richlewis5000
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Run a LTD company, now seems to be paying 3 lots of tax?
Hi I run a small Limited ppumbing company, Im the director and only employee. From 2020 - 2022 I was a subcontractor under the CIS and then gross tax scheme and paid corporation tax, and Self Assesment income tax, all good. From 2022-2024, I was just self-employed and paid corporation tax, and Self Assesment income tax, all good. However, now, from April 2024, using a new accountant, I`m told I needed to be on a `payroll` scheme, and they have re-done my accounts for last 2 years, and I`m now getting `statement of liabilities` letters, which look like bills with massive interest and PAYE / NIC bills, directly from HMRC, yesterday I paid it off (£7500) and on 1st OCT I paid £1154.88. It seems Im now clear, but my question is this, I still seem to be having to pay Self Assesment tax by January 2025 of £10,500 (I assume on my earnings from my company) AND corporation tax on the profits of the company. Surely if Im paying PAYE ongoing, should I be also paying Self Assesment tax ? Very very confusing. My accountant has dis-instructed me because I am condstantky asking them to sirt it out but they have utterly failed on every level. Please can someone advise here ? Thanks RL