Limited Company Turnover less than £100.00

[Merchant UK]

Hi all,

Not sure what to say but my Brother inlaw has a limited company which basically he's registered and trying to build up whilst still working for an employer.

He's due to submit accounts in March this year but he's not trading as such, reasons being he wants to concentrate in setting up his online presence before leaving his day job. and has only received about £100 from the ads on his website.

What does he need to do in relation to his accounts for companies house, does he need to get accounts done? or is there simply a form he can fill in?

A link to a form or something would be a help as i've tried to google without any luck.

Cheers Guys

 

[Scalloway]

If the business has income it must complete a set of accounts for Companies House and HMRC. For Companies House he would need to regsiter for Web Filing. There is also the option to regsiter for online filing for Corporation Tax. Registering for this with HMRC allows you to download their free CT600 software. You can use this for filing with both Companies House and HMRC.

 

[accountsandlegal]

A CT600 is a good option but if you don't know what you're doing it could be dangerous. Get an accountant to look at it as he might have losses he can offset against tax in the future. It shouldn't be too expensive to get an accountant to do as the amount of transactions is very small.

 

[Jeremiah@RHJ Accountants]

A CT600 is a good option but if you don't know what you're doing it could be dangerous. Get an accountant to look at it as he might have losses he can offset against tax in the future. It shouldn't be too expensive to get an accountant to do as the amount of transactions is very small.

I would agree with this get an accountant to do the first year.

Also he may have to file two CT600 if his period is longer than 12 months.

Have a look at this http://www.hmrc.gov.uk/ct/managing/accounting-periods.htm#2