Setting up a Limited Company
In many cases there are tax advantages to operating your business as a limited company and setting up a company is relatively quick and easy. However running your business as a limited company comes with more administrative responsibilities for the business owner. There are more reports to be filed with either Companies House or HMRC and filing any of them late will result in a fine, penalties and interest payments.
Annual return is other confused with the accounts but is in fact a snapshot of information about your company such as shareholders, directors, registered address etc.
Annual accounts to Companies House are becoming due 9 months after the Financial Year end and are to be filed with Companies House which only requires an abbreviated set of accounts.
Companies House and HMRC are very different government departments. They do not work together, so don’t assume that just because you have filed information with one, the other will automatically get it.
CT600 Corporation Tax Return to HMRC
HMRC requires the full set of accounts to be filed within one year of the Financial Year end along with the CT600 form
Annual self-assessment Each company director has the obligation of completing a self-assessment Tax Return including all their income from all sources, including from the company.
Payroll and VAT registration.
Payroll registration should be made as soon as possible if the company is trading and payroll information must be reported to HMRC weekly or monthly on or before each payday under the RTI (Real Time Information)
VAT registration is usually made for a company whose turnover exceeds the VAT threshold which is currently £83,000. All VAT registered businesses have to complete an online VAT return at the end of the month following the quarter end date.
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Late filing penalties start from £150 for 1 month late from Companies House and up to 1,500 if your accounts are still not submitted 6 months after the due date of the accounts.
HMRC will charge you £100 penalty up to 6 months late and £100 more for the next 6 months.
It is very important that we are in contact most of the time with you.
Communication is also very important to keep us informed with whatever is new on your business. You can always contact us by email at email@example.com