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What do I need to do in order to comply with the requirements of the Taxman and Companies House  in regards to running a “Limited Company” ?

The main legal requirements are shown below. Please note this is not a comprehensive list and should be used as a guide only to comply with the minimum requirements.  You therefore should not rely on this as meeting your specific requirements without seeking further advice.  We can provide further tailored advice to our clients:

Companies House

1. File  your  annual Return (each year on the anniversary of the incorporation of your company)

2. File company accounts (currently must be filed within 9 months from your (accounting reference date).  There are automatic fines if you file late  see  Late filing penalties.

3. Submit forms for certain changes e.g. registered office, Directors, share issue etc.

See  Company Secretarial - Package services  which show  the services  we provide as package at a fixed fee. This service currently covers most of the standard requirements you are likely to need.

Taxman - HMRC

1. You need to file your Corporation tax return / and accounts within 12 months of your year end (automatic penalties will apply if you are late).  We can advise you about what you need to file based on your circumstances.

2. You need to pay your corporation tax liability within 9 months of your year end (interest on overdue tax is payable if paid late).

3. If you pay yourself a salary then you need to pay over to HMRC the  PAYE and NI.  We can run your payroll, work out  how much you need to pay to HMRC,  when  to pay and how.

4. You will need to register for VAT once your turnover reaches £82,000 (from 1/4/2015)- this changes each year) You can register voluntarily, we can advise you of the pros and cons of this and the best scheme for you and then register you for a fixed fee.

5. Once you are registered for VAT you need to submit regular VAT returns.

Bookkeeping

1. Your books should explain the financial position at any given point in time. At the very minimum you should keep:

a. A record of all your sales, backed up by a valid invoices or similar, e.g. Till rolls.  

b. A record of all your expenditure  (preferably analysed by expense type) backed up by receipts.

c. A record of payroll for employees including yourself.

You can use a accounting package to keep your books or an Excel spreadsheet. Books  can also be kept in a manual format.  We can provide further guidance on bookkeeping once you become a client.