Tax Liability?

[Kat1]

Hi

I'm confused as to what my tax liability is as a private ltd. company. I contract services and I am the only one working in the company. I have registered for VAT and filled in the TR2 form.

When I recieve payment - I subtract my expenses of the business ( for example, phone, electricity, etc. - how much of this do I apportion to business and private - if business is carried out in the home - how much is allowable?).

Also do I just pay Corporate tax and VAT? Am I liable to Income tax also as a director? Anyone who can explain the process in simple terms? Thanks for your help.

 

[dublinli]

Hi

I'm confused as to what my tax liability is as a private ltd. company. I contract services and I am the only one working in the company. I have registered for VAT and filled in the TR2 form.

When I recieve payment - I subtract my expenses of the business ( for example, phone, electricity, etc. - how much of this do I apportion to business and private - if business is carried out in the home - how much is allowable?).

Also do I just pay Corporate tax and VAT? Am I liable to Income tax also as a director? Anyone who can explain the process in simple terms? Thanks for your help.

as a lyd company i would suggest you go through an accountant for a year and see what needs to be done, perhaps after that you can try it on you own

 

[mik_da_man]

Yes - defo get an accountant to do the books for the first year and go through them with you.
It may cost a few quid but will be well worth it in the long run.
I just got my first Form 11 today and I ain't taking the chance of doing it on my own