corporation tax

[masonkian]

any accountants online that could help me out ?

are abbreviated accounts a form of corporation tax accounts ?

 

[masonkian]

i have been fined £100 for a none return from the 10th august 2011 to the 7th september 2011.

i don't understand where they are getting this from its only a month ?

 

[masonkian]

he just said i don't know what the month is for ?
my head is done in

 

[masonkian]

What's your accounting date?

some screenshots
do any of these returns refer to corporation tax ?


screen shot from companiesmadesimple

screen shot from companies house

 

[masonkian]

Just tell HMRC that your accounting date is 31 August, you've presumably filed the 2011 tax return by the 31 August 2012 and HMRC have their dates wrong and the penalty isn't correct. It's all automated so they spam out these penalties quite often by mistake.

Edit: I also assume you filed 2 tax returns for the period ending 31 August 2011 or you were dormant for part of that period?

what 2 tax returns would they be ?
i am new to this.

 

[masonkian]

A tax return can cover a maximum of 12 months, if you incorporated on 10 August 2010 and your first accounting period was until 31 August 2011 then that's longer than 12 months and 2 tax returns are required.

Unless you incorporated and didn't begin to trade immediately.

i started trading on the 31/07/2010

are they correct then ?

 

[masonkian]

Did you prepare the tax return yourself or did you pay someone to do it for you?

It sounds like you should have submitted 2 tax returns. HMRC have got the dates wrong but that just means the penalty should have been issued sooner if you only filed 1 return.

myself.

i submitted abbreviated accounts are these what they are on about ?

 

[masonkian]

companies house.

by tax return do you mean self assessment ?

 

[masonkian]

do i just complete another abbreviated accounts form from the dates said ?
he said i can email the data over.

 

[masonkian]

ok thanks i will get it sorted.

my profit on my self assessment was £2,848 for that year obviously that was all my wages also.

how much corporation tax would be payable on that amount ?

 

[masonkian]

Do you mean £2,848 was your profit in your accounts? It wouldn't be your wages as they would form part of your accounts so I assume you mean you paid yourself a dividend.

Tax profits aren't the same as accounting profits, adjustments are made. You're looking at very roughly £600ish of tax.

Edit: And the tax was due in May.

wow i would be better on the dole.
are you saying that i have to pay £600 out of the £2848 i earned for that year ?

so £2248 / 52 weeks = £43 a week earnings to live on ?

 

[masonkian]

Well no if it was wages you have a tax free allowance but you'd need to put it through as salary.

Why do you even have a limited company at that level of profit? Why are you not self employed?

I suggest you speak to an accountant and don't continue to make a mess of your company accounts as you clearly don't know what you are doing.

exactly.
i was told to go LTD what a mess.
as of today i have sent a ds01 form off to close the company.
i will be starting as a sole trader.

 

[masonkian]

You didn't earn it, the company did, and quite potentially yes the company will owe that amount in tax. Without more detailed information on your accounts I can't know exactly what the company owes.

are you an accountant ?
i have my accounts saved in excel.

i don't mind paying for help

 

[masonkian]

i know and i appreciate it a lot.
he has made me understand it a bit more.

i will be speaking to an accountant to get it sorted out.

thanks guys