Hello, Im new and have questions about HMRC

[cojak]

.. and ring up accountants an FIND OUT how much they will charge per month.

I ought to get a bloody medal for patience after this thread...

[Wanderer]

Because the total money the company earns so far is about £30000 and I gave £15000 (so far) to myself, just using bank transfer from my business account to my personnal account. (does it count “automatically” as a wage)

No, this is a director's loan so it's still the company's money not yours.

If you got an accountant in the first place, they would have probably told you to set up a salary of ~£7,500 for the year April 2012 to April 2013 because that would have been tax free. The way you took a director's loan rather than salary probably means that you will have to pay 20% tax on that money and you may have lost the chance to avoid about £1,500 in tax. Are you convinced of the value of getting an accountant yet?

My real concern here is... Am I really late and a total hopless mess?
The company was setup in sept2012 and it's first income was end november... That's it. I did nothing else than giving £2000 to myself every 2 months to pay the rent and bills and keep working

No, you are not in a hopeless mess but you are at the end of your company tax year and you now need an accountant to straighten everything out. Speak to one on the phone straight away and see what they say. There may be tax avoiding things that you can do before the end of your company year so don't delay. They will offer you a fixed fee to do the end of year accounts and then a monthly fee (probably the yearly fee / 12) to do your accounts for you in future.

They may even be able to help you fix your previous mistakes or at least stop you from repeating them. As we keep saying, everyone's personal details are a bit different so it's worth getting professional advice that is specific to you and you can discuss ALL your details in private rather than on a public forum.

[TheFaQQer]

I agree to that..

Maybe I was just too naive to think my case was too small to have any significant impact.
For example I just tried the simulation in one link provided here >> Online Accounting | Accountants | Accounting services - Crunch

And the result is: "Crikey, aren't you tax efficient?

It looks like a limited company with Crunch probably won't save you any money - it could still save you time though!"

Of course an online calculator is telling you that you are tax efficient - you pay no tax!

No-one is going to be able to match the 100% take home pay that you currently have, because they are all going to insist that you pay tax and national insurance as appropriate.

Because the total money the company earns so far is about £30000 and I gave £15000 (so far) to myself, just using bank transfer from my business account to my personnal account.
(does it count “automatically” as a wage)

And this is why you need to get an expert in to sort your mess out for you. What paperwork did you complete? When did you take the money out? If it classes as a wage, did you comply with PAYE and RTI rules? There are so many different things to get wrong here that the idea of not being able to afford an accountant is just too ridiculous to consider. If it's a loan, then what interest are you paying?

My real concern here is... Am I really late and a total hopless mess?
The company was setup in sept2012 and it's first income was end november... That's it. I did nothing else than giving £2000 to myself every 2 months to pay the rent and bills and keep working.

As a wage, a loan or as a dividend? Different taxes are due, and different paperwork is required.

I am not looking for a free accountant service, some advices are really nice. Thanks again. I was just concern about what to do in this case, maybe I was trying to be reassured about being late to tell HMRC I was active.

Nobody on an internet forum can give you the complete advice that you need here - even the accountants (if they were inclined to do it online in a forum for free). You need someone to look at the whole situation and see what needs to be done to get it from where you are at to where it needs to be. If you think you can do it yourself using FreeAgent or something like that, then great - however I suggest from your posts here that you can't. So, if you want to sort the situation out, then you need to find an expert and pay them for their expertise to resolve the situation. £100 a month isn't that expensive, really, considering where you are and what you might be letting yourself in for in the near future.

Is it really bad, can I catch up and make everything right? (both for the company taxes and my taxes) Like in "one shot", to catch everything and make them right...

Yes, you can catch up. However, the quicker you start making things right, the easier it will be for you.

[reno]

Well, ok I will do these things. Thank you.

[reno]

Just a question that pops in mind now... If I ONLY did director loan (by taking the money directly from the company account) it's 20% tax on this you said... But, that means as an individual, I have nothing to pay and no taxes? No NI thing?... That's seems strange to me, maybe I am wrong again. (because after all, as a person I got nothing, it's the company money you said)

[cojak]

This is important. Read it!

Are you ready to become a director?

[cojak]

Just a question that pops in mind now... If I ONLY did director loan (by taking the money directly from the company account) it's 20% tax on this you said... But, that means as an individual, I have nothing to pay and no taxes? No NI thing?... That's seems strange to me, maybe I am wrong again. (because after all, as a person I got nothing, it's the company money you said)

What did I say?

ASK HMRC.

[northernladuk]

Well, the truth is, my contract is over now, it may take a while until I get a new one so the company will “standby” for at least 4 or 5 months.

No it isn't. It is still trading as it is paying you a wage/divi. You just don't have any income. Like a shop with no customers.

I just want to pay my taxes and be free, why it has to be such a big thing in 21 century
A friend of mine (barber) was 2 years late about taxes; he was just fine by having an appointment to “catch up” and never had to pay any penalty. (since it was his initiative)

Get your friend to have a look at this list. Check the penalties against the tax owed. I think he should count himself very lucky indeed.

http://www.hmrc.gov.uk/defaulters/defaulters-list.pdf

Why it would be so hard to calculate the taxes my company needs to pay and how much I need to pay, I just need to fill the form HRMC will send me and that’s it?
I asked for the Limited Company “form” yesterday to get the password I need to fill the online thing.

To be really honest I am very curious about doing it myself. I want to know “how it works”.
But yes, maybe you think it would be good for me to have some real advice as well with an accountant, not to do this job but at least to speak about it.
Well, to say the truth I thought I would be able to speak to an accountant here, just to get the basic knowledge. After all, it’s the same to get this knowledge through internet.

Bearing in mind this thread started because of your inability to get it right I cannot believe you are trying to convince yourself.

EDIT: no I don't pay wages, I'm alone (selfemployed is the right word if I'm not wrong) and my previous description is everything I did, but sorry I don't know what is FRS, I think it doesn't concern me.
Thanks again.

Words fail me.

[TheFaQQer]

Just a question that pops in mind now... If I ONLY did director loan (by taking the money directly from the company account) it's 20% tax on this you said... But, that means as an individual, I have nothing to pay and no taxes? No NI thing?... That's seems strange to me, maybe I am wrong again. (because after all, as a person I got nothing, it's the company money you said)

If you've loaned yourself money from the company, and it's more than £5k, then you need to pay interest at 4% on the loan to the company. You also need to repay the loan before 9 months after your company trading year has ended, or there are more issues to deal with.

Loans need to be repaid.

[reno]

I don't know why you keep trying to scare me.

My HMRC "important dates" letter is telling about dates that have yet to come!


FIRST ACCOUNTING PERIOD END DATE: 9 Sept 2013 __ 30 sept 2013

DATE BY WHICH THE COMPANY NEEDS TO:
* pay its Corporation Tax : 10 june 2014 __ 01 july 2014
* deliver its company tax return : 30 sept 2014 __ 30 sept 2014

...I'm not a criminal.