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    End of tax year question..

    My company has been dormant and I was wondering what the consequences would be if I were to take a payment before the new tax year begins?

    Would this mean I would need to fill out a tax return for year 10/11?

    6 Comments

    Banned

    ltd?
    sole trader or what?

    Original Poster

    Limited Company.

    It is your responsibility to make HMRC aware of any monies owing to them whether by you as an individual or your company with respect to tax/ni. How you do this may not involve a tax return assuming your income is purely PAYE in which case your company will make the return. If you are taking income as a dividend then this will obviously be recorded and tax will have to be paid if due.
    Edited by: "jaygee" 4th Apr 2011

    Banned

    no idea for ltd sorry, but if you do then do you not have to file accounts for the year? Can you not just wait a day to take payment?

    Not sure about tax but just incase you aren't aware you still need to find accounts with Companies House even if you are dormant...

    if in doubt leave it out,hmrc worse than the police when owed money,they come knocking if u cant pay,beware
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