Limited Company Tax Returns

When you set up a limited company you’ll have dates to submit annual accounts to Companies House and a company tax return to HMRC. The period covered by your tax return can’t be longer than 12 months so if you have been trading for longer than that, you may have to file two tax returns to cover the period of your first accounts. If you do, you’ll also have two payment deadlines. In the following years, you will usually only file one tax return.

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Limited Company Tax Returns

Do I need to register for self assessment?

Running a Limited Company means submitting a lot of paperwork to HMRC and Companies House. As part of this, directors have to submit annual Self Assessment tax returns. The Self Assessment system has a lot of twists and turns, and tends to trip up people who aren't used to it. If you're at all unsure of your footing, it's best to call RIFT for professional advice.

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Limited Company Tax Returns

What are the pros and cons of a limited company?

A lot of self-employed people choose to set up Limited Companies. They limit the amount of money you stand to lose if it all goes wrong, and can lower your personal tax bill. There's also a certain prestige that goes along with setting up this way. It's a sign that you're taking your business seriously, which can help when you need to impress lenders or customers.

On the other hand, you're giving up some privacy, and adding a few set-up costs. You're also bulking up your bookkeeping workload. For example, since your company's money isn't strictly "yours", you have to make separate tax returns for it from your own.

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Ltd Co Tax Returns

What kinds of tax returns need filing?

A Limited Company has to file a few different kinds of paperwork to stay in business. One of the most obvious is your Company Tax Return. This is how your Corporation Tax is worked out, and mostly has to do with the profits or losses you made.

One thing to keep in mind is that this is separate from your annual return or "confirmation statement".  An annual statement is a yearly check that all the conformation Companies House holds about your company is correct.

Finally, you'll need to file your personal Self Assessment tax return as a director of the company. Self Assessment returns work out how much tax you owe personally, and again are separate from your company's return. Self Assessment is a huge topic, and often leads to people paying too much tax and requiring a tax refund.

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Limited Company Tax Returns

Can I help with my tax returns?

Absolutely! RIFT are the UK's leading tax experts. We can advise on your business' set-up, or even act as your official agent with HMRC. What's more, our specialist tax return service can solve all your personal and company tax return problems. We'll save you money and keep you on the right side of HMRC. Get in touch to see how we can help.

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RIFT Guarantee

Our guarantee means you'll never lose a penny

When you claim your tax refund with RIFT, our unique RIFT Guarantee means that you don't have to worry about the taxman reclaiming any of your money. So long as you give us full and accurate information, if HMRC disagrees with the amount that we’ve claimed and ask for the money back, we’ll pay it. It won’t cost you a penny.

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