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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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Corporate Governance – Canterbury - UK Chartered Accountants
The directors’ duties and shareholders rights under company law are discussed.

Pay less tax – Canterbury Accountancy London – UK Chartered Accountants
To minimize your tax liability within the law is not illegal but it is a criminal offence of falsifying information submitted to HM Revenue and Customs.

Canterbury – UK Chartered Accountants – London accountancy services
Canterbury Accountancy helping businesses to take care of their accounts and tax returns.

Depreciation of business assets - Canterbury Accountancy – UK Chartered Accountants
Business assets are normally being depreciated over their economic useful lives to the business. There are two depreciation methods which are commonly used.

The profit and loss account - Canterbury Accountancy – UK Chartered Accountants
The profit and loss account is a summary of income and expenses for the year.

The balance sheet - Canterbury Accountancy – UK Chartered Accountants
The balance sheet is a snapshot of the assets and liabilities of the business as at a date.

Ltd company  accounts - Canterbury Accountancy – UK Chartered Accountants
UK company law requires companies registered in the UK to file statutory accounts to Companies House.

 
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