Limited Company Tax Return Issue

I am in the process of filing my first year accounting period for my limited company and after spending many hours of reading all the information on HMRC’s website and speaking to HMRC on the phone, I am more than a little confused as to what forms I should be filing in addition to the CT600. Am I an employer who employs myself? How can I be self employed and also an employee??

Firstly, enlisting the services of an accountant is not an option for me as I simply can’t afford one but seeing as my accounts are extremely simple and I have done my own tax returns before, I should be able to get my head around this...if someone is kind enough to spare a little time to explain things in basic plain English

Here’s the background: I have been self employed for many years, (sole trader basis, no employees, just me!) And have always done my own book keeping/accounts/tax returns. In April 2011 I had a career change and began working from home as a virtual customer service advisor. The work is provided via a company called Arise. This is on a self employed basis and you must set up a Limited Company. Basically, Arise pay me for the hours I work, paid into my business account, and this is what I use for my wage and to cover any expenses.

I keep my accounts very simple. There are a number of expenses I could claim (percentages of this & that) but don’t because my income is low and so is the amount of tax to pay, so I just don’t see the point in complicating things for the sake of paying a few pounds less in tax.

Accounting period is for 01/04/2011 to 31/03/2012

Revenue 7507.90 - total of all payments received from Arise

Wages 7068.00 - amount paid to self, purposely kept below the employee thresh holds for tax and national insurance, to keep the accounts simple and perfectly acceptable considering the amount of revenue anyway.

Expenses 344.93 - the only expenses claimed are those necessary for me to do my job (computer equipment/software/repairs & printing)

As you can see the accounts are very simple...and income very low, hence the reason why I have to (and want to) do this myself.

So, I have completed the CT600, using the software provided by HMRC. Fairly straight forward, although I was thrown by the ‘accounting policies’ part and probably haven’t done that quite right.

The question now is what other forms do I need to fill in to complete the process? I have received a SA103 but I’m not sure that this is the correct form to file. I have phoned the corporations tax office a few times for advise but based on their information I should be paying contributions for my employees, doing something about directors dividends, filling in self assessments, filing a self employed tax return and requesting employee tax codes (???)

Please, will someone just point me in the right direction, then I can get it right, pay what I need to and forget about it for a year!

  

Comments
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Seek an accountant

tladirect |

Why bother?

petersaxton |
petersaxton's picture

Limited company?

sawales |

Sawales

petersaxton |
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Definitely seek an accountant's advice

sparkler |

Thank You

juliemagee |

Contradictory

petersaxton |
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One thing

mr. mischief |
mr. mischief's picture

I have not come across the

sparkler |

Sparkler

petersaxton |
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yep!

mr. mischief |
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So Sorry....

sawales |

By all means breath

petersaxton |
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@mr. mischief:Wud U support campaign 4 an E2E ST & CIS Teach-In?

dstickl |

Fair enough

sparkler |

My view

petersaxton |
petersaxton's picture

You mentioned expenses and

Jenni |

Employer registeration not required

juliemagee |

The "you're providing them

Jenni |

Thank You Jenni

juliemagee |

You should register as an employer

petersaxton |
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Above the LEL limit

juliemagee |

Who's reliable

petersaxton |
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Oh yes they do

petersaxton |
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Fine?

David Franks |

CT600 filing

juliemagee |

It is the same

petersaxton |
petersaxton's picture

?

David Franks |

Different account periods

juliemagee |

HMRC accounting period

petersaxton |
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?

David Franks |

IXBRL tagged spreedsheets

juliemagee |

confused ?

juliemagee |

Wrong

petersaxton |
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Be fair, nearly everything ...

Old Greying Accountant |
Old Greying Accountant's picture

Something must be wrong

juliemagee |

I was right!

petersaxton |
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ARD given by Companies House is always the end of the month

petersaxton |
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SORRY!

Old Greying Accountant |
Old Greying Accountant's picture

Definately a wrong ARD

juliemagee |

Peter beat me to it ...

Old Greying Accountant |
Old Greying Accountant's picture

The best way to solve this

petersaxton |
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I amaze myself sometimes.

Old Greying Accountant |
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?

David Franks |

Julie

petersaxton |
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There can still be problems

petersaxton |
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It was ...

Old Greying Accountant |
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I read this whole thread.....

mackthefork |

It is a very common mistake

petersaxton |
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Companies House filling dates confusion

Olando |