Self Assessment

[Amsi]

Hi all..newbie here.

Set up Ltd co in November 2017...started contracting / getting income from 2nd January 2018 onwards.

Got my head around all the company stuff, and have an accountant (Paystream) to do the tax stuff for that.

But, for my personal / company director element..i'm a bit lost.

What are the timings? Do I need to register for self assessment now..ASAP, or do I do it once the next financial year starts?) What dates should I go from?

Any help / advice would be much appreciated.

Thanks in advance

[Major Hassle]

Hi all..newbie here.

Set up Ltd co in November 2017...started contracting / getting income from 2nd January 2018 onwards.

Got my head around all the company stuff, and have an accountant (Paystream) to do the tax stuff for that.

But, for my personal / company director element..i'm a bit lost.

What are the timings? Do I need to register for self assessment now..ASAP, or do I do it once the next financial year starts?) What dates should I go from?

Any help / advice would be much appreciated.

Thanks in advance

Death and Taxes no escaping either, no benefit in delaying registering and no downside to doing it now. Saves a last minute rush for a UTR and a possible fine for late payment.

[Fred Bloggs]

It is common that the accountant registers for PAYE and often (not always) looks after your personal tax return too. Check the terms you signed up for to see if you are getting what you are paying for.

[Lance]

Set up Ltd co in November 2017...started contracting / getting income from 2nd January 2018 onwards.

>>>>SNIP<<<<<

What are the timings? Do I need to register for self assessment now..ASAP, or do I do it once the next financial year starts?) What dates should I go from?

Deadline for submission of your tax self assessment, and payment, for the current tax year (17/18) when you setup the company, is 31st January 2019.
Plan for at least 2 months to finalise the information as well as getting your UTR and SA access ready. So plenty of time, but don't leave it till 15th Jan 2019.

[TheCyclingProgrammer]

Firstly seeing as you only just started making money, do you anticipate having any extra tax to pay for this tax year? It depends on your other income but you can pay the first £5k of dividends without paying any tax anyway.

If you have no income for 17/18 that you are due to pay tax on you have no requirement to notify HMRC and register for self assessment (simply being a company director does not mean you have to register for self assessment despite what the gov website says).

In which case assuming you probably will have income tax to pay on your dividends for 18/19, you have until 6 October 2019 to notify HMRC and register for self assessment and it will be due by 31 Jan 2020.

If you do end up owing tax for 17/18 then you have until this October to register and it will be due by 31 Jan 2019, as Lance said

Either way there’s no rush.

[Amsi]

Thanks guys!

I think it's just been a bit overwhelming getting to grips with everything. Appreciate the pointers