please advise me( corporation tax)

[Goro]

Hi,
I have just registered a new private ltd company with the company house 6/12/2017 however I have in business since May 2017, kept delaying the registration until it has gone way beyond the 3 Months now.

I have tried to fill the corporation tax information online straight after my registration, I am not sure how to fill it i.e
date on which the company's first accounting period is likely to begin?
date to which the company intends to prepare its accounts?
is the company likely to make returns on form CT61?

also how to tackle the issue of delaying the registration?

finally how or when do I get the UTR? do i have to wait for it or apply ?


Many thanks

 

[STDFR33]

The company cannot trade before it existed.

 

[Scalloway]

You need to register as self employed and include the business income prior to the formation of the company on your self assessment for the year to 5 April 2018.

 

[Goro]

Can i register as self employed with back date?

 

[Goro]

You need to register as self employed and include the business income prior to the formation of the company on your self assessment for the year to 5 April 2018.

Can i register as self employed with back date?

 

[Scalloway]

Yes. You have until October 2018 to register and not get any penalty.

 

[Goro]

Yes. You have until October 2018 to register and not get any penalty.

Thanks a lot

So shall i trade as self employed untill march 2018 then start trading as company after?

Many thanks

 

[Scalloway]

You can trade through the limited company now if you wish, it is up to you. You might be better to wait until the limited company bank account is opened.

 

[Goro]

thanks Scalloway, so what i understood that ( plz correct me if I am wrong) I do need to register as self employed from May till Dec then inform the HMCR that I have stopped being self employed.
I shall carry any new activates under the new company right?

finally if someone can advice me on how or when do I get the UTR? do i have to wait for it or apply ?

thank you very much for your help

 

[Scalloway]

Register for and file your Self Assessment tax return

https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed

You will get your UTR after you apply.

You need to fill out a self assessment after 6 April 2018. On that form you will enter the dates that your self employment started and ended. There is no need to inform HMRC before that.

You can carry on activities through your company from now on. You will need to open a bank account for the company as using a personal bank account will have adverse tax consequences.

I strongly recommend you appoint an accountant as company accounts and tax is a complex subject and it is very easy to pay too much tax.

 

[Goro]

Thanks for you reply,
Surely i will appoint an account for my business but I cant afford it right now, hopefully soon enough.

I have to Register as self employed then i will get the UTR but for the company do i have to do anything to get UTR or would it be sent automatically?

Business account? I thought to use my personal for now anx once the business well established i will get one, may i ask what are the tax consequences please
Sorry i am a bit slow

 

[STDFR33]

, may i ask what are the tax consequences please
Sorry i am a bit slow

32.5% tax.

A company bank account should be a priority. After that, you need an accountant. Get things wrong in a company can be very costly.

 

[Scalloway]

I have to Register as self employed then i will get the UTR but for the company do i have to do anything to get UTR or would it be sent automatically?

See my comments below:

fill the corporation tax information online straight after my registration
date on which the company's first accounting period is likely to begin? 6/12/2017
date to which the company intends to prepare its accounts? This should be set by Companies Hose when you registered the company
is the company likely to make returns on form CT61? No

 

[Scalloway]

32.5% tax.

A company bank account should be a priority. After that, you need an accountant. Get things wrong in a company can be very costly.

More information on the tax consequences here

https://www.gov.uk/directors-loans/you-owe-your-company-money

 

[Goro]

thanks Scalloway for all your help and time,
last question i promise, as a dictator of my new company do i have to register for the UTR number as self employed?

apparently there is no UTR for the company ( so how can i get paid in as company when i work in constructions? they asked me for UTR number

i am really confused

 

[Scalloway]

If you register as self employed you get a UTR. Use that for all personal tax.

As a company director you are not self employed. You are an employee of your limited company. The company needs to set up a PAYE scheme to pay your wages.

HMRC should have sent you a company UTR when you registered your company.

If you are really confused now you really need an accountant to help you with this. It will only get worse later if you don't.

 

[JCresswellTax]

Don't you have an accountant? If not, get one, you will need one for your Ltd company.

 

[okanda]

go for a lawyer please

 

[Newchodge]

go for a lawyer please

Please ignore this rubbish.

 

[GoingOnline]

As a director of a company you will likely need an accountant even if only so they can sort the real time reporting on PAYE on your behalf. They will also save you a lot of money by telling you about allowable expenses (and how to avoid doing things wrong and getting costly fines). They also will advice on registering for VAT so you can get that out of the way if it makes sense for your business before you start buying equipment.

We are talking 80-100 quid a month here. It's money well spent.

Nope, I am not an accountant. But I see their value!

 

[Newchodge]

@Goro
Why have you set up a limited company. Is it just so that you can get paid for doing construction work as a sub-contractor?

 

[Ray272]

For £100 a month it's worth it alone just to avoid the sleepless nights and ongoing worrying of a matter which will only hinder you in growing your business. Think of the hours days and weeks you are spending worrying about this one matter and you will realise it's the biggest threat to your business and more importantly, you.

 

[websensejim]

The OP already said he can't afford an accountant. Of course in an ideal world you want an accountant, but it is possible to do your own accounts and HMRC do allow you to submit your own tax returns and self assessment. Not easy but doable.

 

[Andri]

What is an OP? You can get advice on doing your own accounts and it can also be learned if really dedicated and depending on how complicated the setup is. There are also free resources to calculate your CT, however, still worth finding someone to help with a proviso to teach you as they go? Tutorem Accounts

 

[johndon68]

What is an OP?

Original Poster - i.e. the person who started the thread...