Hi folks,
I started a new company just over a year ago for IT contracting and it took me a while to get it all sorted out. I've been paying my VAT but not a salary (nil P30 returns). Now I'd like to back date a salary from when I started but I learned recently that I could be liable for interest on payments if I file supplementary P30 returns for those previous periods. I didn't think it would be an issue but it makes sense I suppose. What sort of interest rates am I looking at here? If it's a huge amount I can just pay the corporation tax on profits and not pay myself a salary until this year which may work out cheaper.
Regarding expenses, if I have bills in the name of the landlord instead of me (e.g. broadband for home office) can I still claim these? Do I need receipts for subsistence expenses or is a travel log sufficient? And if I order computer components are these directly expensible or do they suffer depreciation like normal assets?
I want to get an accountant to look over the accounts after I have all of them in order (to the best of my knowledge) and maybe get them do my first CT1 / Annual Return / Form 11 and advise on a pension etc. but after that I would just file everything myself. Would many accountants accommodate this?
I started a new company just over a year ago for IT contracting and it took me a while to get it all sorted out. I've been paying my VAT but not a salary (nil P30 returns). Now I'd like to back date a salary from when I started but I learned recently that I could be liable for interest on payments if I file supplementary P30 returns for those previous periods. I didn't think it would be an issue but it makes sense I suppose. What sort of interest rates am I looking at here? If it's a huge amount I can just pay the corporation tax on profits and not pay myself a salary until this year which may work out cheaper.
Regarding expenses, if I have bills in the name of the landlord instead of me (e.g. broadband for home office) can I still claim these? Do I need receipts for subsistence expenses or is a travel log sufficient? And if I order computer components are these directly expensible or do they suffer depreciation like normal assets?
I want to get an accountant to look over the accounts after I have all of them in order (to the best of my knowledge) and maybe get them do my first CT1 / Annual Return / Form 11 and advise on a pension etc. but after that I would just file everything myself. Would many accountants accommodate this?