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personal tax planning/paye/vat/corporation tax/HMRC/Companies House

1st Mar 2011
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Personal tax planning

Personal tax return forms

At some stage I will need to correspond with HMRC regarding your personal tax affairs to include allocating best your personal allowances, making sure that your personal tax is computed correctly, entering your savings and investments etc.

I have completed the enclosed HMRC form 64-8 as far as possible and would therefore be grateful if you can fill in the UTR number of the company, sign and send to:

HM Revenue and Customs, Central Agent Authorisation Team, Longbenton, Newcastle upon Tyne, NE98 1ZZ.

Please let me know at the time this document is posted by you to HMRC.  I would be grateful.

 

New company company number 0000007

Paye

I would not advise the company to register for a paye scheme for any of the directors/employees if you all seek to retain your employments.

If any of the directors/employees do decide to leave your present jobs so you’re your circumstances change then it would be in your personal interest to set up a paye scheme as in this way employees are able keep up national insurance contributions and thereby qualify for state benefits including state retirement pension.

 

Vat

If you are incurring heavy business expenditure on behalf of the company then I would advise that on behalf of the company that you register it for vat.  In this way the company is able to reclaim all vat expended on items such as business machinery, hardware/office equipment/software; utility bills and also on purchases for the business.  It makes no difference to your eventual customers (because of the nature of the sales) if the sales have vat/nil vat and so this is an area for us to discuss quite soon.  Please make sure that you keep all your purchase invoices so that input vat claims can be made.    (customs.hmrc.gov.uk/channelsPortalWebApp/downloadFile?...is the vat application form.)

New company company number 0000007

Are you in receipt of a communication from HMRC that writes at its top HMRC unique tax reference number for the new company?  If so then would you mind scanning this document to me?  In this way I can apply to represent this limited company as agent and so properly advise you.

Are you in receipt of a communication from Companies House that writes a CAC code that is a company authorisation code.  This code enables me to eventually file limited company accounts at Companies House.

Companies House

Date of incorporation: 01/03/2011: Registrar of Companies will make up the accounting date to the end of the month of the following year that is 31032012.

Filing dates for the annual return of the company is 12 months after the date of incorporation that is 01/03/2012. Financial accounts filed at the register nine (9)  months from the accounting year end of 31032012 that is 31122012.

HMRC 

CT 600 (HMRC form) and financial accounts to be forwarded to HMRC 12 months from the accounting year end date that is 31122012.  The tax, however, is paid 9 month from the year end date that is 30092012.  This is what is meant by HMRC ‘pay (first) and file (second.)’

Please note that in the first period of trading for a limited company I must prepare two forms CT600 as this is for one year only and so I must prepare one from 01032011-28022012 and the second from 01032012-31032012(one month.)   Thereafter just one form CT600 will be filed at HMRC to 31032012 unless together we change the financial year of the new ltd company.

davidbarryaccountants.co.uk

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