A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name, and it is responsible for its own actions, finances, and liabilities.
registering a limited company
Once you have evaluated that a Limited company is the best structure for your business. You should know:
It’s finances are separate from your personal finances. It is seen as a separate ‘entity’ in the eyes of the law and can help you distinguish a difference between personal and business operations
There are no requirements for you to set up a Limited company to set up a business. You really need to make sure you choose the right business structure that is ‘right for you’ we can help with advice on this should you need it.
What are my accounting responsibilities for a Limited company?
As a Limited company there are 4 main requirements annually. These are:
File the Year end Accounts with Companies House
File the Annual Confirmation statement with Companies House and pay the admin fee to companies house.
File the Corporation tax return with HMR Revenue & Customs(complete with ixbrl formatted accounts and supporting computations).
Pay your Corporation tax bill to H M Revenue & Customs 12 months after the year end date.
Its important to keep to the Limited Company deadlines for filing and paying tax owed.
Details of these can be found below:
Companies House Service
Late Filing Penalties
Company Tax Returns: Penalties For late Filing