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!
- hMRand Customs Powers of Arrest 2,761 23
- Running two businesses from the same premises 58 1
- Late Registration for VAT 159 5
- Registering a company late 217 6
- Can someone help me please I don't know how to correct an error regarding an intercompany bank transfer on sage 260 4
- physiotherapy clinic 545 3
- It’s our staff Christmas party this week, what did you do for your firm? 1,895 18
- When do consolidated/group accounts needs preparing? 77 2
- Invest in ''buy to let'' property 1,004 25
- Deferred Tax 115 1
- Preference shares treated as liabilities 66 1
- I've not operated a payroll - will i get charged on late PAYE payments? 404 7
- How much of your work is admin? 165 1
- HMRC Let Property Campaign 1,790 19
- Goodwill complications 144 2
- Personal pension 213 3
- Practical Courses - Accounts Prep 171 1
- VAT Registration for locum Doctors 294 7
- IRIS Accounts Production - Dividends shown in P&L? 248 6
- Gov.UK - can we have HMRC.gov.uk back? 984 26
- TheTax Donut 1,009
- Double taxation relief - same income, different individual 669
- Buying goods in US and selling them to company in US 617
- Follower cases 484
- Limited company purchase of property 410
- Hive up 406
- corporate hierarchy 378
- Accounting referance change & deficient accounts. 373
- LIVE chat, starting now 317
- AIA or IFA 206