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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.
 
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Pre-trading expenses

 

Business expenses incurred before the commencement of your business can be relieved if the expenses met the following criteria.

  • The expenses are incurred within the seven years before trading starts and
  • It would have been deductible as a trading expense if it had been incurred after the start of trading.

Examples of these expenses include advertising costs, wages, rent, rates which incurred prior to commencement of business.

These pre-trading expenses would be treated as having been incurred on the first day of trading for tax purposes and “setoff” against sales for the year to reduce the trading profit of the first accounting period.

Canterbury Accountancy – making tax reporting simple for you as business owners and entrepreneurs.

 
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London Registered Office for Ltd Companies

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 Company Registers CA2006

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