Re: Limited Company, stealth and accountant!
I present my accountant with a simple spreadsheet it shows, Payments made (costs,,,Stock Postage and Packaging Bank Charges Phone Internet Motor
) from bank account, Bankings made into the bank account from paypal accounts and elsewhere, Paypal Activity Sales Shipping charged E Bay Cost paypal fee Paypal shipping To Current aa/c
Together with receipts.. and from this he creates my books for HMRC and Companies House
Telephone companies houses and chat with the people there they are great and very helpful to people wanting to decide on a new business.or how to start and run a limited company and its free.
HMRC basically want to tax on your profit. if no profit no tax if there's a loss you may get refund from tax paid from elsewhere to them (mainly sole trader ask a good accountant)
When you file accounts with companies house they send info to tax people. If you have a business account for a ltd company the bank will send details to HMRC.
But this info and tax is for the company which is a legal entity.
From what you have typed i think you have misunderstood your accountant or he has not explained things correctly.
a Ltd company has a service address and a real address (real addresses only available to HMRC and police ) and a ltd company does not have to record vat if not enough turnover etc . If the ltd company is run within legal guidelines with income which includes a paypal account where is the problem ?
Last edited by JamesNorth101; 02-17-2016 at 01:09 PM.
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