Pay and File

  • Thread starter CompanyQuery
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CompanyQuery

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I'm an IT contractor and have set up a Ltd company of which I am a director.
I have been fufilling my corporate pay and file requirements to-data by returning the CT1 form anually and on time. It has just come to my notice that proprietary directors must also submit a tax return each year.
Whilst I received the CT1 forms without asking, I have never received any tax return form for either director of the company.
I pay the paye/prsi promptly each month for both directors and have no outstanding tax debts.
However it seems that there is a fine for late or non-submission of tax returns.
And finally to my question:
Does this mean that if I now raise this issue with the revenue , I will have to pay the late submission fine which will be substantial as this issue goes back 3 years?
 
Does this mean that if I now raise this issue with the revenue , I will have to pay the late submission fine which will be substantial as this issue goes back 3 years?

Yes, probably. Because of this, you should first talk to your accountant. If you don't have an accountant, hire one as otherwise you may well be unwittingly storing up other problems for yourself unless you have a comprehensive understanding of all the issues involved in running a limited company.