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LIMITED COMPANIES
INTRODUCTION:
Ltd Companies are an ideal way to maximise income, and
limit your liabilities when venturing into business for
the first time. Any losses are usually limited to the amount of
capital invested, thus offering protection in most cases
of one's personal assets.
Provided they are run correctly,
they provide a tax efficient vehicle for conducting business
through, enabling one to take advantage of the tax
breaks available. |
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All Ltd Companies will require at least 1 director and a
different company secretary. You will also need to issue at
least 1 share, and maintain all company records at your Registered
Address. This must be within the UK. All the key statutory and
taxation document filing requirements are located under the
Key Dates button above.
We offer the following Limited Company Services:
The Standard Package, including the
Limited Company and related accounting and taxation services
required. We will include full details on running your company
in our Ltd Company starter pack. You can even request your
own name for your company (takes about 2 days to register,
and costs £75.00). We will also assist you in the opening of
company and personal bank accounts, and provide a full range
of bookkeeping and payroll services if required - including all the statutory and various taxation returns.
Company Directors Responsibilities
Management of the company, ensuring that it operates within
the law,
Ensuring that the Annual Accounts are filed and circulated as
required,
Ensuring that all the necessary returns are filed on time with
Inland Revenue, and that the tax is paid.
Company
Secretary Responsibilities
Compliance with all administration aspects of the company,
Ensuring that statutory documents are filed on time with Companies
House,
Maintaining the company's statutory documents (Register of members,
directors and secretary, minute books, charges over properties
etc),
Registering the change of shareholding form with the Stamp Office,
We will perform this duty for you at a cost of £150.00
per annum, when taken out in conjunction with your Registered
Office).
FAQ's
What is involved in running a Ltd Company?
1. Registration of all directors and secretary details,
a PAYE scheme, and company details
with Inland Revenue
2. Registration for VAT when turnover approaches £64,000
in any 12 month period
3. Statutory and Inland Revenue Returns
4. Maintenance of a payroll, including NI and PAYE deductions
and returns
5. Maintenance of proper accounting records for the company
Tax Etc can assist you with any of these requirements
What is IR35?
This relates to the legislation introduced by Inland Revenue
in 2002 regulating the use of personal service companies where,
in effect, the individuals involved were actually employees
when measured by the Revenue requirements, and were thus avoiding
PAYE and NI payments.
To fall outside the IR35 requirements,
you will need to prove the following:
1. You are a contractor
2. You are not an employee of the company to whom you are
providing services
(See Self-Employed under Individuals)
3. You are contractually protected by the terms of your contract
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How can I close my company down?
Provided your company has not traded in its current year,
and that at least 3 months have elapsed since you last filed
accounts, the process is relatively straight forward, requiring
the completion of some documents, and a fee to Companies House
of £10.00. Your tax office should also be notified thereof, and any VAT and PAYE schemes closed.
Before the striking off the registrar can be finalised, all
taxes and outstanding returns will need to be settled.
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