tax return question

[flamy]

I registered a Ltd company about 6 months ago, it has not taken any earnings in this time.. do I still need to fill out a tax return?
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Current: GSXR 750 K6 Previous: R1, R6, ZXR400, NSR125 Next: Ducati 848 or 999

[cimbian]

Are you a director of the company and on the payroll?

It is personal tax that needs to be in for tomorrow, not corporation.
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22PlusY
Current: Moto Guzzi 1100 Breva. Previous: Honda XL650V TransAlp
Bearded, Balding, Born again Buddhist Biker

[flamy]

Yes I am down as the director. It was my intention to use the ltd company for any freelance work I might do, but I have not yet set up a business bank account nor have I earned anything from freelance work. I have a full time job elsewhere.

Do I still have to declare to hmrc that I have made no earnings through this ltd company?
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Current: GSXR 750 K6 Previous: R1, R6, ZXR400, NSR125 Next: Ducati 848 or 999

[cimbian]

If you have had no earnings or dividends then I don't think so.
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22PlusY
Current: Moto Guzzi 1100 Breva. Previous: Honda XL650V TransAlp
Bearded, Balding, Born again Buddhist Biker

[fatpies]

Yes you do need to fill in a tax return for but for 2012-2013.

The tax return adverts on the telly are for 2011-2012 I.e 6th April 2011 to 5th April 2012

Therefore the tax return even if its got nowt on it as you need it by law is due January 31st 2014.

However best to register with government gateway to get your code, rather than Jan 2014.
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"It's easy to attack and destroy an act of creation. It's a lot more difficult to perform one"

[flamy]

ok thanks. I'm so glad I don't do accountancy for a living...
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Current: GSXR 750 K6 Previous: R1, R6, ZXR400, NSR125 Next: Ducati 848 or 999

[flamy]

[fatpies]

[flamy]

Perfect, thanks for the info.
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Current: GSXR 750 K6 Previous: R1, R6, ZXR400, NSR125 Next: Ducati 848 or 999

[Nexus Icon]

Don't just let this slide, even if you never take a penny through the company and continue full time elsewhere.

If you don't fill a tax return or close the business declaring zero income they will chase it up. It took me years to get rid of them after I did exactly the same as you.
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Greetings from Shitsville!

[flamy]

I intend to use the company in a few months, after which I am going to get an accountant to manage it for me.. it's just I saw that advert on TV about filling out a tax return before the end of Jan and it sent me all in a panic.
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Current: GSXR 750 K6 Previous: R1, R6, ZXR400, NSR125 Next: Ducati 848 or 999

[D O G]

[FZ6_mk]

I'm an accountant - feel free to PM if you have any questions - can't promise I will always have an answer.

Looks like you have this one sorted.
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2008 Yamaha FZ6 S2 - Black
New rider from Milton Keynes

[_Will_]

Don't use it before April and then file the return as a dormant company when the time comes.

I had a letter last year asking for a return for the previous - I had to write to them explaining I didn't need to file a return for that year
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Past -Honda qr50 | 2004 Peugeot Tkr s 50| | 1996 Yamaha XJ600s Diversion|

[Frog]

[alexknight200...]

Dormant accounts if you have not traded in the last year. A very simple return.
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Current stable: Yamaha XVS 650 1996 - Honda Super Magna VF750 1988.

[Richy CB1000]

The only bit that caught me first time around was the need to pay not only the years tax basically in arrears which I was prepared for but the payment on account bit " based on previous profits" due in advance that hit the cash flow hard!

[syl]

Although you don't pay the first half until the end of January, by then you have already done 9 months worth of trade. Paying half a years tax after working for 9 months shouldn't be that difficult (as long as you remembered to save a proportion along the way, rather than spend it all).
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Current bike: Kawasaki Z750S