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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. You must issue a full VAT invoice when you sell goods or services for
 
GBP 300 and more
GBP 250 and more
GBP200 and more
Submit
 
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Starting a business - Be your own boss

 

Starting a business

Many businesses and families are suffering from the current economy turmoil. Thousands of people are out of job everyday due to redundancies or companies gone into liquidation and some going bust. These are the news headlines on TV, newspapers and radio every day.

People are stress out from the current economy climate as they are uncertain about their future. They may go to work today and may be out of employment tomorrow. It is certainly not a good feeling but we can prepare ourselves mentally and start working out a contingency plan by consolidating and review our current households spending and look for ways to minimize the expenses to the minimum and also work out how many months the savings in the bank accounts can cover your households needs if you are out of your job tomorrow.

You should consider setting up your own business doing what you are good at. If you are good at cleaning, you can provide contract cleaning services to many offices or residential homes. Offices may find you more competitive in terms of price and your flexibility compared to established contract cleaning companies.

Efree Web Directory provides useful information for new and established businesses, explore to see how businesses offer their services to the public and create public awareness of a business has to offer.

This option is much more promising than being under employment that only guarantee steady monthly income during good times. Working for yourself does not guarantee a steady income but definitely give you self fulfillment and freedom to be your own boss and the enjoyment of every penny you make for yourself.

Setting up a business is relatively easy and straight forward in the UK. You can trade as sole trader or through a limited company. Sole trader has no distinct legal form from its owner whereas limited company is considered two separate entities with its owners. This means the liability of the owners are limited to the capital invested in the company if the business fails. Many people viewed trading using a limited company gives more stability and commitment to business as everything is legalized. You can incorporate a limited company for less than £50 and start your business on the same day.

We must control the situation and do not let the situation controls our mind.

Canterbury Accountancy - Doing something is better than doing nothing at all.

 
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