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Reminders for Directors

  • One person can form a Ltd company.
  • Directors are to provide service address to Companies House for public record instead of residential address.
  • Service address can be the company registered office or other address as long as mails from Companies House can reach the directors.

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UK Tax Authority - HM Revenue and Customs

  • Companies are required to register for VAT if annual sales exceeded £68,000.
  • Companies are required to register for PAYE if directors are drawing salaries and maintain payroll records.
  • HM Revenue and Customs will issue £100 penalty if companies failed to file corporation tax returns on time.
 
Business Quiz - See what your score
1. A petty cash book:
 
Is used only in limited companies
Is used when there is a bank overdraft
Is used for small cheque payments
Will keep down the number of entries in the general ledger.
Submit
 
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Choosing an auditor

 

The auditor of your company must be a member of a recognized professional body and hold the relevant practicing certificate so at to be eligible for appointment as a company auditor under the rules of that professional body. The Companies Act recognizes five professional bodies listed below:

  1. The Institute of Chartered Accountants in England and Wales (ICEAW)
    www.icaew.com
  2. The Institute of Chartered Accountants in Scotland (ICAS)
    www.icas.org.uk
  3. The Institute of Chartered Accountants in Ireland (ICAI)
    www.icai.ie
  4. The Association of Chartered Certified Accountants
    www.accaglobal.com
  5. The Association of authorized Public Accountants
    A subsidiary of ACCA, refer to www.accaglobal.com

If you would like to appoint an auditor but do not know one to contact, you may contact one of the above mentioned professional bodies, they will provide guidance.

Alternatively, UK accounting firms provide list of chartered accountants and registered auditors.

Canterbury Accountancy - Information for businesses

 

 
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London Registered Office for Ltd Companies

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 Company Registers CA2006

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