Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    

Limited Companies,accountants, and taxes...problems!

Reply to topic
Money Talk > Taxes

Author Thread
First Time Poster

Cash: $ 0.25

Posts: 1
Joined: 30 Jan 2007
Location: London
Limited Companies,accountants, and taxes...problems!  Reply with quote  

I need some help and advice.

My company has been limited since may 2005, we did the procedure of sacking a staff and employing them again under limited company, also our tax account with inland revenue is under limited company, our contracts are paid to our limited company.

LAst year companies house asked for accounts but the accounts we had were under the oldcompany name which wasnt a problem to them they said. Anyway we employed a retired accountant, basically a family friend to help with our finances etc we asked him to sort the accounts out for companies house and forward to them what they need, so we left it in his hands. Anyway we still got letters asking for the year end which we thought had been sorted, 2 fines later and more letters we was advised by him that it was best not to be limited company which we trusted as he and our company accountant were always dealing with each other and we thought ok, anyway we wasnt limited around september 06 so we thought, but our tax account and employees are still under limited company, accoutants never told us to sack them and employ again...

So comes to this tax year flling our own personal taxes, talking to the accountant etc he hits us with a huge tax bill, we had been limited for most of the year, we felt like the 2 accountants didnt give a shit or try and cut our bill down at the end of the day we was paying 40% tax and the year before just 19% on divdends. We felt the accountant just didnt advise us or help us or anythng, we fell let down.

As i said above our staff and tax account and everything in the company is still in limited, i also never remember seeing a lette confirmng we was no longer trading as limited, so after the huge shock of the tax bill i looked into it, the family friend i feel has been telling the company accountant we are no longer limited etc...BUt according to companies house we are still limited, so can someone tell me this....


After telling the company accountant yesterday that we are still limted and still trading as limited and nothing has changed, so this should effect the tax we pay, we should not be paying 40% on divdends, we should be paying 19% but accountant said this doesnt change a thing you still pay 40%....

In our eyes we are trading and being paid the same way as last year, nothing has changed, so our tax should be done the same way it was last year....

What do you think????
Post Tue Jan 30, 2007 10:28 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      

Money Talk © 2003-2018