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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.

HM_Revenue_and_Customs

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 provision of bad debts is created:
 
When a debtors become bankrupt
When debtors cease to be in business
To provide for possible bad debts
To write off bad debts
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Dormant company

 

A company is regarded as being dormant in any accounting period when there is no significant accounting transaction has taken place. A dormant company is therefore a company that does not trade. It is important to note that a non-trading company will not always be dormant.

A significant accounting transaction is defined as any transaction required to be entered in the company’s accounting records other than taking of shares in the company by a subscriber under the company’s memorandum and the payment of fees necessary to maintain the records of a company to Companies House such as change of name, re-registration, late filing penalty and an annual return filing fee.

If the company has entered into an agency agreement, the details of the agreement and the transactions undertaken should be referred to an appropriate advisor when determining whether the company is indeed dormant.

For accounting periods ending before 26 July 2000 the only entry which can be disregarded is the payment for subscriber shares.

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