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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.
 
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Default fines

 

If there is failure to comply with any of the foregoing requirements concerning maintenance of registers and documents, permitting inspection and/or supplying copies, the company and any officer who is in default will be liable to pay a fine with a daily default fine for continued non-compliance.

With a few exceptions these fines are set at one-fifth of the statutory maximum which currently works out at £1000, with daily default fines of one-fiftieth of the statutory maximum making £100 at present, so they are far from negligible.

Canterbury Accountancy - Helping businesses to understand their legal obligations under Company Law.

 
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London Registered Office for Ltd Companies

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 Company Registers CA2006

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