UK LTD Tax?

[borke]

Hello guys. I opened my UK LTD company in August 2023. I used 1st formation to open it. I didn't make any profit. Only transactions that I made was on my Wallester account which is connected with that company. I spent there around 500$ on different things.

My main question is what tax I need to pay. What I should fulfill/report so I am safe? How much it would me to close that firm.

Thank anyone for reading and big thank for people willing to help me.

 

[Sols]

How did the company get money on the Wallester account?

Usually, I would recommend hiring an accountant but if you're on a shoestring budget, you can do a pretty good job with software like Xero, Sage, and Quickbooks.

If you have to pay tax, the UK Government website can be very helpful.

Corporation Tax

When your company or organisation pays Corporation Tax - paying, reporting and dormant companies

www.gov.uk

Business tax - GOV.UK

Includes Corporation Tax, Capital Gains Tax, Construction Industry Scheme (CIS) and VAT

www.gov.uk

 

[EliasIT]

How large is the total turnover / amount of money that has been processed through that company, I presume we're not talking about just $500?

 

[koohl]

Give us more information if you want help!