just started a ltd company

biggoldring

i am ready to go LIVE and have set up all legal stuff etc.. i have heard if i keep any receipts to do with business related stuff i can cliam it back ???
WHAT can i claim back the tax i paid on the items, or the actual item cost it self ?
i have visited the hm tax website and business link etc.. but still a bit unsure, can some one please help ?

nickj_2

anything you buy or spend to do with your company can be you put down as a business expense , if you're unsure - see an accountant

SuziQ

Your accountant can give you a list of what you can claim,you don't 'get it back' though-it is offset against any profit you make so cuts your tax bill down. You can register for VAT once you are turning over a substantial amount (I can't remember how much-think it's over £50,000) and then you can claim VAT back but may also have to pay a VAT bill depending on your type of business. We were exempt to paying VAT as our business was transport,but we could claim back VAT. Either see an accountant or get onto free small business course as all this will be covered for you.We found the use of a good accountant saved us far more than it cost us!! We didn't pay any tax at all the first couple of years-although you have to be careful as Companies house can start looing into you to see if you are viable if you continue to be under the radar for tax as they may consider the business isn't viable. Again a good accountant will pay for his own bill in the advice he gives- we used a 'mobile' who was very good value as we weren't paying for swanky offices and posh secretarys!

Good luck in your new venture!!

Tallymanjohn

Your local tax office should run regular seminars about setting up in business - day long course which will give you loads of useful, & correct, info. Definitely don't bother about registering for vat unless your turnover is over the limit or sometimes you'll find that companies that you deal with may insist on you being vat registered - either way, it adds a lot more paperwork to your busines and the vat-man is much tougher than the tax-man.

Try & get a personally recommended accountant, as some book-keepers advertise themselves as being able to do accounts whereas a proper accountant knows the law as well as being able to add-up.

SuziQ

Tallymanjohn wrote: »

Your local tax office should run regular seminars about setting up in business - day long course which will give you loads of useful, & correct, info. Definitely don't bother about registering for vat unless your turnover is over the limit or sometimes you'll find that companies that you deal with may insist on you being vat registered - either way, it adds a lot more paperwork to your busines and the vat-man is much tougher than the tax-man.

Try & get a personally recommended accountant, as some book-keepers advertise themselves as being able to do accounts whereas a proper accountant knows the law as well as being able to add-up.

what he said!

Ste_C

Why are you starting a Ltd company?

With respect, if you're asking these questions it makes me wonder whether you know what you're letting yourself in for. Running a Ltd company is very different from being a sole trader.

biggoldring

Ste_C wrote: »

Why are you starting a Ltd company?

With respect, if you're asking these questions it makes me wonder whether you know what you're letting yourself in for. Running a Ltd company is very different from being a sole trader.

I manage a Ltd as i manage a publishing company that deal's with many law's eg copyright, data protection etc... I will be dealing with many clients and business's I did my research well, but this tax issue was just a little confusing as I thought I could do it with-out an accountant, I hoped all I needed was a good book and maybe the software SAGE etc... I wanted to know what to claim back on etc... but I think after reading the advice I will see how much I make in 6 months and then see an accountant.

LittleVoice

Who does the proof-reading for you?

biggoldring

LittleVoice wrote: »

Who does the proof-reading for you?

editors and a poetry specialist read and edit submitted work, I am not a one man team just a director who needs help

orangeslimes

biggoldring wrote: »

I manage a Ltd as i manage a publishing company that deal's with many law's eg copyright, data protection etc... I will be dealing with many clients and business's I did my research well, but this tax issue was just a little confusing as I thought I could do it with-out an accountant, I hoped all I needed was a good book and maybe the software SAGE etc... I wanted to know what to claim back on etc... but I think after reading the advice I will see how much I make in 6 months and then see an accountant.

Make sure you keep all your receipts/invoices/bank statements in an organised way in that case. I really think it might be worth going to see a (decent) accountant now if you are not sure how everything works because they can advise you and make sure that you do the bookkeeping right (and they will like you more than if you turn up in 6 months with a load of random pieces of paper in a mess)