ILR - Self employed. Corporation TAX return

[suhu]

Hi,

I have a private limited company which was started in Feb 14th 2011. My accountant filed the corporation tax for the year 2011 - 2012 and I have paid the corporation tax.

I am going for ILR premium service on the 12th march 2013. For the period from Feb 2012 - Feb 2013 the corporation tax return is not yet prepared.

Do I need to show the corporation tax return for 2012 - 2013 also or 2011 - 2012 is sufficient. I am going to produce the VAT returns for 2012 - 2013.

Any advice on this will be of immense help.

Thanks
Suhu

[db83]

If your accountant has not completed the p&l for the year that has just ended, you will not be able to get a corporation tax letter. So I'd get my accountant to categorically state in a letter that although the company year has just completed, we are in the process of computing the p&l for the year.

I'd still however, get an accountant letter confirming your monthly payslips,net and gross dividend for the 12 month period you are claiming your earnings for.

Take the invoices, bank statement, payslip & dividend voucher with you & accountant letter.

PS: corp tax letter is not mandatory, it's a nice to have not a must to have as far as I'm aware. I run my ltd company as well and my p&l statement has not been completed for 2013- so I'm just taking the stuff which I've just told you.

[suhu]

Thanks db83, that was helpful. My accountant said the same thing. He also said he had done the same thing for other clients who were in this situation as well.

In this case do you reckon we need to take the corp tax letter for 2011 - 2012 just in case. But ideally it's not required as we are not claiming earning for that period but it may be useful to prove the companies credibility.

What do you think ?

[db83]

YOu could carry with that with you if its a PEO appointment....you have nothing to lose. If the CW asks give that doc...I doubt if they would...that would just be another way to validate that your are self employed.

I'd however carry the company incorporation, VAT certificate...so that if they want to validate the invoice - these stuff match.

[suhu]

Yeah I am going for a PEO appointment.

I am planning to take these doc

1. Company registration
2. Share holder certificate
3. VAT registration
4. VAT receipts for 2013
5. 2013 Invoices and Bank statements to match those
6. Dividend vouchers & corresponding bank statements (personnel & business) to match that
7. Payslips.

My friend was saying though we select salaried in the application form, people with limited company are treated as self-employed and they ask for company documentation.

[db83]

Looks good to me sahu...check for similar discussions where people have applied as self employed/ltd company.

If you dont find one post a topic for the gurus/senior memebers to validate the doc checklist.

Good luck

[fujitime]

Hi Guys,

I'm in a similar situation (director of limited company) and have an appointment with PEO Solihull end of March.

My problem is that I foresee that I would not be able to settle the full corporation tax liability due.

Would that be a problem?

I've seen other members quoting that the Corporation Tax statement is not compulsory but does anyone know if PEO are linked with HMRC?

I am really worried and would appreciate any advise.

Thanks

[suhu]

hello, as db83 said before it is not mandatory. What you can do is, get a letter from your accountant stating that the annual returns for the year ending 2013 is not yet prepared and will be filled soon.

Get all other documents with you and it should be fine.

[Kevin24]

PEOs are linked to HMRC and Dept. of Work and Pensions.

[fujitime]

Thanks for you reply guys,

Suhu - The accounts has been submitted and filed but I don't think I can pay off my corporation tax liability before my appointment. That's my problem.

Kevin24 - does that mean I could face problems by still having outstanding Corporation Tax?

[Kevin24]

CWs will check with HMRC if they find any thing inappropriate with your application.Some times this information will take long,hence they ask for independent documents ( Like P60s,Employment History) Since you are taking Accountant's letter , you don't have to worry.Main thing is to be confident and explain your self ,so as to convince the CW. Good Luck.

[db83]

You have 9 months & 1 day to pay your corporation tax from the time its filed...

From HMRC
If your company or organisation has taxable profits of up to £1.5 million, you must pay your Corporation Tax by nine months and one day after the end of your Corporation Tax accounting period. For example, if your companies accounting period ends on 31 May, your Corporation Tax payment is due on or before 1 March the following year.