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How hard is corporation tax returns

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  • 13-10-2020 5:45pm
    #1
    i want a username
    Registered Users Posts: 4 ✭


    Im looking to start a company (online store), and I prefer to set up as a limited libilaty company. However I read online that is not the best idea as tax returns are more complicated compared to sole trader and result in higher accounting fees.

    My question is, if I'm using Woocommerce and "Sage accouning start", would I be able to do my own tax returns. Or if an accountant is required would the fees be very low, considing the software is tracking sales and vat?

    Thanks in advance for your help


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    #2
    marizpan
    Registered Users Posts: 443 ✭✭marizpan


    If you set up a company then you are obligated to file a tax return for yourself and the company will have to file a corporation tax return along with all the company’s office returns.

    It’s not one or the other, it’s both.

    Those software companies marketing would have you believe that it can prepare the accounts to accountant standard, ready to populate the CT1.

    Nothing could be further from the truth.
    This would be a case of penny wise and pound foolish.
    Tax law is complex and ever changing. The outcome of incorrect filing can be very expensive.


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    #3
    i want a username
    Registered Users Posts: 4 ✭i want a username


    Thanks Marizpan,

    So I'm guessing from your response you think it is better to not do the filings by myself?


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