To become a Limited Company, you must have at least 1 Director and register the Company with Companies House using a business name which is currently not registered. Once the company has been registered you will automatically be registered for Corporation Tax and provided with a Unique Tax Reference (UTR) number by HMRC. This number must be used if you wish to also register the Limited Company as an Employer for PAYE and for VAT.
Limited Company Responsibilities
As a Director/(s) of a company must follow the rules set out by Companies House as well as adhering to the guidelines included in the Memorandum of Association. You are duty bound to act lawfully and undertake decisions and activities in the best interest of both the Company and the wishes of the Shareholders.
Unlike those who are self-employed, Directors do not keep all the profits and are not liable for the company losses. However, dividends maybe payable based on certain profitability targets being met. This will be agreed with all shareholders as part of the Annual General Meeting (AGM).
There are also certain rules and regulations that must be followed:
• Keep records of all business sales and expenses
• Submit annual accounts each year
• Submit Corporation Tax return each year
• Pay Corporation Tax due on profits made
• Submit annual confirmation statement
• Notify Companies House of any change in Directorship
• Register for VAT if your turnover is expected to be more than £83,000 a year
Each year the Company must submitted Annual Accounts to Companies House and Corporation Tax Return to HMRC. The deadlines to be met are:
• Annual Accounts – Submitted no later than 9 months from end of reporting period
• Corporation Tax – Submitted no later than 12 months from end of reporting period.
For example, if your reporting period ends on 31st May 2020, then the annual accounts need to be submitted to Companies House 28th February 2021.
At Confian we submit our clients annual accounts and Corporation Tax Return directly with the relevant reporting body.
If you would like to know more about our services then please contact us. Alternatively, we offer packages for Limited Companies. To find out more, click the link below
“For the past 8 years I have worked closely with Jason and throughout this time Jason’s knowledge and experience has allowed me to focus primarily on the business whilst comfortably knowing that my accounts and tax affairs are in safe hands. Jason’s delivery and communication is always clear and precise and he makes sure that everything is explained in a way that a non accountant can understand.”
“We can confirm that the service given by Confian Business Services in respect of our book keeping and accountancy has been outstanding. Client focused, knowledgeable and professional, nothing is ever a problem for them and I wouldn’t hesitate to recommend them.”
“Like most tradesman, I am never on top of my receipts and bills. Each year I give Jason a bag of receipts and he prepares my accounts and tax return for me. It’s now been over 5 years since I’ve been using his services.”
“Being a Swedish National who has only lived in England for 18 months prior to the inception of my UK business, I had no idea of UK company and tax law. Despite paying for professional advice elsewhere, I was nowhere near achieving my goal of setting up a UK limited business. Thankfully I meet Jason through a member of my network. His advice was invaluable. His first task was to help me register the business with companies house and register both the business and myself with HMRC. It was literally all done within two weeks whereas I had previously been waiting 6 months through other “so-called experts”. Two years later and again ably supported by Jason, I was able to submit my first set of company accounts.”
“I would like to thank Confian for the continued support they have given Kensington Hill Ltd over the last few months. It’s been a welcome relief to have found a reliable and proactive book keeper, it make a pleasant change not to be chasing people for our book keeping tasks to be completed.“
“Jason was recommended to me by a mutual friend whom Jason has been working with assisting them with their Bookkeeping. I required Jason’s assistance as I was let down by my previous Bookkeeper and as a result I had a backlog of transactions that needs inputting into Xero before being passed onto my Accountant, to unable my year end accounts to be submitted to Companies House.
Instantly Jason understood the complexities of the type of transactions that go through my business. The work was completed within a timely manner and Jason liaised directly with my Accountant to enable the year end accounts to be prepared. Due to the great work that Jason did, I engaged him to assist with all Bookkeeping for my Businesses and recommended him to a colleague to assist with their Bookkeeping requirements.
Jason and I have regular dialogue on a weekly basis and if I have any queries, I know that I can contact him to ask for his help.”
“I’ve known Jason for a few years in a personal capacity. I explained to him that I wanted to register as a sole trader but I didn’t know what to do. Jason said “leave it with me” and asked for a few details and the very next day I received confirmation that he had registered me with HMRC. Jason explained in simple terms what was required for me to submit my tax return and made sure that I kept a clean set of records. Whenever I had a question, Jason answered within a timely manner and when I needed to elaborate further he was more than willing to assist.”
Get in touch
Use the form below or call 07921 506 051.