Limited to Limited

[Michelle863]

Hello

So I had been working through a limited company basis that had been arranged for me by a payment solutions company, I believe this method would be called a PSC?

In any case last October 2016 my marriage broke down and I was forced to leave my home, thus no longer enabling me to carry on working through that limited company geographically speaking. My payment solutions company have advised me they have wound up the limited company for me as there has been no activity through it for 3 months.

I am now in a position whereby I can start working once more and have just incorporated a new limited company myself that I would like to begin trading through.

My questions are these
1. for this tax year 2016/17 I am so confused with my tax obligations having in practise had 2 limited companies, as such how is my corporation tax calculated from now until tax year end on my new company and when will those taxes by payable? At the same time as my self assessment?
2. I have so far
Incorporated my new limited company
Set up a business account
This is the stage I am at and intend to start trading next week, is there anything crucial I need to do re tax liabilities and legal obligations before I start tradin?
3. Sorry to be a pest am in need of a good accountant I realise this

Thank you in advance
Michelle

[RonBW]

1. for this tax year 2016/17 I am so confused with my tax obligations having in practise had 2 limited companies, as such how is my corporation tax calculated from now until tax year end on my new company and when will those taxes by payable? At the same time as my self assessment?

Corporation tax is due nine months after the end of the company trading year. There is no link to self assessment, which is a personal tax. If your first company has been disposed of properly, then the corporation tax will have been paid and any remaining funds distributed. Assuming you were a shareholder and / or a director of the company, you will have been aware of this.

If you aren't, then you need to look carefully at the implications of having a managed service company (MSC) and the tax implications thereof.

2. I have so far
Incorporated my new limited company
Set up a business account
This is the stage I am at and intend to start trading next week, is there anything crucial I need to do re tax liabilities and legal obligations before I start tradin?

No. You might need to think about VAT registration, but you don't have to do that yet.

3. Sorry to be a pest am in need of a good accountant I realise this

There are a number in the thread of recommendations - I use Neil at InTouch who posts here.

[northernladuk]

Have a look at the accountant recommendation sticky at the top for list of people we either use or see on here regularly.

[Michelle863]

Corporation tax is due nine months after the end of the company trading year. There is no link to self assessment, which is a personal tax. If your first company has been disposed of properly, then the corporation tax will have been paid and any remaining funds distributed. Assuming you were a shareholder and / or a director of the company, you will have been aware of this.

If you aren't, then you need to look carefully at the implications of having a managed service company (MSC) and the tax implications thereof.



No. You might need to think about VAT registration, but you don't have to do that yet.


There are a number in the thread of recommendations - I use Neil at InTouch who posts here.

Have a look at the accountant recommendation sticky at the top for list of people we either use or see on here regularly.

Thank you for the advice