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Tax Return and Book keeping

SORN
SORN Posts: 138 Forumite
Seventh Anniversary 100 Posts Combo Breaker Name Dropper
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I have just started my LTD company and I want to know more about tax return and book keeping

is tax return done at end of the year?
when you do your tax return, do you need to show your book keeping? and give all the receipts regarding all the expenses you had for the business through out all the year

Thank you in advance for your support

Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Don't take this the wrong way but this is basic stuff that you should have researched before going into business.

    Plenty info on the .gov site for new business
  • tacpot12
    tacpot12 Posts: 9,426 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Have a look at this page:
    https://www.gov.uk/prepare-file-annual-accounts-for-limited-company

    You will need to send a copy of your accounts to the HMRC when you file your return, but you won't need them auditing if you meet the criteria for the small company exception. You may have to show all your books of acccounts and items such as invoices, remittance advices, and receipts to HMRC if they decide to investigate the company. In theory, they can investigate any of the previous six tax years, so you need to keep all your tax records and supporting papers for seven years.

    You will need to send your accounts to Companies House as per the link above.

    Will you be doing your own bookkeeping through the year?
    Will you be preparing your own accounts at the end of the year?

    I'm not sure what the going rate is for an accountant to prepare your accounts at the end of the year, but the cost is usually not prohibitive if your booking keeping is done well. Having an accountant prepare the annual accounts will ensure that you don't fall foul of any of the tax rules.

    Your accountant will also be able to help you setup a payroll and pay PAYE and NI correctly, and will also ensure you comply with regulations on charging VAT.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    edited 3 June 2018 at 9:16PM
    wow, given the stilted English, and the (apparent) fact you run a Ltd company, the only advice that is worth giving is:

    GET AN ACCOUNTANT before you make a huge mistake
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