The HMRC ask me to register self assessment and need pay the Tax. But I found the tax calculate base on my company's turn over. and i paid corporation tax which base on my profit too.
Now I paid similar amount of self assessment tax as corporation tax.
Yes, you pay both CT and SA but on different amounts.
Corporation tax is paid by the company. You are not the company.
Self assessment is paid by the individual. This is only on money that is taken from the company.
If you are caaught by IR35 legislation then company profits are (mostly) deemed income rather than profits.
It is not unfeasible that by coincidence similar amounts might be paid under self assessment and corporation tax but I suspect that there is an issue here.
isn't this mess still down to the fact that you have HMRC confused as to whether you are self employed or a limited company?
Remember from the other post where your husband is a director of a limited company but is paying class 2 contributions.
The only thing that you can do is get a professional involved to come and sort you out as it seems that your tax affairs are in a mess.
My assumption is that you are paying the wrong amounts more than once... You really would be much better off bundling everything up and taking it to a qualied, experienced professional to sort out.
I would even go as far as saying that you are probably past the point where someone with basic accounting skills is the level you need as my assumption is that there will be quite a lot to unravel to get you sorted out.
Shaun.
p.s. in the other thread didn't you say that you were relieved that your husband had agreed that you needed to involve a professional? Whats happened about that as I didn't see a post appear on here asking for applicants for the role?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
dear Mr Shaun,
I just solve the problem. I should not fill the session of ' self employment' in self assessment return form. now the figure is right.
thank you very much!
My husband still insisted to let me learn all the knowledge about the accountant by myself. My major and job is an accountant in my country. But it is not exactly same here. He think his situation is very normal and easy to handle.
and if i really want to hire someone to help his business, he don't know where to find such a suitable one. Could you give me some suggestion?
Have a read of the other threads as well which will give you some background to the scenario.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I am so sorry (that I made a mistake, not that you live in Maidenhead which I'm sure is a lovely place), I got your posts mixed up with someone elses. Must of confused the heck out of you when I was referring back to another thread that wasn't actually anything to do with you! Sorry again.
Which country do you come from by the way? (not important, I'm just nosey).
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Best I can remember is a couple of poems from the Hobbit, a line from a Siegfried Sassoon one that I had to learn at school and the lines to some rock classics (whadda ya mean they're not poety!).
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
That's alright. You help me a lot. I don't mind you make such a little misunderstood. I come from China. So you can see that I can't explain me very clear every time.
Everyone in this forum has a warm heart and willing to help people whom like me. I am very glad to find a such place to get help.
Perhaps you can persuade your husband that with your accountancy background professional help will be just to start you off on the right tracks. The trouble may not be his tax affairs at all but with our tax system which is neither normal nor easy to handle.
If you have to go it alone it might be worth making contact with these two and similar groups.
Thank you very much Tim! We are very lucky to live in a higher ground. and the sewage work very well. Before the BBC news we even didn't notice there has a flood around our area.
My case has a new issue. HRMC repayment my self assessment tax. and ask the received account bank holder's name. I am the card holder and I am the director of my company. Should i put my name or my company's name as the back account holder's name?
Hello
If the money being repaid by HMRC is YOUR money I would give your personal account number. If it is your husbands I would give his account number. You say it is the self assessement refund - so do not use the company as it is not company tax.
Hope that helps
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
