J
Hi folks,
Filling in my CT1 Form now and its a bit more complicated than i expected. Basically I have a one man software company (set up last year) that I use to do both in-house software development (no sales from this as yet) and as a contracting company where I will do software development etc. for the other party. The only income currently coming into the company is the money I get from this work (no rent income etc.).
I have two questions: am I entitled to the corporation tax exemption (income would be a good deal below the 40,000 bracket). I am unsure as to what constitutes a 'professional service'.
Also would I be right in assuming that most of the fields on the return will be 0 apart from "Trading Results"? If I am indeed tax exempt, do I need to specify this anywhere?
Thanks!
Doh, looks like I'm not exempt then.
What should I do in this case to avoid corp tax in this case? Would the ideal solution be to back pay myself a salary for the full amount of profit?
Cheers!
1. Incorporated in November '09
2. First accounting period Nov '09 - Dec '09 (Period covered by CT1)
3. First Form B1 was in June, submitted on time but with no accounts
4. The company is tax registered but I have not taken a salary as of yet. I have sent in the p45 from my last job into the tax office with the relevant details of my current company. There was a long delay in getting this processed.
5. It's a one employee firm (myself) so basically any money i earn I would ideally get out as a salary + bonus or dividend. I don't really need to make any company profit each year end.
6. yep
7. no external employment, but i was working full time in 09 until I left and set up the company to go contracting
8. Second director is a family member, no other directorships.
I got a notification from ROS by email back in may that the return is due this month but it might have been just as a consequence of their notification system and not an actual requirement. The company was incorporated at the end of nov too so its more like 1 month
I could contact revenue to ask if I need to do it now or can I account for it when doing my return for next year.
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