Thanks Big Mizzle - totally agree. Let us know if you think there are anything else you think company directors may be unaware of - so we can try to cover them in a future video!
It's great to read we've been able to clear up any misunderstandings you may have had about your filing requirements Rob - we did feel this hasn't been addressed elsewhere, so we felt it was important we made a video clearing this up for people.
Does one pays employed tax twice with self assessment? The employed details are submitted by employers and seem to get added to self employed in self assessment.
Thanks for your Question Lydia! The employee pays tax via PAYE, which HMRC works out by it being inputted into the Self Assessment. Any additional tax owed after filing a self assessment will not be tax previously paid by PAYE, therefore you will not be taxed twice. Does this help you?
Hi, thanks for the question. The general rule is that the directors must ensure that any changes to a company’s capital structure are reported to Companies House. Failure to do so usually leads to them being liable, often to a fine - for example, if there has been a re-designation (or “re-classification”) of shares, and the company has not notified the Registrar of this change, they may be fined. In instances where the directors have discovered they have not updated the capital structure at Companies House, they should endeavour to do so as quickly as possible. We hope that helps.
It is not mandatory to take a salary for a director; however, ordinarily directors would be paid monthly and not in one lump sum, which could be seen as suspicious by HMRC. Do you want to take money out of the company in large chunks?
@@1stformations thank you for the response, I have created a ltd to start a business in amazon. So I dont want to pay any salary, at least until the business is stable. Basically I am not worried about it as its not my main job. Then maybe later if the business goes well I can setup a fix salary for each month..
Thanks for your reply, Hassan. We would recommend checking out this blog article on how to pay yourself from a limited company in the most tax-efficient manner: www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-company/ Do you have any questions after reading this?
Thanks for your question, Bob. Yes, if your company has not yet started trading, you must still inform HMRC that your company is dormant. Do you know how to do this?
So many comp directors are unaware of their annual filing obligations...this vid is a great help with making it clear what needs to be done!
Thanks Big Mizzle - totally agree. Let us know if you think there are anything else you think company directors may be unaware of - so we can try to cover them in a future video!
Life saver! This is the first place where I have actually been able to understand what I should be filing and when.
It's great to read we've been able to clear up any misunderstandings you may have had about your filing requirements Rob - we did feel this hasn't been addressed elsewhere, so we felt it was important we made a video clearing this up for people.
Very useful information and expertly delivered as always!!
Pleased you found our delivery to be of a high standard, Annalise.
smashing! so many questions answered in a single video, thanks for sharing this valuable information!
Thanks Priscila - pleased we were able to squeeze in a lot of answers of use to you!
Thank you for taking the time to explain all of the requirements in such a concise format :)
Thanks Rakhee - glad we were able to condense the information into small chunks to help you!
Excellent information! Helping to avoid penalties, particularly during these Covid times is crucial!
Agreed Sam - it is important companies are are not wasting a penny in these difficult times.
Thank you so much for sharing! 1st formations is the best!😊
Thank you for your kind words, Next Mat. If there are any other topics you would like us to cover, please let us know!
Another brilliant video!
Thanks Paul - glad you are enjoying our Whiteboard Thursday series.
So easy to understand - thank you for the hard work you put into these great videos!
You're very welcome! We appreciate your feedback, have you seen the rest of our channel?
Thank you for the video. This is helping a lot
Thanks Deano - glad you found this video helpful.
Great video and better fashion sense 😍
Good to see you are happy with Nicholas' sartorial elegance, James.
Very informative! A go to channel for quick and easy to understand information!
Thanks Angus. Glad you are finding our new channel useful - watch this space for this Thursday's new video.
Very useful video on a confusing topic, cheers!
Pleased we were able to untangle this confusing topic for you, John.
Excellent informative clip
Glad you enjoyed it
Fantastic content!
Thanks for your kind praise, Anjali!
Very informative!
Thank you for your kind words, Douglas!
Well done Nicholas, this is so useful!!!
Glad you found this video helpful, Tommaso.
great video, really useful information for companies!
Thanks John, glad you found it useful.
Excellent explanation and what a sharp look 👌
Thanks Peter - Nicholas does try to be easy on the eye.... at times...
@@1stformations I wouldn't go as far as easy on the eye, but certainly a sharp look!
very informative Nick, well done p.s. bring back the bow ties :)
Thanks Kathleen, keep your eyes peeled for the bow tie's re-emergence soon!
Very useful and informative!
Thank you for your kind words, Polina.
Thanks for another great video!
We're glad you are enjoying our Whiteboard Thursday series, Graeme!
Does one pays employed tax twice with self assessment? The employed details are submitted by employers and seem to get added to self employed in self assessment.
Thanks for your Question Lydia! The employee pays tax via PAYE, which HMRC works out by it being inputted into the Self Assessment. Any additional tax owed after filing a self assessment will not be tax previously paid by PAYE, therefore you will not be taxed twice. Does this help you?
Hello Nick what is the consequence of not filling a change on a capital structure of the company?
Hi, thanks for the question. The general rule is that the directors must ensure that any changes to a company’s capital structure are reported to Companies House. Failure to do so usually leads to them being liable, often to a fine - for example, if there has been a re-designation (or “re-classification”) of shares, and the company has not notified the Registrar of this change, they may be fined. In instances where the directors have discovered they have not updated the capital structure at Companies House, they should endeavour to do so as quickly as possible. We hope that helps.
Thank you. Having a salary declared for the director is it mandatory? Or I can do that when I really want to pay my self the salary?
It is not mandatory to take a salary for a director; however, ordinarily directors would be paid monthly and not in one lump sum, which could be seen as suspicious by HMRC.
Do you want to take money out of the company in large chunks?
@@1stformations thank you for the response, I have created a ltd to start a business in amazon. So I dont want to pay any salary, at least until the business is stable. Basically I am not worried about it as its not my main job. Then maybe later if the business goes well I can setup a fix salary for each month..
Thanks for your reply, Hassan. We would recommend checking out this blog article on how to pay yourself from a limited company in the most tax-efficient manner: www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-company/
Do you have any questions after reading this?
My company has not yet started trading yet to I have to register as dormant
Thanks for your question, Bob. Yes, if your company has not yet started trading, you must still inform HMRC that your company is dormant. Do you know how to do this?