As a UK Limited Company there are a number of filings and processes that you will have to ensure are completed correctly and in a timely manner. This article outlines some of the things you will need to consider.
Companies House Annual Return
The filing of the annual return is the responsibility of the company secretary, or failing that the Directors.
Annual Accounts
By law your company will also be required to file annual accounts with Companies House each year. Accounts for Limited Companies are much more complex than for a sole trader or partnership and so the service of an accountant is usually always required. Late or incorrect filing can lead to penalties or fines.
VAT Registration
You need to register for VAT if your taxable supplies value exceeds £70,000 within the last twelve months or when there are reasonable grounds to expect the value of taxable supplies to exceed £70,000 within the next 30 days. You need to register for VAT in a timely manner otherwise you may be charged a fine penalty.
You should seek the advice of an accountant if you have doubts about whether or not you should register for VAT voluntarily as there may be benefits of doing this for some companies.
PAYE Registration
Registering as an employer is also something you will need to do if you are planning to employ and pay a salary to an employee or a Director. This is the method by which tax is witheld in the UK from an employee’s earnings, which is then paid to the tax authorities (HMRC). Again you are best advised to speak to a tax adviser or accountant in relation to this issue.
For more information about factors to consider after forming a company please view our new video guide at the following link:
http://www.youtube.com/user/wisteriaformations#p/u/1/oJuvC650bYM
Now that you understand some of the factors you need to consider before forming your limited company please go to the link below to begin your company registration.
https://www.wisteriaformations.co.uk/uk_company_registration.
If you have any problems our support team will happy to help you on 0844 893 0808 or send them a message at formations@wisteria.co.uk
