self assesment or Corperate tax for or both


M

Mick Miller

used to be a sole trader but in order to meet a contract and its
requirment I changed to a Ltd

When a sole trader I used to only deal with my self assesment form.

but now i have recived a corperate tax form ........

when do I start paying corperate tax?

does my self assesment now have to include just the money the business
has paid me.........no overheads

or is it the same as before ...........turnover - overheads

so what goes on this corperate tax form (my turnover is less than
30k).......60% overheads

thanks
 
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T

Troy Steadman

Mick Miller said:
used to be a sole trader but in order to meet a contract and its
requirment I changed to a Ltd

When a sole trader I used to only deal with my self assesment form.

but now i have recived a corperate tax form ........

when do I start paying corperate tax?

does my self assesment now have to include just the money the business
has paid me.........no overheads

or is it the same as before ...........turnover - overheads

so what goes on this corperate tax form (my turnover is less than
30k).......60% overheads

thanks
I'm confident Martin can answer this fully without the need for any
further information.

Here's when your Corporation Tax is due:

http://www.inlandrevenue.gov.uk/ctsa/payment.htm

....so you need to tell me (but not Martin because he will be able to
deduce it) when is your company's year end. (Actually IIRC we can deduce
it by back-trawling through Google!)

You don't "change" to a Limited Company. Maybe a Limited Company
took on a new contract and employed you (do you issue yourself with
payslips?) Are you a subcontractor for the company? Maybe the contract
falls under IR35?

IIRC you have another company and are still trading as a sole trader.
Martin will give you a full and complete answer in a few minutes, there
is no need for you to bother yourself with any proper professional
advice.




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