Responsibilities of a Limited Company?

[monkey_tennis]

What are the tax responsibilities of a Limited Company (and the rates they are Paid at)? Also, any other financial outlays?

I'm just weighing it up against a business currently run as a partnership. Might go for the switch (photography business).

Thanks.

[Switch and Sense]

Hi Monkey,

The tax responsibilities of a Limited company now there is a question, will try to keep it brief....

You have corporation tax to think about which is paid on the companies profit and from memory it is due for payment 9 months and a day (do correct me if i am slightly out) after you have submitted your year end figures to companies house. Have a look at the hmrc.gov web site. The rates are currently changing over the next couple of years, which may have an impact on the way you pay yourselves (dividends or PAYE? another topic all together and one to take advice on!!)

We run a Ltd company called Plastic Systems Ltd and our corporation tax is due in November which we always try to tuck money away for as it can be a big lump to find when its due. (Assuming and hoping you will have some profit!!)

Best thing to do is get your accountant to talk things through about it and there is plenty of stuff on the hmrc web site to help you and advise on the current corp tax rate this year.

Good Luck!

Pete

[Deliberator]

Google it - there's simply loads of advice but here's a starter for you;

http://www.taxassist.co.uk/Services/limitedcompanies.php