Being employed and running a business?

A few questions about being employed and running an LTD company on the side

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I am currently full time employed and have just formed an LTD company on the side to buy and sell goods online.

I will not be paying myself a salary through the LTD company as I will probably only pay myself using dividends. However as this is a new company I would rather just keep the money within the company and not pay myself for at least a year. Therefore will I need to register for self assessment?  

I also assume I will need to register for corporation tax? 

Are there any other tax implications or things that I should be aware of on my situation? 

Thanks

Replies (5)

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By johngroganjga
28th Jul 2017 04:03

Yes your company needs to register for corporation tax so that it can pay tax on its profits.

The other things you need to think about are how you are going to keep records of the company's transactions, the company's legal obligations to prepare accounts, and file a version of them at Companies House (and the deadlines for doing so) and who is going to prepare them.

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By User deleted
28th Jul 2017 08:30

If you can resist, you would be well advised to have a discussion with an accountant and tax adviser. Take recommendations from trusted friends, possibly colleagues.

The reason I say this, is that, you may have the best of both worlds here and, it would be a shame to spoil things, because you didn't ask for and, take advice.

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RLI
By lionofludesch
28th Jul 2017 08:52

Chances are that you won't need to register for self assessment just yet.

But there's not enough information to say definitively.

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Replying to Tornado:
RLI
By lionofludesch
28th Jul 2017 11:19

Sure - something that everyone but HMRC knew, apparently.

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