Self employed...do I issue a P45 for myself?

newdigi

Hi,

Was unsure whether to put this into the taxation forum or here but I feel some of you may have gone through this.

I am director of a company under which I ran one business which I closed a few weeks ago.

The company itself is still active because I need to finalise all VAT payments, year end etc. (company has no outstanding debts). I will eventually close the company formally (i presume this needs to be done).

So now I am director of a second company under which I will be launching a new business. This business wont be launching for a few months, and in any case I don't expect to get paid from it for around a year.

My question is:
Do I need to issue myself with a P45 from my original company now?

I don't know whether or not to list myself as an employee under my new company because I know I wont be in a position to draw a wage for a long time, so should I just issue a P45 and effectively list myself as unemployed?

I did ring revenue on this and I was left more confused. The person initially said yes, issue a P45 but then said there was no need because the original company was still active.

As I'm no longer earning from that company (in fact I hadnt been for a number of months), I think I should issue a P45?

Sorry for the long winded post!

ssbob

newdigi wrote: »

Hi,

Was unsure whether to put this into the taxation forum or here but I feel some of you may have gone through this.

I am director of a company under which I ran one business which I closed a few weeks ago.

The company itself is still active because I need to finalise all VAT payments, year end etc. (company has no outstanding debts). I will eventually close the company formally (i presume this needs to be done).

So now I am director of a second company under which I will be launching a new business. This business wont be launching for a few months, and in any case I don't expect to get paid from it for around a year.

My question is:
Do I need to issue myself with a P45 from my original company now?

I don't know whether or not to list myself as an employee under my new company because I know I wont be in a position to draw a wage for a long time, so should I just issue a P45 and effectively list myself as unemployed?

I did ring revenue on this and I was left more confused. The person initially said yes, issue a P45 but then said there was no need because the original company was still active.

As I'm no longer earning from that company (in fact I hadnt been for a number of months), I think I should issue a P45?

Sorry for the long winded post!

You should prob talk to your accountant, but here's my tuppence worth:

1. Close your company immediately as it is no longer trading, you do not need to wait until year end. All debts and vat settlements can be made on closure.
2. You cannot P45 yourself as director of the company as the company can't continue without a director.

Sunny Dayz

ssbob wrote: »

You cannot P45 yourself as director of the company as the company can't continue without a director.

You can issue a P45 to yourself to cease being an employee of the company, a company can exist without paid employees.

However, a company cannot exist without 2 directors and a B10 for is filed with CRO to resign as director.

newdigi

thanks for the replies.

i did put the question to my accountant but they mentioned having to put an ad in the paper as a legal requirement to see if there are any creditors (there aren't) before a company can be closed down.

i'd love to close my company immediately as it is no longer trading.
Is it simply a case of both directors filing a B10?

Mr Clonfadda

if you were registered as an employee of the company you can issue a p45. you could also move any part of your allowances to the new company without issuing a P45.

Ultimately because you are a director of a company you have to submit an Income tax return all your earnings will be taken into consideration no matter how many companies you work for or worked for, in any tax year.