What if he waited till April when the tax year ends and does a self assessment tax return in his own name? He was given this advice by a solicitor today. He will be speaking with his accountant tomorrow and he will be contacting HMRC about it as well, but is there anything else to be done? We’ve come too far and sacrificed too much to just give up.
Unfortunately, that wouldn’t work because he didn’t start his limited company until June 2018... so he would only have been self-employed for 10 months in April 2019.
To calculate his income from the financial year, they will use the 12-month tax year as specified on his CT600.
If his company’s accounting year is different from the normal April to April financial year... for example, it has been set up to be June to June, then the earliest his income will meet the requirement is June 2019... at the end of his first accounting year.
If, however, his tax year is April to April then the earliest his income will meet the requirement is April 2020, after he has completed a full April to April tax year (April 2019 to April 2020).
I would definitely recommend trying to get hold of Medivisas, because they can offer advice that we can’t.
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