will i have to pay tax in the u.k if my business has no income for a year?

Question

just starting out and need advice just about uk

Answer 1

Tax is levied on profits so, no profits, no tax.

Are you trading through a company or are you self-employed?

If self-employed then you must register with HM Revenue and Customs within three months of starting or face a penalty.

If a limited company then you will be sent an enquiry form CT41G. This must be returned and then corporation tax returns submitted at the due date.

Answer 2

Its nevertheless 31 July and then 31 Jan, 2 installments no longer one. money ensuing from income tax and sophistication 4 NIC would be due on 31 January and 31 July. those intervening time money would be in line with one 0.5 of the full criminal duty (much less any tax deducted at source). you have the stunning to shrink money on account in case you suspect the income tax for the present 365 days is under the previous 365 days. The stability of income tax for 2008/09 is due on 31 January 2010 (alongside with the 1st intervening time fee for 2009/10 and any capital useful properties tax for 2008/09). even nonetheless if the quantity of tax to be accrued is low you do no longer could pay money on account merely pay the steadiness as quickly as a 365 days.

Answer 3

Not sure how its a business if you will not have an income - but Tax is due on Total Turnover for the year - less your personal allowance and expenses used for the business. Well that's basically it. You must register as said as self employed. You do not need an accountant you could try a book keeper like me we are cheaper!

Answer 4

You can contact your local tax office or call in and they will explain how much you can earn before tax.
When you can afford it get an accountant as if they are any good they should be able to save you their fee and a lot more as they are aware or all the legal loopholes on saving money. That is how the rich get richer they can afford a legal tax fiddler

Answer 5

to pay tax you have got to realise an income, i have a busness for the last 30 years and paid no tax at all, mine doesnt earn any money and i live off the state as well.

Answer 6

Yes you would do as an individual even if you had state benefits as the threshold id low. After all if tou are making a loss theoretically you should not be runnig a loss making business.

Answer 7

you only pay corporation tax on profits, so no.