Limited Company

NEW AND WANNABE DRIVERS (INTERACTIVE)
1

Hi to all

I need some help and advice .

I am a Ltd company since last December and I want to do my accounts by myself I have been self employed for the last 5 years and I always do my accounts and tax return myself.

Can I pay myself once a year to save time on submitting PAYE every week or month ?
Do I still have to submit my PAYE even there is not tax or NI to pay ?
How often do I have to do my company tax return ?
Do I have to do a self assessment ?
HMRC sent my an employer payment booklets what do I do with them ?

thanks for your help in advance .

2

Hi,
Not 100% sure of answers to all of these because I have an accountant who does it! And I wouldn’t consider attempting it myself - but that is your choice.

  • PAYE is now online and we do it monthly - not sure if the system would allow for one annual payment.
  • Yes, you always have to submit PAYE, even if only a nil return as far as HMRC is concerned.
  • Company tax return is due and corporation tax are payable annually but you do get some time to pay. For my March end of year I think it is due the following December i.e. 9 months later. You will get a Notice to Deliver a Company Tax Return complete with a payment slip to HMRC for the Corporation Tax. It is best not to be late with this!
  • We do self assessment and I would be very surprised if you did not have to, because of company dividends etc.
  • I haven’t seen a payment booklet or similar for a long time. As I said above all our payments are done by direct debit and PAYE and annual accounts are on line done by our accountant. But I’m sure someone will be along soon to clarify this and point out any errors in my answers!

Good luck to you!

3

My accountant told me I need to do monthly pay and book it directly with HMRC online. I pay her to do it for me tbh. Prior to this new system I used to do it annually.
Yes you have to submit them even if no tax/ni to pay.
Company tax return is annual. The return has to be made within 9 months of the end of the financial year along with payment. Best to get the return done as soon as you can then the remainder of the 9 months is left to pay the bill.
I cannot think of any reason how you could avoid a self assessment as a limited company. Even if it is to simply to let HMRC that you have not paid yourself any dividends etc.
Can’t help with the last question sorry.

4

thank you all