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Inland Revenue Forms - Corp tax, etc.

Having just created a company, I have received a letter from the Inland Revenue entitled "Corporation Tax: New Company Details."

Question 9 asks for the name and address and phone number of the accountant or other agent dealing with the tax affairs. Now, the company formation agent is the nominee secretary but I am assuming that I do not use their details since they merely forward mail (as I understand it).

Do I therefore need to employ an accountant? I would point out that I have no intention to start trading for a couple of months.

Another form called "Authoring your agent" was sent simultaneously. It asks me to authorise my agent to act on my behalf regarding tax matters at the Revenue. Later it asks for the agent's details.

What exactly is an "agent". Is it the company secretary (that is the nominee secretary) or something else.

Thanks, all.

Reply to
Nowt
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And charge you for it. You probably want to appoint your wife secretary, it's a doddle.

No but it sounds like it would be a good idea to do so.

The agent is the accountant or whoever you authorise to talk to the Revenue on your behalf. Otherwise the company's affairs are confidential.

Reply to
Troy Steadman

Many companies do - accounts are somewhat more formal than for self employed. Some types of company apparently need an accountant - better check if your type does.

Its someone that deals with the tax office for you. So rather than the tax office sending you stuff to pass on to someone else to complete, they can deal directly with your named representative.

Martin <

Reply to
Martin Davies

No, but it may be a good idea. The "or other agent" can be whoever you want to deal with the tax affairs, including yourself.

That is the same thing as the "or other agent" above.

It is not required, but if you do have an accountant, it usually makes things a lot simpler if you do authorise them to be your agent.

Reply to
Alex Heney

Thanks all, so if I don't authorise an agent, the IR just send the forms to me.

Also, the first form says that it should be returned ASAP of the IR would estimate tax bills. How would they do this considering the company is not trading yet?

Reply to
Nowt

They will pluck a figure out of the air and keep increasing it until you give them the actuals. Then the estimated tax, penalties and interest are replaced by the actuals.

A huge amount of confusion can result from estimating. Take somebody who hasn't been paying his VAT, every quarter the estimates and the interests are posted, then he starts dribbling money back via the bailiffs, £1,000 here, £2,000 there, the revisions of the interest can pretty soon make the position irreconcilable.

Reply to
Troy Steadman

Yes, but what if the company is not trading. What if it is dormant? I guess though the point is that even dormant companies need to return this form.

So when I return this form what happens reagarding corporation tax? By this I mean, what is the next situation - when would the IR contact me again?

Thanks.

Reply to
Nowt

If the company is dormant then notify the inland revenue will stop most forms coming through

Reply to
steve robinson

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