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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 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
Submit
 
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Partnership

 

Partnership is where two or more individuals agree to work together, sharing their resources and profit generated. Just like sole trader, each partner’s liability is unlimited but the debts of the partnership firm are shared among partners this give advantage over sole proprietorship.

A partnership is considered a suitable form of business where the business does not require large amount of capital, the liabilities to creditors and suppliers in the event to insolvent are unlikely to be considerable and the business is of a size in which each partner can take part in the general supervision.

For the reasons, partnerships are often found in the professionals firms such as accountants, solicitors, and architects, small merchant and manufacturing businesses.

Seek professional advice on suitable business structure for your venture. Business links directory provides contact information on chartered accountants.

Canterbury Accountancy - Right the business structure for right business

 
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