In the UK, you only require one person to form a limited company. Whilst the application requests details of at least one member and one director, it is commonplace for the same individual to hold both of these positions. This means that you can set up a limited company on your own. This is very…
A holding company, sometimes referred to as a ‘parent’ company, is simply a limited company that is set up for the purpose of: owning assets and shares in other firms, and/or managing or supervising other businesses A holding company is a majority shareholder in other firms, which are thereafter classed as subsidiaries of the parent…
Company formation is the process of incorporating (registering) a business as a limited company. When this happens, the business becomes a distinct legal entity; an individual ‘person’ in the eyes of the law. Essentially, this means that the company is completely separate from its owners in terms of finances, liabilities, contractual agreements, and ownership of…
Limited companies are ‘active’ as soon as they are incorporated at Companies House because they are in existence and able to trade. However, the definition of an active company is broader at HMRC. For Corporation Tax purposes, a company is only considered ‘active’ when it starts carrying on some form of trading activity, such as…
Running a business will likely involve hiring employees at some point. You may have prior experience in this area, with a wealth of interview techniques up your sleeve, or you may be completely new to this part of the recruitment process. Either way, you must have the appropriate skills and knowledge to conduct successful interviews.…
The success of your business comes down to a great many factors. The people you hire to work for your company and represent your brand will have a significant impact on the way your business is perceived, which will ultimately impact its overall success. It is vital that you choose the most appropriate employees with…
One of the most popular topics we deal with on a daily basis at Rapid Formations is business bank accounts for non-UK residents. Whilst it’s incredibly easy to register a UK limited company from anywhere in the world, it is more difficult to set up a business bank account if you do not live and…
A company registration number is a unique sequence of numbers that Companies House issues to every newly incorporated UK limited company. Usually abbreviated as ‘CRN’, it is sometimes referred to as a Companies House Number. Your CRN will consist of 8 numbers or 2 letters followed by 6 numbers. It will be displayed on your…
Limited companies have many obligations to fulfil for Companies House and HM Revenue and Customs (HMRC) on a regular and as-needed basis. As a director, you are legally responsible for maintaining these important company filing and reporting requirements, which include: Sending an annual Confirmation Statement to Companies House at least once every 12 months Preparing…
Limited company shares can be transferred or sold to other people, just like any other form of property. Share transfers, therefore, are very common and may take place for any number of reasons, including : the retirement or death of a shareholder recouping an investment gifting shares to family members raising additional capital bringing in…
When you form a limited company, HMRC will receive notification from Companies House. Shortly thereafter, HMRC will issue a unique tax reference (UTR) for your new company and send a letter to your registered office address. This letter will contain your company’s unique tax reference and important guidance on your tax responsibilities. A company UTR…
Strict procedures must be followed if you want to remove a director from a limited company. To ensure compliance with contractual agreements and company law, and to avoid the potential for legal claims, you must ensure that any termination of a director’s appointment is just. Below, we discuss the different options available to you and…
