Helping hand for fledgling boss

TG writes: I set up my company in August and wondered if I need to get a tax accountant to work out things like dividends payments. Also, do I need to notify HMRC of my new status? Are there general guidelines for new start-ups?

Shortly after you incorporated the company you should have received a form CT41G from HM Revenue & Customs (HMRC), where you tell them more about the company, writes Jon Sutcliffe, partner at Kingston Smith LLP. It would have been sent to the company's registered office and provides HMRC with details about your company directorship.

It is recommended that you seek the help of an accountant who should be able to help deal with your salary and dividends. Usually, dividends are paid by reference to the last set of statutory accounts. Where these are not available or where the last set does not show sufficient accumulated profits to pay a dividend, then this can be done by reference to interim accounts. The interim accounts should be prepared on the same basis as full accounts. In practice, you should be careful to make sure that provision has been made for all costs not yet paid, including corporation tax on the profit made by the company.

There is plenty of useful guidance around worth reading. Companies House produces a number of clear guidance booklets, including two on the life of a company, and the associated filing requirements. See:http://www.companieshouse.gov.uk/about/guidance.shtml

The HMRC website has guidance for new companies on corporation tax, and registering for PAYE and VAT. Seehttp://www.hmrc.gov.uk/businesses/index.shtml

Other organisations, such as Business Link, also have some helpful guidance. Seehttp://www.businesslink.gov.uk/bdotg/action/home