New limited company first year tax returns due. Have I got it right?
Thanks for your time.
Last March I started a company and the company accounts year ends on the 3rd of March. I just want to run by you what I've gathered so far about tax implications for Limited Companies to see if I'm barking up the right tree :)
I'm all up for getting an accountant to do the actual end of year returns but I want to understand my company accounts too!
So based on an example total turnover of £50,000;
Total turnover: £50,000
Salaries (myself and my wife at £442 per week): £10,608
Total expenses: £25,608
Total pre-tax profit: £24,392
Total corporation tax due (20%): £4,878.40
Profit available for dividends: £19,513.60
- Does this look correct?
- I only have to fill in a Limited Company tax return? Or are there more forms?
- Paying ourselves this salary which is the NI threshold, the company doesn't have to pay tax on the salaries?
- My wife and I, we don't have to pay tax on these salaries either?
- I'm able to then give the remaining amount (or a part thereof) to myself as dividends. The company doesn't pay tax on dividends. Do I have to pay tax on those dividends?
- Finally, do we have to fill in a standard self assessment? Or not because we are seen as an employee of the company and the salary is below the NI threshold?
Thanks for your time!
- How a company director can keep paying £833 70 4
- Community awards 2014 - first category 189 7
- Suggested tips to become a better accountant? 474 14
- Employee steeling client data 115 1
- Do most of you still use MS Office? 1,356 23
- Small bus. accounting software with departments 189 5
- Subsistence Exclusions 131 3
- Insurance Claims - Legal Services 92 1
- CT600 274 9
- VAT Office Grimsby 212 4
- signature required 913 34
- i want to get the reserves below 25K 189 1
- Can you help me spot errors? 337 4
- format cell to exclude decimals 330 17
- WHAT THE HECK IS GOING ON AT HMRC? 150 2
- Form VAT 600 FRS 89 1
- Dividend Waiver and Settlement Legislation 153 2
- Payment plans for clients 279 3
- Supply of service to EU community body exempt from VAT 96 1
- Lease 148 4
- Auto enrolment excuses 1,307
- Feedback on accounts production software for IFRS 853
- Add T&Cs to Sales Order in Sage 548
- Credit where credit's due....... 339
- Buying goods in US and selling them to company in US 261
- TheTax Donut 232
- Double taxation relief - same income, different individual 188
- Semi retired FCA or equivalent 180
- Director's business mileage 151
- Sole trader CPD 145