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Year End Tax/Returns Question new LTD Company

Year End Tax/Returns Question new LTD Company

Hi All,

My partner has just opened up a Ltd company for her DOg Grooming Business.

It is home based and not mobile, is almost 100% cash based business. We will be keeping good records of funds in, we expect the earnings to be below £10,000 annually. When the annual returns are due, because it will be likely under the personal tax threshold, could someone please explain the process required and what will be due? Thank you very much in advance

Best,

Dan

 

 

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03rd Dec 2018 10:21

Can I suggest that your partner do the decent thing and give advice and training on dog grooming for free to all their potential clients? It would surely be totally unacceptable for your partner to charge for what is essentially just a simple service. Why do you feel the need to make people pay?

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03rd Dec 2018 10:31

The personal tax threshold is irrelevant to a limited company. Accounts under the relevant financial reporting standard will be required, as will corporation tax returns and confirmation statements. Self assessment returns for directors and shareholders may be required, as may P11Ds. It wil possibly be advantageous to operate a payroll, in which case RTI filings are required monthly and the usual year end submissions.

I would suggest that you or your partner, who has potentially already made a mess of things by even opening the limited company for such a small business, seeks professional advice immediately because the mistakes you are making already have financial consequences in excess of the cost of such advice.

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03rd Dec 2018 11:02

Well done on forming a limited company for reasons that are not tax related. It makes a healthy change.

Having done so you really need to meet with an accountant because you will not be able to do this on your own, whatever help you can get from the internet. Not correctly, anyway.

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