Sales tax

Wywth

Dannycelluk wrote: »

Thanks for the reply

I dont understand it all yet, no. The company has only been set up since November.

I understand i need to let HMRC know within 3 months of when i start trading. and i know i need to file my first return 1 year after this.

is that correct?

When we start bringing in some money, then i will get an accountant, but it doesnt make sense to pay £160 a month for an accountant while we are not trading.

Reporting to HMRC is just a small part of the oberall responsibilities of running a limited company.

The good news is that if you have registered a limited company, HMRC usually contact you. In fact as you did this in November, I'm surprised they have not been in contact yet.
Corrporation Tax, PAYE, etc.

AbbieCadabra

procdolydin1985 wrote: »

Yes I started a limited company, my bro earns less than 20k and I earn more than 40k so I need to find the most tax efficient way to pay both of us, i heard dividends maybe the bezt way? we might not claim anything for the first year tho, and put it all back into equipment/stock. Where did you get the 28.33% from?

basic info on paying dividends etc can be found on my link from earlier

AbbieCadabra wrote: »

some guidance here if you need any more info, you really would be better off getting an accountant some time soon as filing Limited Co. accounts at companies house is not easy!

your accountant is the best person to advise you as they'll be aware of your personal circumstances.