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.
- 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!
Director’s Responsibilities – are you sure what they are?
Being a Director can be exciting or daunting, but the position comes with legal responsibilities that you MUST be aware of. Are you clear on them and the way they apply to you?
PROOF – the FREE scheme to protect your Company
There are many risks when you run a company, but there are simple, and free, ways to reduce some of them and gain some peace of mind. Companies House offers two services that we believe every company owner should make use of. The first is the PROOF Scheme. This protects your company from Corporate Identity Fraud, which is an ever increasing problem.
How to use a Shareholders Agreement to protect your business
We all set up in business with co-shareholders when everythings positive, but reality can cause problems! As a result, it’s really important to protect the business from unforeseen circumstances with a Shareholders Agreement.
Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!
Management & Growth
Each of our clients receives regular updates that keep them aware of changes and suggestions; if you’d like to receive those too, just click on the button below, add your details and we’ll do the rest!
Choosing Baranov Associates to be our accountants was the smartest move we ever made. We have monthly meetings with Chris, he is our outsourced FD, to discuss the management accounts and where we are against budget. This provides us with greater clarity and focus in the business and makes a huge difference to where the business is heading.
Chris explains everything in a plain and simple language which I like.
Mrs J Mann, J Mann Associates Limited
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