Minimum amount of paperwork

[Deleted member 160124]

I am thinking of setting up a small company in the UK. As this would only be a side-business (I expect only ~5k profits/year) I do not have a lot of time to invest on taxes and other paperwork. I would like to run it as a Ltd though and would also prefer to register for VAT since I am almost exclusively dealing with other companies. A large fraction of the business would also be with other EU countries.

Can anyone tell me what the minimum amount of annual paperwork for this is? I assume I will definitely need to fill out an annual income tax form and a VAT form, but what else do I need to do? Would it even be worth it for such a small profit?

 

[Scalloway]

As well as tax returns you will need to file an annual return and an annual set of accounts with Companies House in iXBRL format. YOu can kill two birds with one stone by using HMRC's CT600 software to submit the annual accounts and Corporation Tax return.

 

[Alan]

VAT you need to do quarterly.

 

[David Griffiths]

VAT you need to do quarterly.

Or annually.

 

[Deleted member 160124]

Thank you for your responses. So as far as I can tell, this is what I would have to do:

Set up:
- Register company online
- Register for VAT

Quarterly (or maybe annually):
- VAT return

Annually:
- Self-assessment tax return
- Annual return
- Annual set of accounts and corporation tax return

Am I missing anything? What happens when I am doing business with a company in another EU country? As far as I know I won't have to pay/charge VAT then but I will need to record their VAT ID, correct?

 

[Scalloway]

If you get a VAT number from a non UK EU company you zero rate the sale. You have to record it on you VAT return as reverse charge, ie both pay over the appropriate VAT and claim it back at the same time with a net effect of zero.