Filing Tax For First Time

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    Filing Tax For First Time

    I set up a limited company in March 2019 for the purpose of buying/letting property

    I purchased my first property in May 2019 and started renovating shortly after.

    The property is not let and I wanted to know whether HMRC would classify my business as having not traded?

    If so, I am unsure on what I need to file or do before Jan 31st.

    I would be grateful if someone could advise

    Your limited company has to prepare annual accounts for filing at Companies House and the schedule date for filing of accounts will be shown on the company records at Companies House which you can access by computer. Don't miss the filing date or your company will be fined. The limited company has to file an annual tax return to HMRC and has to pay tax on the profit at 19%.

    So you probably need some help for preparing the first year accounts and filing the tax return etc from a local firm offering bookkeeping and VAT services to small business.


      Thanks Gordan999

      I understand that business owners have to complete their taxt return by 31 Jan (Up to April 2019)

      Will I have to complete the tax return as I hadn't begun trading by April 2019?

      In fact, I had not even purchased my first property


        If your company was incorporated in March 2019 , I would expect your first year trading will probably end on 31 March 2020.
        Companies House will probably propose the same year end date for your company and schedule annual accounts to be filed before 31 Dec 2020 ( 9 months from your trading year end date ).

        I suggest that you send a letter ( under company letterhead ) to HMRC by registered post and tell them the company was incorporated in March 2019 and did not start trading until June 2019. And the company proposes the first tax year should end on 31st March 2020 and hope the tax authorities find this date is acceptable.


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