Changing the nature of self employment

Hi! I was stating as a full time stock trader in last two years but I was losing money for the entire period. Now I’m planning to open a restaurant and set up a limited company. I’ll still be self employed but the source of income will be changed. Do I need to I change anything on my profile? Also, I have claimed there were expenses/loss in last two years. Will that affect the tax return afterwards? Thanks so much.

Hi Siu Yin Chung,

As a limited company this will now be corporation tax that needs to be declared and will be different form your personal self assessment, the losses you have cannot be used against the limited company.
Set up a limited company: step by step

Thank you.

 

Hi, Isn’t that I’ll still need to fill in the self assessment form if I draw money out from my company? Is it the same as self employed? Thanks.

Hi,
 

As its a limited company you are not self employed in the same way to complete a personal tax return . The funds you withdraw from the company will either be a salary or dividends - see : Director information hub: Filing  . Thank you.