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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 petty cash book:
 
Is used only in limited companies
Is used when there is a bank overdraft
Is used for small cheque payments
Will keep down the number of entries in the general ledger.
Submit
 
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The Directors

 

Under UK Company Law, a limited company must have at least one director. If there is only one director in the company, the sole director must be an actual person not a corporate body. Anyone can be a company director unless the person has been disqualified by a court from being a director or undischarged bankrupt or under 16 years old.

The directors must act in good faith in the interests of the company as a whole.

The director’s details must be registered with Companies House using Form 288a Appointment of directors. If a director has resigned Form 288b Resignation of Directors must be filed with the Registrar of Companies and changes to director’s personal particulars must also be reported using Form 288c.

The law also requires director to prepare and file accounts to Companies House on time. Failed to do so, may lead to automatic civil penalty.

Canterbury Accountancy - Practical information for companies

 
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