What I need to know about TAX

[jalal.din]

Hi Guys,
I really appreciate your help here. I need to know about the corporate tax. I done contracting for couple of months. new private limited company created . No payrolls processed and NO VAT needed. One year of company formation is done couple of weeks back. What I need to do now for taxations etc? Already filled the online Annual returns form 353 and paid 15£ for it. What else I need to do? Do I need to pay on the income of the company? How and where and how much?

I done contracting for couple of months last year starting from 18 Sep 2008 till November 2008. I used online website to create the company with my wife owning the 100% shares. My contract was terminated quickly and I landed in perm job once again in Jan 2009. i received around 3 payments and done some expenses. I spent 30% of funds went to charities 40% to dividends and expenses and around 30% is still in account.

I hired an accountant for three months and paid him the money but he was not helpful as he was on holidays most of the time. This time I want to do it myself as I don't want to pay 500 pounds for annual stuff.

I havn't paid any taxes for company earnings yet I am worried now.
regards,
jalal

[Crossroads]

Get an accountant. It will work out less costly than screwing it up yourself.

[BrilloPad]

I havn't paid any taxes for company earnings yet I am worried now.
regards,
jalal

Corporation tax is paid 8 months after year end. And you can have a first year of up to 17 months(I think). Though you need to pay PAYE monthly (or every 3 months).

So stop worrying!

But you need help from an accountant. Look only the right side of this page under "First Timers". Search the threads here and you will find a few recommended accountants.

HTH

[northernladuk]

Give me strength....