Startup accounts - doubts and questions

Hello my beautiful accountants! :D

I'm in a bit of confusing situation, but I'm only just starting my business and I'm in a tight spot atm so unable to pay for an accountant. I'm currently employed full time and recently formed my limited company on the 14th of this month (11/17). I will be leaving my current place of employment on the last day of the month and I'm aware that as a director of my new ltd company I will have to file my self assesment for the current tax year up to April 2018. I'm not planning to sign up for PAYE atm as I'll be paying myself way below the threshold, but I will pay my voluntary NI contribution. When filling my self assesment from what I understand I will have to declare the amount I earned this year from my employment AND as a director. Since my current salary isn't very high, I will probably have overpaid income tax by then. Will this be calculated for me by HMRC according to my earnings when I file my self assesment online? Also, will I have to keep my earnings from the current employer seperate to those as a director? Can anyone shed some light? This stuff is absolutely terrifying to me

Answers

  • jakubjakub Posts: 7Registered
    > @Mickdundee said:
    > Why do you think you need to complete a self assessment tax return?

    1. Directors' responsibilities

    As a director of a limited company, you must:

    -follow the company’s rules, shown in its articles of association
    -keep company records and report changes
    -file your accounts and your Company Tax Return
    -tell other shareholders if you might personally benefit from a transaction the company makes
    -pay Corporation Tax
    "-register for Self Assessment and send a personal Self Assessment tax return every year"
  • TreadStoneTreadStone Feels At Home Posts: 280AAT Licensed Accountant
    Let me put it this way. If your lights went out at home, you wouldn't fumble around in the dark for long before contacting an electrician would you ?

    If it's all "terrifying to you", do the sensible thing and contact an accountant.
  • jakubjakub Posts: 7Registered
    If my lights went out I'd check the fuse before anything. Definitely wouldn't call an electrician straight away.... If I could afford an accountant I'd do it. I'm not going to pay someone to do my self assesment. What's terrifying are company accounts which I will pay an accountant to deal with when the time comes. Mickdundee I was actually informed by an accountant that I have to do a self assesment, I didn't just find it on the website. Starting to think this forum isn't the right place to ask.
  • jakubjakub Posts: 7Registered
    Delete this thread as it's not going anywhere
  • TreadStoneTreadStone Feels At Home Posts: 280AAT Licensed Accountant
    jakub said:

    Delete this thread as it's not going anywhere

    Jakub, please grow up. You have essentilally posted looking for some "free" advice.

    You have set-up your own company and then say you can't afford an accountant. Can't you see the irony in that ?

    You've been pointed in the right direction but simply don't like what you've read.

    Good luck.
    Mickdundee
  • jakubjakub Posts: 7Registered
    Oh so all startups are willing to pay £100+ for a 5 min job? Highly doubt that. I'll just call HMRC instead.
  • TreadStoneTreadStone Feels At Home Posts: 280AAT Licensed Accountant
    Not at all.

    But, many accountants offer a "no-obligation" chat for free at the first meeting. We do.

    You may have obtained the basics of what is required from that. Who knows ?
  • jakubjakub Posts: 7Registered
    I need to do it over Skype because I don't reside in the UK for 6 months out of the year. If you can find someone who's willing to do that then okay, but I won't pay anything more than £50 to get my self assessment done as I know someone who can do it for £30. That part doesn't seem like necromancy so I thought a bit of free advice could help, but obviously not...
  • TreadStoneTreadStone Feels At Home Posts: 280AAT Licensed Accountant
    jakub said:

    I need to do it over Skype because I don't reside in the UK for 6 months out of the year.

    Maybe your circumstances aren't as simple as you thought then ????

    As I say, good luck.
  • jakubjakub Posts: 7Registered
    Okay. Can you give pass me some contact details?
  • TreadStoneTreadStone Feels At Home Posts: 280AAT Licensed Accountant
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderPosts: 1,462Moderator, MAAT, AAT Licensed Accountant
    jakub said:

    Hello my beautiful accountants! :D


    This stuff is absolutely terrifying to me

    Not to us beautiful accountants - we have trained hard so we know what we are doing.
    jakub said:

    Oh so all startups are willing to pay £100+ for a 5 min job? Highly doubt that.

    jakub said:

    Okay. Can you give pass me some contact details?

    There are plenty of accountants who work remotely and they can easily be found on line.
    Luckily I am not one of them.



    Mickdundee
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