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You must notify HMRC within 3 months to avoid a £100 penalty. If you’re approaching this deadline we can help you get the form in on time.
There are tax advantages to trading as a limited company, which Tax Partner Mark Mitchell will be happy to discuss with you. Other advantages include:
You do not need to charge VAT for any of your goods and services until your turnover reaches the VAT threshold of £85,000 (from 1 April 2017) or you expect to reach it in the next 30 days.
Once your business reaches this threshold you MUST immediately register for VAT and start charging VAT on your goods and services from the day you registered.
Directors’ duties cease at the date of liquidation, although the director’s full ongoing co-operation and assistance is required by the Liquidator. The company’s directors must:
The letter at the end of the tax code refers to your situation and how it affects your tax-free Personal Allowance.
L: applies to most people born after 5 April 1938 with one job.
K: applies to somebody with taxable benefits greater than this year’s Personal Allowance. Although K codes are designed to collect extra tax, the amount of tax collected each pay period cannot be more than half of the earnings for that period.
BR: means that no Personal Allowance is available against this source of income. This generally applies to a second job, where one job is allocated all of the Personal Allowance and the other is taxed at basic rate.
DO: similar to the BR code, except that earnings from this source of income will be taxed at higher rate tax. This applies when HMRC expect other sources of income to exceed the basic rate threshold.
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