Self assesment - do i need to pay it

[zara_backdog]

Assumming your're not trolling....the tax from the self-assessment relates to tax on your personal income whereas Corporation tax is the tax on yourCo's profit.

1. Pay the tax
2. Get a new accountant

HTH

WHS

[notescontractor]

thanks for your help, i pretty much understand and i will update my accountant.


as far as being a troll is concerned, i am not guilty.
I did take a permie job in sept 2007, however my accountant still hasnt closed down my company and the IR are asking me for 2k self assesment for this year and are threatening to send the debt collectors round. My query though was really to do with the thousands that i had paid in previous years as self assesment - as my accountant has told me that i should never have paid a penny of it.

i really am pretty fed up, i've been asking him to clear this mess up for months now.

[Ravello]

Did you pay all your salary as PAYE?
Did you pay all the PAYE as you went?
If so (as an aside) you shouldn't be paying any corp tax, but you should only be doing this if 100% caught by IR35.

Still need to sack your accountant.

[KentPhilip]

Hi,

Could someone please explain why i should be getting a self assesment bill on top of my corporation and paye tax?

Many thanks

The reason is probably because the total of salary and dividends you have paid from the company to yourself last year takes you over the higher rate tax band. Since salary and divis have basically had basic rate tax already paid by the time you receive it there is extra to pay to take it up to higher rate. And I guess your bill is that bill.

(that was very badly explained, but I can't be bothered to retype it. I should be fired)

[oracleslave]

Oh please let that be a Rickrolling link.....

Is there any point anymore now that he's won?

[Xenophon]

Oh please let that be a Rickrolling link.....

Oh, now that would have been good.

Damnit!!

[TheBigYinJames]

http://en.wikipedia.org/wiki/Internet_troll

Oh please let that be a Rickrolling link.....

[Xenophon]

Not sure what trolling means?

http://en.wikipedia.org/wiki/Internet_troll

[Purple Dalek]

Not sure what trolling means?

[Pondlife]

Ok I'll bite...

You've been a director of a Ltd company for about 5 years, correct?

And this is the first time this has happened???

What happened to all the profit the company made? Or did you pay it all as salary?

And your accountant knows none of this cos he's old???

[notescontractor]

Not sure what trolling means?

[Pondlife]

Assumming your're not trolling....
HTH

I have now been in my contract for 4.5 years and have just been given another extension, although i haven't signed it. I have also just accepted a permie job offer and they are desperate for me to start in 2 weeks.
If i haven't signed my contract am i bound to honor the 4 weeks notice period? (not sure if it matters but i am 2 weeks into my extension)

cheers

Linky

[Flubster]

Assumming your're not trolling....the tax from the self-assessment relates to tax on your personal income whereas Corporation tax is the tax on yourCo's profit.

1. Pay the tax
2. Get a new accountant

HTH

[notescontractor]

Hi,

I have a ltd company and work as an employee to the company. I pay corporation tax and NI and tax on the salary that I get paid as a paye.

I have just been sent a self assesment tax bill for several thousand pounds and am not sure what this is for. I have spoken to my accountant however he is old and doesnt understand it either.

Could someone please explain why i should be getting a self assesment bill on top of my corporation and paye tax?

Many thanks