Tax Return Aggghhh im not trading yet. 15 March 2005 at 8:36PM edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving 9 replies 1.1K views

angeldiva

Help someone out there.

I registered my company (Shoe Lagoon) to preserve its pretty name and since then (November) my business has done nothing. Not made any money, has no employees other than me the director, nothing. Im really just researching it.

So in theroy now I have been sent a tax return which must be filed by the 19th May, do I just put a big fat 0 in all the boxes?

Chippy_Minton

I assume you mean the P35 - Employer's Annual Return and P14s, which covers PAYE income tax and NICs for employees and directors. These must reach the Revenue by 19 May. Other forms, e.g. P11D (expenses and benefits) must be submitted by 6 Jul.

I don't know the answer to your question - ask your accountant (if you have one) or phone your local Inland Revenue office number printed on the form or the new employer helpline - 0845 60 70 143.

Note that the Revenue will pay you £250 tax-free (£825 over the next 5 years) if you file online instead of sending the paper forms. See https://www.inlandrevenue.gov.uk/payeonline and also http://www.inlandrevenue.gov.uk/employers/empbull19-supp.pdf, the online filing supplement to the Empoyer's Bulletin Issue 19.

There's also a short MSE thread - http://forums.moneysavingexpert.com/showthread.html?t=20901 on this incentive.

Savvy_Sue

In fairness to the IR, the only way they can know that you haven't made any money from the company you've registered with them is if you tell them. It is far better for them to send you a return which you send back with a big 0 in all the boxes, than that they don't send you a return, and you realise a few months too late that you haven't yet told them you've made some money, and as well as a big fat tax bill you also have a fine for late filing!

Yes do phone the local office: I have always found them very helpful.

robnye

i agree, phone your local tax office..... they are not as frightening as you imagine them to be...... :eek:

angeldiva

Chippy you were right it is the P35 Annual Return, but its true I have no Employees or anything. I don't have an accountant because it doesn't seam worth it since its a nil return and also my company has no activity.

Thank you and Sue and Robnye, it really does make sense to phone them I really shouldn't get all worried and call and talk to them...im going to do that first thing in the morning.

I love this site x x

Angel

Chippy_Minton

Angel, as a director you'll have to put yourself on the form, with a '*' against your name.

camstop

Savvy Sue's hit it right on the spot

Trow

Chippy_Minton wrote:

Note that the Revenue will pay you £250 tax-free (£825 over the next 5 years) if you file online instead of sending the paper forms. See https://www.inlandrevenue.gov.uk/payeonline and also http://www.inlandrevenue.gov.uk/employers/empbull19-supp.pdf, the online filing supplement to the Empoyer's Bulletin Issue 19.

There's also a short MSE thread - http://forums.moneysavingexpert.com/showthread.html?t=20901 on this incentive.

This only applies if a return is required - i.e. someone has earned over the lower earnings threshold, so it would not apply in this case.

Trow

As far as the original question is concerned, I have had two people from the Inland Revenue advise me differently.

One says that you should send in the return with nil in all the boxes.

The other says phone them and they will register it as a nil return as they have enough paperwork without extra forms being sent in.

The second advice is the most sensible and, knowing who gave it, the most plausible. If you want best advice I would say get in touch with your local Business Support Team - their role within the Inland Revenue is to offer such advice, and they are in my experience Sh*t hot at their jobs.

More information on the Business Support Teams here: http://www.inlandrevenue.gov.uk/bst/

Good luck

camstop

Yes you can do it either way.