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Where Taxpayers and Advisers Meet

New Business LTD accounts liable

wellb
Posts:1
Joined:Thu Mar 13, 2014 1:11 pm
New Business LTD accounts liable

Postby wellb » Thu Mar 13, 2014 1:26 pm

Hello

I currently work part time and am not liable for tax as I fall under the threshold ( under £6500 per year). I am looking to setup a LTD company to work alongside this were I will be earning on at most £9k-12k.

I will be renting an office for this, and other cost involved. I would like to know how this would firstly effect tax wise, what I would be liable to pay ect.

As I will be paying VAT is it worth me registering for this.

I also wanted to know how taking out dividends as wage exactly work as its not clear to me. As my capital gains is low and my outgoings and incoming is straight forward do I need an accountant for this or can it be done myself.

I'd be grateful if someone can get back to me and I am in Lancashire if someone can offer something reasonable pricing going forward with this.

Thanks

jpcentral
Posts:924
Joined:Wed Aug 06, 2008 3:28 pm
Location:Loughborough
Contact:

Re: New Business LTD accounts liable

Postby jpcentral » Fri Mar 14, 2014 3:21 pm

Your questions would probably take over an hour to answer. There are a lot of possible variables in what you are asking.

Can I suggest that you find a local firm which will give you a free hour and spend some time face to face with someone.
John Perry
Central Business Services
Loughborough
http://www.centralbusiness.co.uk

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: New Business LTD accounts liable

Postby bd6759 » Sat Mar 15, 2014 1:14 pm

The short answer is that you would be wasting money on a Ltd company if the income is so low.

Incredulum
Posts:2795
Joined:Thu Dec 03, 2009 5:35 pm

Re: New Business LTD accounts liable

Postby Incredulum » Wed Mar 19, 2014 3:02 pm

The short answer is that you would be wasting money on a Ltd company if the income is so low.
It depends on what he plans to do. The main reason for a limited company is not - strictly - tax.

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Re: New Business LTD accounts liable

Postby King_Maker » Wed Mar 19, 2014 4:24 pm

Do you have non-tax reasons for trading via a limited company?

A chat with a local accountant is probably a good idea.


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