Tax query.

[Sacred]

What I'm trying to say is. Could I not just say all the money coming in was to come to me and not the company since it all comes to the same account. And just pay tax on it? (I plan to close the company if I can - Its a little too much to deal with, with Uni, tenants, a Mrs' moaning about attention, a 2 year old and a night job)

I haven't fallen behind because I was scamming. I've fallen behind because I let things get on top of me.
Which I'm trying to rectify.
I'm actually out of the country living with some friends for the next 6 weeks in attempt to save some money and gain a little perspective.

 

[Guv]

It's up to you how you deal with the income, I'm not going to advise you should declare it all as personal income if you shouldn't.

 

[Sacred]

It depends who they were paying - you or the company.
If they were paying the company you shouldn't just declare it as personal income, but then as I said above you shouldn't receive money personally on behalf of the company..

I think what I need (when I get back) is to get an accountant to help me set things right and use them annually to keep me on track.
I live in Hackney, East London, anyone know a good accountant? lol

 

[Sacred]

It's up to you how you deal with the income, I'm not going to advise you should declare it all as personal income if you shouldn't.

But I could get in trouble if I wrongly declare it, regardless of the fact that I did infact declare it and paid tax on it? Right?


By the way guys thanks for the help. I really am an idiot when it comes to money because I just don't make time to think about it.

 

[Guv]

But I could get in trouble if I wrongly declare it, regardless of paying tax? Right?


By the way guys thanks for the help. I really am an idiot when it comes to money because I just don't make time to think about it.

Company tax and personal tax are completely separate, just because you're paying some sort of tax on it all doesn't mean it's right.
You need to know what the income and profits were for the company and pay corporation tax on the profit and then pay income tax on any profits from your self employment.

You could get into trouble if income if wrongly declared as you're purposely declaring company income as personal income when it isn't.

 

[Sacred]

Right. Gotcha.

I can get invoices for all my money recieved for the company.
I really do need an accountant. I always had the closed minded view that they were expensive and only for those who had a lot of money flowing through their accounts.

Its 1.30 here so I'm off to bed. Thanks a lot for the help again and I'll check back in the morn for any developments.