A Limited Company is a separate legal entity, that will live on beyond the death of its Directors. Trading through a Limited Company brings benefits, but also creates additional responsibilities for its officers.

This is the choice of trading style for the majority of our business clients, so we’re well versed in keeping them safe, up to date and helping them get, and keep, the most from their hard work.

• A Limited Company is required to file Accounts with Companies House each year, within nine months of its year end. Failure to do so will incur a late filing penalty. The content of these accounts will depend on the turnover of the Company.
• A Confirmation Statement is also required by Companies House each year, which updates any changes to the details of the officers and shareholding of the Company, and includes an annual confirmation that the Company intends to trade lawfully.
• The profits of a Company are included on a Corporation Tax Return that has to be submitted to HMRC each year, any Corporation Tax that is identified as due on those profits must be paid within nine months and one day of the year end.
• Directors have a responsibility to put the interests of the Company before their own, amongst others. Be sure you understand those responsibilities and accept them before you commit to trading through a Limited Company.

In this section of our Information Centre, you’ll find a range of articles and posts that will help navigate the challenges you’ll face as a Director.

Many of the articles and information in this section will also be relevant to Limited Liability Partnerships (LLPs), but there are also some significant differences between the two business structures. Please either seek guidance or get in touch if you’re already operating as an LLP or are thinking about doing so.

As ever, if you have any questions after reading any of these posts, please get in touch!