Filing Tax For First Time

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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

    #2
    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.

    Comment


      #3
      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

      Comment


        #4
        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.

        Comment

        Latest Activity

        Collapse

        • Is changing carpets to laminate flooring tax deductible?
          by anqi_z
          Hello,

          Carpets in a let property has worn out and I am considering to replace it with laminate flooring.
          Could anyone advise if this will be tax deductible (assume this won't be considered as improvement)?


          Thank you....
          25-05-2020, 19:16 PM
        • Reply to Is changing carpets to laminate flooring tax deductible?
          by Freeholder is king
          If your lease says that the floors need to be carpeted then you got no choice. If it does not then you can and the noise problem is not your issue it depends on what is in your lease. Yes
          31-05-2020, 11:23 AM
        • Reply to Is changing carpets to laminate flooring tax deductible?
          by Gordon999
          Carpets are better for sound insulation between ground floor flat and first floor flat in old house conversions.
          31-05-2020, 08:51 AM
        • Reply to Is changing carpets to laminate flooring tax deductible?
          by jpkeates
          I find that using expensive and long lasting underlay under cheaper carpet works best.
          It feels nice and luxurious and insulates well, and replacing the carpet is less traumatic on the bank balance.
          30-05-2020, 12:25 PM
        • Reply to Flipping a property
          by Jerome2020
          It's not strictly true that a company must be used where there are more than four owners. Where there are more than four parties with an interest in a property, the first named four are treated as holding the land on Trust for the remaining beneficial owners; good documentation is essential to avoid...
          30-05-2020, 11:56 AM
        • Flipping a property
          by Gray
          My son and I are thinking of buying a property together and renovating it. We were intending to rent it out but now are thinking about just selling it again once work is finished. If we purchase property in three names (our’s and his partner’s), we would get three capital gains allowances is that...
          18-05-2020, 17:53 PM
        • Reply to Is changing carpets to laminate flooring tax deductible?
          by blinko
          Yeah I prefer carpet too, but the rate at which tenants seem to be able to destroy carpet compared to laminate.....
          30-05-2020, 11:50 AM
        • Reply to Is changing carpets to laminate flooring tax deductible?
          by Lawcruncher
          Funny how fashions change. Fifty years ago having fitted carpet had a social cachet, now everyone wants laminate flooring. I know it looks nice, but so do carperts. It is fine in a conservatory with cane furniture, but it makes a lounge look clinical. It also increases your central heating costs.
          30-05-2020, 07:51 AM
        • Reply to Flipping a property
          by Gordon999
          Land Registry only allows 4 names maximum on the property title.

          If more than 4 names , you would need to register under company name and the members in the group become shareholders.

          The members can be shareholders with one £1 share each and the company borrows the funds...
          30-05-2020, 05:59 AM
        • Reply to Flipping a property
          by jpkeates
          If the property title was a joint tenancy, anyone not contributing to the purchase would have received the ownership as a gift and would be an owner as a matter of fact.
          29-05-2020, 16:26 PM
        Working...
        X