Hi folks.

I need some advice on working out tax and accounts for self employment.
Basically it's how the system works when done through a limited company.

Is their a tutorial CD which can be purchased which will teach you how to pay yourself when you have a LTD company?
How much you can draw from your profit as a profit dividend.?
Something to tell me how to keep accurate and correct accounts for end of year submission to the accountant etc.

Basically what I know is this.
Two people can setup a LTD company.
From the profit which goes into the company all overheads relating to the company are taken out and you're left with net profit for the given month.
Then there must be a certain amount of tax paid against profit.
Afterwhich the two 'employee's of the company are paid a wage from the company. If that wage is not the entire amount of the profit left they can make dividend drawings from the account.

However it's keeping all this straight and above board so that the end of year accounts are correct which I struggle with. I can do basic accounts for sole trading, but LTD company is a mystery to me.

Is there something I can get to help me learn all this?

I go through an umbrella company called Giant Powerhouse (I'm an IT contractor/consultant). They cost about £30/week, but it saves you the hassle of having to do it all yourself. They sort out Tax deductions for expenses etc., and everything else that needs doing.

Have a look at http://www.giantgroup.com

Hope that helps.