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Corporation Tax,
Hi all,
Just wondering how any of you that are limited companies deal with corporation tax, do you do it yourself or get an accountant to do it, ours this year isn’t so bad we have 2006/2007 to do and we only really started trading under the limited company this June, but I have been sent what I think is a self assessment form, not one that has to be done by a chartered accountant, but on the other hand I heard that all corporation tax has to be done by a chartered accountant, does anyone know for sure, leaving it late I know but I always manage to it seems. -
9 Replies
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Steve,
As far as I Know, company accounts must be audited. and therefore by a chartered accountant.
you will still get your self assessment form, because you will still have to pay income tax on your earnings from the company, and other sources.
The company pays separate taxes on profit, currently 20% I believe for companies earning less than £300,000
have a browse here and see if you can make sense from it…
http://www.hmrc.gov.uk/rates/corp.htmPeter
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I just found this…
"A company must appoint an accountancy firm to audit their accounts if it has an annual turnover greater than £1,000,000. Companies with a turnover of under £1,000,000 a year can claim exemption from audit but must include a report by a qualified accountant. Companies with a turnover of under £90,000 may dispense with an audit completely. If exemption from audit is claimed the accounts must include a note stating the basis for claiming exemption."
We have turned over way way less than 90k, so maybe well be ok, will have to give them a ring Monday.
Steve -
Hi Steve.
I operate as a limited company but my accountant handles the mechanics, so I can’t tell you the exact thresholds, but we are exempt from audit and only have to file abbreviated accounts with Companies House.
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Hi Steve
Not sure about the legalities of it but we went LTD 3 years ago and right from the start I have had an accountant look after the accounts. Costs a little under £500 for the year and he sorts out all our PAYE for that. Broken down to £40 odd a month it ain`t worth my time by doing it any other way.I hope that that makes sense.
In a nutshell let them do what they do best while you do what you do best.
Thats my opinion anyhow
Cheers
Gary
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quote Gary Birch:Hi Steve
Not sure about the legalities of it but we went LTD 3 years ago and right from the start I have had an accountant look after the accounts. Costs a little under £500 for the year and he sorts out all our PAYE for that. Broken down to £40 odd a month it ain`t worth my time by doing it any other way.I hope that that makes sense.
In a nutshell let them do what they do best while you do what you do best.
Thats my opinion anyhow
Cheers
Gary
Who do you use, as this year cost me over £1200 inc VAT………….
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quote John Childs:Hi Steve.
I operate as a limited company but my accountant handles the mechanics, so I can’t tell you the exact thresholds, but we are exempt from audit and only have to file abbreviated accounts with Companies House.
We did file abbreviated acounts too John, they were accepted fine also, I will ring up some unbiased accountants like Lisas uncle on Monday.
We dont turn over a lot yet, and we wont employ anyone until Summer comes, so think this one might be quite straight forward
Thanks for taking the time all.
Steve -
Hi Graeme
I use a local accountant to me. He is a franchisee of AIMS. http://www.aims.co.ukCheers
Gary
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Hi Steve
as your earlier post indicates – I believe – turnover under 1 mil and the accountant has only to be qualified – ie not necessarily chartered.
My accountant is chartered however and like most I’m nowhere near the threshold costs me £1300 pa for that he does my accounts and personnal tax returns – I do my own vat.
John
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Im going to ring the Tax office on monday, thatll sort it Ill know for sure then.,
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