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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. When must a limited company, with accounting period starting on 1 May 2008, file its statutory accounts to Companies House ?
 
6 months after the end of the relevant accounting reference period
9 months after the end of the relevant accounting reference period
10 months after the end of the relevant accounting reference period
Submit
 
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Non-deductible input tax

 

A VAT registered business can usually reclaim VAT on their purchases and payments made to VAT registered suppliers. However, there is some expenditure that are disallowed for VAT purposes.

Input VAT on the purchase of motor cars cannot be reclaimed but VAT on vans or other vehicles solely for the purpose of the business use are reclaimable. Other expenses which input taxes are not reclaimable are business entertaining expenses and goods bought under second hand schemes.

Accordingly you do not have to distinguish the VAT in your accounting records; just treat the total payment including VAT as an expense of your business.

Canterbury Accountancy - making VAT administration simple for small owners managed businesses and companies.

 
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London Registered Office for Ltd Companies

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