What if limited company is not earning any? How much tax to Pay?
I started up running a limited company but not much earnings since November 2009. I am sustaining the business through my personal funds. Do i need an accountant or business advisor or just visit the Inland Revenue? Please advise.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You should consult an Accountant. You may be able to claim a loss and still get a return.
Answer 2 :
Companies only pay tax on profits. So if you're company hasnt made any profits you wont be liable to corporation tax, however you will probably want to ring up the inland revenue anyway because they will be able to advise you on how to assess your deductions ie the amount of your own personal money spent on setting up the business and keeping it going :) Good Luck :D
Answer 3 :
I am in the United States, and your rules may differ. Here, if you are not making money, you don't pay any tax. However, if the IRS decides your business is a hobby rather than a business, then you cannot deduct business expenses. I would expect your rules to be similar. I would not advise asking the Inland Revenue, they are related to our IRS. See an accountant or a tax advisor. Grandpa
Answer 4 :
You only pay tax on what you earn, that is why it is called INCOME tax. Yes you should have an accountant, the Inland revenue will not allow you to continue trading at `a loss` indefinitely, they will enquire into how you manage to survive without money and will check to see if you are bartering items instead of using cash. All items have a cash value, i.e. you exchange a loaf of bread for six eggs, the eggs and the bread can be converted into cash values, especially if you do enough bartering!!! Apart from which, your losses from one year can be set against gains from the next year, effectively `writing off` tax for the period that you did earn money and make a profit.
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Tuesday, June 28, 2011
Tuesday, June 14, 2011
What is the best place to live in Australia?
What is the best place to live in Australia?
I'm planning to migrate to australia in Jan 2010 with my wife and then 7 months old baby. I want to know what is the best place to live. Following are my requirements. Good job opportunities for accountnat (as Im an accountant) Need affordable accommodation Comparatively low cost of living Good people Good school for children Pls help me thanks
Other - Australia - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Sydney ..
Answer 2 :
Sydney
Answer 3 :
Sydney...
Answer 4 :
Melbourne, without a doubt. Great job opportunities and good quality of life. Good culture, foodie scene, plenty of sports and parks. Does not have the knock out beauty of Sydney but it's not for nothing that it's been voted one of the world's most liveable cities several times.
Answer 5 :
Had to have a laugh when I saw Sydney as the preferred recommendation ...the highest cost of living in the country , the most expensive house prices & largest population ...lol My advice , start looking in the major regional cities & towns ...better lifestyle , cheaper housing & they still need accountants as well !
Answer 6 :
It does really depend on what you personally want in your lifestyle. Because Australia is such a large place there are so many differences in various towns and centres. As someone who is moving to Australia I would say it is advisable to stick to some major centres because it can get very lonely if you move to a somewhat small community. Every major town has some sort of work for an accountant I would assume. I will also just assume that you don't want to live in one of the major cities. If you did I would suggest Melbourne or Perth as somehwere to look. Here are my suggestions: Tweed Heads (the NSW and Queensland border): Pros-great relaxed lifestlye, sunny, close to the beaches and boating, big major centre, cosmopolitian enough to have loads of cafe's, good enough shopping and about 2 hours from Brisbane. Cons- its really hot (generally speaking), there is a huge population of retiree's because they are all moving to Tweed Heads/Coolangatta. South WA: I have never been here but I would love to go to the outskirts of Perth. Say Busselton, margaret River, Banbury. I believe it has a great laid back lifestyle whilst still being big enough to have sufficient job opportunities etc. Blue Mountains NSW: Pros- very art orientated historical place, very close to sydney, lots ad lots of bushland and natural attractions. Cons- cold, I believe it can be expensive, not close to beaches. Warrnambool Vic: Pros: beautiful scenery and beaches, laid back lifestyle, various things to do, close to beaches, very affordable Cons: I think its quite small, about 4 hours to any major city (Melbourne) Cairns Farn North Queensland: Pros- lots to do, close to the barrier reef, never cold in winter, cheap, lots of cafes etc. Cons- hot hot hot, jellyfish in summer so you can't swim, it will take you forever to drive to a major city because it is about 12hrs from Brisbane. Good Luck, Hope I helped.
Answer 7 :
Cairns!
Answer 8 :
Tasmania!
Answer 9 :
I've lived in Melbourne, Perth, Sydney and North Queensland. To this day, even though I live in a beautiful, laid back place, I regret leaving Perth. I've also lived in a couple of the outskirt towns from Perth and they were great too. Especially, Rockingham and Bunbury. Even suburbs which are a long way from the city are like living away from Perth the best ones I think are North but some nice ones in the south too. As long as you live in a well populated place, job opportunities, people and schools should come out about even across Australia. I found the best accommodation and cost of living in Melbourne/Perth. Sydney and North Queensland are ridiculous for what you get.
Answer 10 :
Perth area for sure. The Indian Ocean is on your doorstep. Try Bunbury, Dunsborough, Margaret River.
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I'm planning to migrate to australia in Jan 2010 with my wife and then 7 months old baby. I want to know what is the best place to live. Following are my requirements. Good job opportunities for accountnat (as Im an accountant) Need affordable accommodation Comparatively low cost of living Good people Good school for children Pls help me thanks
Other - Australia - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Sydney ..
Answer 2 :
Sydney
Answer 3 :
Sydney...
Answer 4 :
Melbourne, without a doubt. Great job opportunities and good quality of life. Good culture, foodie scene, plenty of sports and parks. Does not have the knock out beauty of Sydney but it's not for nothing that it's been voted one of the world's most liveable cities several times.
Answer 5 :
Had to have a laugh when I saw Sydney as the preferred recommendation ...the highest cost of living in the country , the most expensive house prices & largest population ...lol My advice , start looking in the major regional cities & towns ...better lifestyle , cheaper housing & they still need accountants as well !
Answer 6 :
It does really depend on what you personally want in your lifestyle. Because Australia is such a large place there are so many differences in various towns and centres. As someone who is moving to Australia I would say it is advisable to stick to some major centres because it can get very lonely if you move to a somewhat small community. Every major town has some sort of work for an accountant I would assume. I will also just assume that you don't want to live in one of the major cities. If you did I would suggest Melbourne or Perth as somehwere to look. Here are my suggestions: Tweed Heads (the NSW and Queensland border): Pros-great relaxed lifestlye, sunny, close to the beaches and boating, big major centre, cosmopolitian enough to have loads of cafe's, good enough shopping and about 2 hours from Brisbane. Cons- its really hot (generally speaking), there is a huge population of retiree's because they are all moving to Tweed Heads/Coolangatta. South WA: I have never been here but I would love to go to the outskirts of Perth. Say Busselton, margaret River, Banbury. I believe it has a great laid back lifestyle whilst still being big enough to have sufficient job opportunities etc. Blue Mountains NSW: Pros- very art orientated historical place, very close to sydney, lots ad lots of bushland and natural attractions. Cons- cold, I believe it can be expensive, not close to beaches. Warrnambool Vic: Pros: beautiful scenery and beaches, laid back lifestyle, various things to do, close to beaches, very affordable Cons: I think its quite small, about 4 hours to any major city (Melbourne) Cairns Farn North Queensland: Pros- lots to do, close to the barrier reef, never cold in winter, cheap, lots of cafes etc. Cons- hot hot hot, jellyfish in summer so you can't swim, it will take you forever to drive to a major city because it is about 12hrs from Brisbane. Good Luck, Hope I helped.
Answer 7 :
Cairns!
Answer 8 :
Tasmania!
Answer 9 :
I've lived in Melbourne, Perth, Sydney and North Queensland. To this day, even though I live in a beautiful, laid back place, I regret leaving Perth. I've also lived in a couple of the outskirt towns from Perth and they were great too. Especially, Rockingham and Bunbury. Even suburbs which are a long way from the city are like living away from Perth the best ones I think are North but some nice ones in the south too. As long as you live in a well populated place, job opportunities, people and schools should come out about even across Australia. I found the best accommodation and cost of living in Melbourne/Perth. Sydney and North Queensland are ridiculous for what you get.
Answer 10 :
Perth area for sure. The Indian Ocean is on your doorstep. Try Bunbury, Dunsborough, Margaret River.
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Tuesday, June 7, 2011
Can I become a financial journalist with a degree in Accounting? What post grad study would be good?
Can I become a financial journalist with a degree in Accounting? What post grad study would be good?
I'm doing a degree in accounting. Although the degree is accounting we do economics, business organisation and general business studies etc. We are well rounded i think is how they would describe it. Although I will probably become an accountant I am wondering (if I decided not to follow this route) if i would be able to go into writing about financial and business matters What post graduate study would help me into this route?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Certainly a Master in Economics
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I'm doing a degree in accounting. Although the degree is accounting we do economics, business organisation and general business studies etc. We are well rounded i think is how they would describe it. Although I will probably become an accountant I am wondering (if I decided not to follow this route) if i would be able to go into writing about financial and business matters What post graduate study would help me into this route?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Certainly a Master in Economics
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Wednesday, June 1, 2011
When do I need to submit my first Income Tax Self Assessment?
When do I need to submit my first Income Tax Self Assessment?
Hi, I hope you guys might be able to help me out here. I've been self-employed since July 2005 and I believe that this year I will have to complete my first self-assessment. I am definitely going to get an accountant involved, but due to the cost outlay (and the fact I'm quite skint at the moment) I would prefer to leave it for a couple of months. Could anyone tell me when the self-assessment form is due and how I get it? (is it sent to me?) Also, is it pretty straightforward to fill in? And when do I actually pay the tax - do I send a cheque with it or will I be billed for it? Many Thanks In Advance!
United Kingdom - 12 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
before april 31st each year
Answer 2 :
...
Answer 3 :
30th September is the next deadline, and you can do it online.
Answer 4 :
www.hmrc.gov.uk you should be able to find everything you need to know of there. Or just give them a call.
Answer 5 :
the next year after you start making money
Answer 6 :
I'm sure there's one due for September.
Answer 7 :
next deadline is 20 sept if its your first one you will need to call the inland revenue and they will send you one, after that they normally send you some or call/bug you
Answer 8 :
dont fill it in your self you will get fucked by the tax office get a aercount to fill it in . give phone bills petrol ex i got 800 p back when add a 3446 pounds sorry i spell shit
Answer 9 :
You may not receive estimated forms until later. An accountant will have some. Estimated payments are due, since it is so close, September 15, 2006. Next year estimate for 2006, Jan. 15, 2007. Estimates for 2007, April 15, "aside from filing date for 2006", June 15, 2007, September 15, 2007. Missed estimates may incur a penalty. 90% of previous year tax paid, must be sent as quarterly estimates. Unless income is far less than previous year.
Answer 10 :
Grom ignore everyone above. Im an accountant and I will be able to help you. The easiest way to do this is to fill in your first return which would be from July 05 to 5th April 2006. If you send in all your paperwork to HM Revenue & Customs by 30th September 2006 for the above period then they will calculate your tax for you. However you really should use an accountant as HM Revenue will only calculate the tax due on what you send them. They wont ask you questions like, do you have a computer that is used for business purposes, which can then be used as a tax deductable expense. You actually have until 31st January 2007 to submit your return, and the tax if any that is due, is also payable on the same date. Please e-mail me at : phil_osullivan@msn.com and I will be pleased to assist you further.
Answer 11 :
Micheal O is a really god answer. If you were self employed since July 05, then your 1st Tax year ends April 06, by which you need to complete a Self assesment form by 30th September, and the Inland Revenue will calculate your Tax for you. You then pay by after January 07, but fill in the form ASAP. Get an accountant to help you with t, but it is not that hard if you decide to go it alone. If you miss the 30th Sept deadline, you have till Jan 07, then you have to calculate the tax yourself, which is Harder to do. And if you miss that deadline, £100 penalty automaticcally. Don't risk it, get help now.
Answer 12 :
end of september. fill in the form on line. remember to include interest on any loans as expenditure and capital depreciation of any fixed assets. in your first accounting year you should not be paying tax. in fact if you have to use an accountant he should be able to get a deficit on the first year. in any case the tax office will send you a bill for payment in two halves starting jan next year. this will have a due date and then they charge interest on the amount after that date. this can be useful if you need a loan because the interest charged is less than the bank rate and you can use this money for a few months instead of borrowing from the bank. do not try this with the vat office though they are not as flexible
Read more other entries :
Hi, I hope you guys might be able to help me out here. I've been self-employed since July 2005 and I believe that this year I will have to complete my first self-assessment. I am definitely going to get an accountant involved, but due to the cost outlay (and the fact I'm quite skint at the moment) I would prefer to leave it for a couple of months. Could anyone tell me when the self-assessment form is due and how I get it? (is it sent to me?) Also, is it pretty straightforward to fill in? And when do I actually pay the tax - do I send a cheque with it or will I be billed for it? Many Thanks In Advance!
United Kingdom - 12 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
before april 31st each year
Answer 2 :
...
Answer 3 :
30th September is the next deadline, and you can do it online.
Answer 4 :
www.hmrc.gov.uk you should be able to find everything you need to know of there. Or just give them a call.
Answer 5 :
the next year after you start making money
Answer 6 :
I'm sure there's one due for September.
Answer 7 :
next deadline is 20 sept if its your first one you will need to call the inland revenue and they will send you one, after that they normally send you some or call/bug you
Answer 8 :
dont fill it in your self you will get fucked by the tax office get a aercount to fill it in . give phone bills petrol ex i got 800 p back when add a 3446 pounds sorry i spell shit
Answer 9 :
You may not receive estimated forms until later. An accountant will have some. Estimated payments are due, since it is so close, September 15, 2006. Next year estimate for 2006, Jan. 15, 2007. Estimates for 2007, April 15, "aside from filing date for 2006", June 15, 2007, September 15, 2007. Missed estimates may incur a penalty. 90% of previous year tax paid, must be sent as quarterly estimates. Unless income is far less than previous year.
Answer 10 :
Grom ignore everyone above. Im an accountant and I will be able to help you. The easiest way to do this is to fill in your first return which would be from July 05 to 5th April 2006. If you send in all your paperwork to HM Revenue & Customs by 30th September 2006 for the above period then they will calculate your tax for you. However you really should use an accountant as HM Revenue will only calculate the tax due on what you send them. They wont ask you questions like, do you have a computer that is used for business purposes, which can then be used as a tax deductable expense. You actually have until 31st January 2007 to submit your return, and the tax if any that is due, is also payable on the same date. Please e-mail me at : phil_osullivan@msn.com and I will be pleased to assist you further.
Answer 11 :
Micheal O is a really god answer. If you were self employed since July 05, then your 1st Tax year ends April 06, by which you need to complete a Self assesment form by 30th September, and the Inland Revenue will calculate your Tax for you. You then pay by after January 07, but fill in the form ASAP. Get an accountant to help you with t, but it is not that hard if you decide to go it alone. If you miss the 30th Sept deadline, you have till Jan 07, then you have to calculate the tax yourself, which is Harder to do. And if you miss that deadline, £100 penalty automaticcally. Don't risk it, get help now.
Answer 12 :
end of september. fill in the form on line. remember to include interest on any loans as expenditure and capital depreciation of any fixed assets. in your first accounting year you should not be paying tax. in fact if you have to use an accountant he should be able to get a deficit on the first year. in any case the tax office will send you a bill for payment in two halves starting jan next year. this will have a due date and then they charge interest on the amount after that date. this can be useful if you need a loan because the interest charged is less than the bank rate and you can use this money for a few months instead of borrowing from the bank. do not try this with the vat office though they are not as flexible
Read more other entries :
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