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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. What is the current VAT registration threshold for businesses?
 
GBP 58,000
GBP 67,000
GBP 68,000
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Directors as agents

 

Because the company is a separate legal entity, a director can only act as the company’s agent, acting under the company’s (his principal’s) instructions, express or implied. For instance, director’s signature on a company contract binds the company but if the director signs contracts in his own name, without any reference to the company he can be personally liable under the contract

Canterbury Accountancy - Information for companies

 
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