New limited company first year tax returns due. Have I got it right?

Hello,

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

Expenses: £15,000
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

 

Questions;

  • 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!

Comments
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I have to be honest with you.

Fred Smith |

Well

thisistibi |
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Practical stuff...

wilcoskip |

Thanks

sgray |

@wilcoskip

sgray |

Strange

petersaxton |
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iXBRL

petersaxton |
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don't forget companies house

taxhound |
taxhound's picture

Use of home as office

petersaxton |
petersaxton's picture

If you started trading on 3

young ronaldo |

Limited company

peterlashmar |
peterlashmar's picture

Get an accountant

asillahi |

Hi,

khalm0 |

Any Answers or Touting For Business?

petersaxton |
petersaxton's picture

EU directive re cash accounting

Malcolm Veall |
Malcolm Veall's picture

Penalties

petersaxton |
petersaxton's picture

It's sad really

Chris Smail |
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I can see the cost saving

Fred Smith |

?

thisistibi |
thisistibi's picture

The OP doesn't say whether a

Bob Long |

Likely?

petersaxton |
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@peter

thisistibi |
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Self assessment v Limited company

petersaxton |
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I can fix my car ...

Old Greying Accountant |
Old Greying Accountant's picture

Agreed. I can do DIY, but I

Bob Long |