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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
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Ready Made Companies

 

The fastest way to incorporation is to buy an off the shelf company, it is also often referred to as ready made company.

A Ready made company will have filed all the necessary documentations listed below with the Registrar of Companies.

  • Memorandum and Articles,
  • Articles of Association,
  • A statement of first directors and secretary and intended address of registered office  and declaration of compliance with the requirements on application for registration of a company under section 9 of Companies Act 2006.

The company will have been issued with a certificate of incorporation, so it can start trading as soon as you have appointed your own directors, company secretary and transferred the shares to your own shareholders, to replace the nominees (nominated persons or body corporate) nominated by our accountants. Normally, accountants at Canterbury, will handle the transfer of ownership documentations including company name change if you wish, for you and file relevant forms to Companies House.

From 6 April 2008 a limited company does not have to have a company secretary. This means that only one person is required to set up a company, you can be the sole shareholder and the sole director of the company.

Generally ready made companies formed more than one year is more attractive as it is easier to arrange credit facility compared to newly incorporated companies. Some banks do not offer credit facility including credit cards to companies less than 6 months old.

Canterbury Accountancy – providing solutions to your business.

 

 
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