I need help filing tax returns with my one man limited company

jeystone

I started a one man limited company last January, and I now need to file my tax returns, but have no idea where to begin..can i just fill out a ct600 or 603? what is the simplest way to go about this, I just want to do the minumum work to avoid fines..

my accounts are very simple so far only 10 invoices but for large amounts...how much am I allowed before I have to pay tax?

wombles_forever

Tax returns for a limited company are a lot more complicated than for a sole trader and most people use an accountant for this.

However try http://www.hmrc.gov.uk/ct/getting-started/new-company/start-up.htm and see if it helps.

juggler7

wombles_forever wrote: »

Tax returns for a limited company are a lot more complicated than for a sole trader and most people use an accountant for this.

However try http://www.hmrc.gov.uk/ct/getting-started/new-company/start-up.htm and see if it helps.

so no new information there...

Anyone with a direct answer? to save me from reading 20 pages and going around in circles from website to website? preferably someone who has done this already and doesnt just point me to links I already know about

Hammyman

Get an accountant to do it. Should cost you no more than £250 if your accounts and receipts are in good order.

ILW

First you need to produce company accounts. (It's the law)
Then any money you have taken from the company whether salary or dividends can be entered on your own tax return

jeystone

Hammyman wrote: »

Get an accountant to do it. Should cost you no more than £250 if your accounts and receipts are in good order.

£250? no thanks...Im not making megabucks here

company accounts, is that invoices? a spreadsheet?

the hmrc website is useless they never seem to get to the actual point of what you need to do...they go on and on about details and this and that but never actually make it clear which form you fill out..

I think one bloody form should suffice, but I guess they enjoy being unclear and collecting fines later when people dont know how to file a tax return

pipscot

jeystone wrote: »

£250? no thanks...Im not making megabucks here

company accounts, is that invoices? a spreadsheet?

the hmrc website is useless they never seem to get to the actual point of what you need to do...they go on and on about details and this and that but never actually make it clear which form you fill out..

I think one bloody form should suffice, but I guess they enjoy being unclear and collecting fines later when people dont know how to file a tax return

Running a business as a limited company means that you must follow strict rules with regard to the layout of your accounts and strict timescales for filing them.

Since you seem unsure about what accounts actually are (profit & loss statements and balance sheets etc), I strongly advise you to contact an accountant to make sure you are complying with the law.

It is possible (and many people do it) to run a ltd company without the help of an accountant but you need to know what you are doing. Most people find out about this BEFORE starting their ltd company.

If you are absolutely determined not to use an accountant then you urgently need to go on a course or read some books about this, however £250 on an accountant is probably going to be money well spent since you may find yourself with fines to pay if you don't comply with the rules (and most good accountants will manage to save you the equivalent of their fee by suggesting ways of reducing your tax bill!).

Sambucus_Nigra

juggler7 wrote: »

so no new information there...

Anyone with a direct answer? to save me from reading 20 pages and going around in circles from website to website? preferably someone who has done this already and doesnt just point me to links I already know about

How rude. How does anyone here know what you already know and what you don't?

One would presume that you had investigated this before you started up a one man limited company.

chipmunk

Sorry, not got any advice to give, just a bit confused about who the OP is. He started out as jeystone then changed to juggler7 then back to jeystone again ! Confused.....

Meepster

chipmunk wrote: »

Sorry, not got any advice to give, just a bit confused about who the OP is. He started out as jeystone then changed to juggler7 then back to jeystone again ! Confused.....

That's exactly what I was thinking... :think:

mlz1413

jeystone wrote: »

£250? no thanks...Im not making megabucks here

company accounts, is that invoices? a spreadsheet?

the hmrc website is useless they never seem to get to the actual point of what you need to do...they go on and on about details and this and that but never actually make it clear which form you fill out..

I think one bloody form should suffice, but I guess they enjoy being unclear and collecting fines later when people dont know how to file a tax return

The bolding shows that you have no idea what you are doing!
pay the accountant this year and ask them how to go back to being a sole trader.

you need to understand what turnover is and how from that gross profit and then nett profit is calculated - just to be a sole trader.

Oh and I love your last paragraph! I'd love to see you use that as a defence against your fines too.

PS you say your 10 invoices are for large amounts, so are you approaching the VAT threshold yet?