company profit / turn over - tax office
- Thread starter deano
- Start date
Is it an actual company, or just a sole tradership?
If the former, I would have thought you'd know, so I guess you're talking about a personal business. In which case, you'd need to declare it on a self assessment tax form, the deadline for which you have just missed.
So... how much money did the company make?
I'm guessing you'll have to declare, as if you earnt less than your personal allowance, you'd probably have died due to not being able to afford a house or food.
On the off chance that it is a company... I'm not certain. I don't think a company gets any allowances, though if the profits are low you'll get taxed at 19% instead of 30%. There is a 0% rate, but I don't know what you have to do to qualify for that.
If the former, I would have thought you'd know, so I guess you're talking about a personal business. In which case, you'd need to declare it on a self assessment tax form, the deadline for which you have just missed.
So... how much money did the company make?
I'm guessing you'll have to declare, as if you earnt less than your personal allowance, you'd probably have died due to not being able to afford a house or food.
On the off chance that it is a company... I'm not certain. I don't think a company gets any allowances, though if the profits are low you'll get taxed at 19% instead of 30%. There is a 0% rate, but I don't know what you have to do to qualify for that.
hi, thanks for the info 
it is a company but profits are very low. Have a day job to pay for house, food
most of the accountants i have spoke to want £800 + vat to do the accounts and submission to comapnies house
may just go out and see about getting a loan and try and get some more work through this year.
it is a company but profits are very low. Have a day job to pay for house, food
most of the accountants i have spoke to want £800 + vat to do the accounts and submission to comapnies house
may just go out and see about getting a loan and try and get some more work through this year.
deano said:hi, thanks for the info
it is a company but profits are very low. Have a day job to pay for house, food
most of the accountants i have spoke to want £800 + vat to do the accounts and submission to comapnies house
may just go out and see about getting a loan and try and get some more work through this year.
Yeah, accountants are very expensive. I should know, working for a big firm of them
Are profits so low that you'd struggle to afford £800 + VAT? What sort of state are your accounts in? Have you prepared any kind of accounts, or is it still just in ledgers? Are you doing the accounts on a computer or on paper?
I'd offer to do the work, but I'm pretty sure I've signed an agreement with the company to say I won't do any freelance work... I might get away with doing a thumbnail sketch for free though.
If you want to e-mail me some brief details, my e-mail is in trust.
Soldato
- Joined
- 23 Nov 2004
- Posts
- 10,650
vonhelmet said:Yeah, accountants are very expensive. I should know, working for a big firm of them
Are profits so low that you'd struggle to afford £800 + VAT? What sort of state are your accounts in? Have you prepared any kind of accounts, or is it still just in ledgers? Are you doing the accounts on a computer or on paper?
I'd offer to do the work, but I'm pretty sure I've signed an agreement with the company to say I won't do any freelance work... I might get away with doing a thumbnail sketch for free though.
If you want to e-mail me some brief details, my e-mail is in trust.
Hiya mate,this is totally random but would you be able to let me know some info about what your job was advertised as,how long it took to get there......if your ACCA or whatever?
Im doing a project on it justnow and dont have any real life "in the business" information.
(email in trust)
Deano, I can't believe you have set up a company so blindly. I strongly recommend you get an accountant or at the very least get on the phone to HMRC asap. See your local business link for advice as well.
Edit: Incidentally, if the profits are low why are you not running the business as a sole trader?
Edit: Incidentally, if the profits are low why are you not running the business as a sole trader?
Soldato
- Joined
- 23 Nov 2004
- Posts
- 10,650
vonhelmet said:
kk cheers mate. Just trying to see what types of jobs are available at different levels.
To avoid legal problems you should sign up as a sole trader or whichever type of business you choose. Then you can apply for special certificates where you don't pay any tax or NI because your amounts are so low.
Unless you are making some money I would not worry too much, you have 3 months also from the start of trading to register, though you need good reason to take 3 months.
*edit*
Accountants vary, 800£ is nothing if your business is making more than 15,000/year but generally it is where you look. The way your business seems you could try a local one? I always see home based accountants and online accountants advertising. The lowest fees I saw were £15 (o.o) but generally the cost lies around £100-200+VAT.
Unless you are making some money I would not worry too much, you have 3 months also from the start of trading to register, though you need good reason to take 3 months.
*edit*
Accountants vary, 800£ is nothing if your business is making more than 15,000/year but generally it is where you look. The way your business seems you could try a local one? I always see home based accountants and online accountants advertising. The lowest fees I saw were £15 (o.o) but generally the cost lies around £100-200+VAT.
Jambo said:
becasue i was adivised to set up the business as a LTD comapny, when i spoke to the tax office they adivsed me that if what i was doing was creating a profit (no matter what size ) i should be submitting accounts to them. Although they manage to loose them once i'd submitted the last lot.
I'll give HMRC a ring in the morning, see what they say.