Thinking about setting up a limited company or Perhaps you’ve already done so, but now find you’re being swamped by letters from HM Revenue & Customs and Companies House.
Setting up a company is quick and easy, but it creates a range of administrative responsibilities. For example, as small business advisers specialising in start-ups, I often hear from people who are late filing their accounts or annual return, but have no idea of the consequences.
This is only intended only as a basic introduction, but if you set up a limited company you will need to complete:
A Confirmation statement (previously known as the annual return)
This is a brief summary of information about your company (eg shareholders, directors, Shares etc). This must be filed at Companies House together with a fee of £13 if filed electronically or £40 if on paper. The confirmation statement confirms that the information Companies Households about your company is correct. It must be returned at least once a year along with a copy of your annual report and accounts.
Although Companies House requires an abbreviated set of accounts to be filed, which look easy to prepare, HMRC requires a full set of accounts, including a detailed profit and loss account and director’s report.
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.
Along with the full set of accounts, HMRC will require a CT 600 to be completed. This is not a straightforward form, so unless you have the necessary experience, it’s best left to an accountant.
Regardless of how much they earn, each company director may have to complete a self-assessment showing all of their income, not just that received from the company.
Any business that employs staff has a number of reporting requirements. Under PAYE (RTI), almost all employers are required to report their payroll information to HMRC online on or before each payday. Payroll information is reported to HMRC each time you submit your payroll information.
Limited Company Registration, Self Employment and all the initial Setup.
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