Self Assessment for directors is required by HMRC. This means directors have to file their own tax returns and pay Income Tax and National Insurance Contributions on all taxable income above their Personal tax-free Allowance of £11,850 (2019-20). However, the flexible structure of a private limited company allows directors to reduce their Income Tax and…
VAT registration is a requirement for businesses in the UK when their taxable income for the previous 12 months exceeds £85,000 (2018-19 threshold) or is expected to exceed that figure within the next 30 days, or they receive goods in the UK from the EU worth more than £85,000. Businesses can also opt for voluntarily…
The majority of working women in the UK are entitled to one year’s maternity leave from work. This can start any time from the 11th week prior to their due date and it consists of 26 weeks’ Ordinary Maternity Leave and 26 weeks’ Additional Maternity Leave. By law, all women must take at least two…
Every limited company is legally required to provide a registered office address during the company formation process. It serves as the official contact address of a limited company or LLP, so it must be maintained at all times. A registered office can be any type of address, whether residential or business, as long as it meets the following criteria:…
Limited Liability Partnerships (LLPs) have a number of statutory filing and reporting requirements for Companies House and HMRC, many of which are similar to those required of limited companies. LLP filing and reporting – the headlines An annual confirmation statement and annual accounts must be filed at Companies House every year. LLP members are responsible for…
The date of incorporation of a UK limited company is the date it is registered at Companies House in England and Wales, Scotland or Northern Ireland. This is when it comes into existence as a distinct legal entity. A company is ready to begin trading from the moment it is incorporated. However, it is possible to register the…
The account title of a limited company bank account must be the official name of the company that is registered at Companies House. If you change your company name and it has been approved by Companies House, you must update all business bank accounts and finance agreements with the new name. To change the account title…
In order to gain publicity, your company must be completely discernible from its competitors. You’ve got to ensure that consumers will instantly recognise your products and be inclined to purchase those products without thinking twice. But how? The answer lies in branding. According to the American Marketing Association (AMA), branding can relate to anything involving…
There are a number of different ways to set up an email account for your small business, all of which are relatively simple and inexpensive. Your own business email address You can get free accounts from various email providers like Yahoo, Gmail, Hotmail, AOL and Mail.com. Alternatively, you can set up a professional, branded business…
A private limited company can be limited by shares or limited by guarantee. Shareholders are the beneficial owners of companies limited by shares. This type of company is usually set up with a view to making a profit to distribute to shareholders in relation to their shareholdings. Guarantors, on the other hand, are the owners…
If you decide to close a company, there are a number of requirements the company must satisfy. The dissolution process will depend on whether your business is solvent or insolvent, i.e. does it have enough money to pay its bills? If your company is able to pay its bills, it is solvent. You can apply to…
During the life of your company, you may have to hold general meetings and board meetings when important decisions need to be made by members and directors. At such times, certain rules and procedures must be followed to ensure the execution of these formal meetings complies with company law. Any resolutions (decisions) that are taken during…
