know tax year starts 6th April to 5th April but if I started my company on 20th Jan 2014, when is accounting year end? Will it be 19th Jan 2015, 5th April 2014 or another date?

Thanks

It's public info.

Companies House WebCHeck

While you're there set up a WebCheck account to mail you when returns get filed.

And bookmark the following link with NNNNNNNN replaced by YourCo's no.

http://data.companieshouse.gov.uk/doc/company/NNNNNNNN

[Doggy Styles]

Yes but my accountant's crap, hence my questions are directed here.

What do you mean by accounting year end?

I know tax year starts 6th April to 5th April but if I started my company on 20th Jan 2014, when is accounting year end? Will it be 19th Jan 2015, 5th April 2014 or another date?

Thanks

Even the crappest accountant doing your books will be able to tell you when your company tax year ends. Just ask him. Honestly, it's that simple.

[stek]

Yes but my accountant's crap, hence my questions are directed here.

What do you mean by accounting year end?

Change your accountant, seriously. And quickly, seriously.....

[smileyface]

Ask your accountant and be clear about what you want to know. It's 9 months after your accounting year end date. Most normal people set the year end to last day of the month. So your companies corporation tax will come due 9 months later on the 1st of the month. Percentages vary depending on the tax year and earnings level.

You do have an accountant?

Yes but my accountant's crap, hence my questions are directed here.

What do you mean by accounting year end?

I know tax year starts 6th April to 5th April but if I started my company on 20th Jan 2014, when is accounting year end? Will it be 19th Jan 2015, 5th April 2014 or another date?

Thanks

[eek]

Just paid mine, kicked the cat and swore at my children to make me feel better. I can remember a time when if you ever paid that amount of money in one go you got a house.

Mrs Eek's new car (ex demo zafira ) cost me less than the amount I paid HMRC a fortnight earlier...

Granted it was a very good deal (Garage owed us a favour) but even so....

[VectraMan]

I paid mine in 1983 so now get to keep everything I earn.

[GlenW]

Just paid mine, kicked the cat and swore at my children to make me feel better. I can remember a time when if you ever paid that amount of money in one go you got a house.

[jamesbrown]

Who is this 1983 you speak of. Is she nice? Does she have her own teeth?

She's like 7-of-9, only she assimilates first and asks questions later.

[mudskipper]

If he hasn't got a butler or a subservient partner then it may well be him. Yes you can argue that the Ltd company is the entity that pays then tax but there is always some poor sod that has to put the cake down and tap away at the keyboard for two minutes to authorise the payment. So you could say HE is paying it. Semantics. Meh!

smileyface - yes nine months after company year end the tax is due. Yes, 20% of profit (turnover minus expenses) is the right amount.

... or her.

[administrator]

No, Corporation Tax is 37.42% of your turnover and it must be paid by 1983.

Who is this 1983 you speak of. Is she nice? Does she have her own teeth?