Are you a Director/Shareholder of a limited company? If so, you have lot more responsibilities than you realise.
In a limited company the liability of members of the LTD company is limited to what they have invested in or guaranteed to company. Limited company may be limited by shares or guarantee.
The main advantage of running your business as limited company is that you are likely to pay less personal tax than sole trader. Limited company profits are subject to UK Corporation Tax which for the current 2018/19 tax year is set a 19%. The government indicated its intention to cut UK corporation tax to 17% from tax year starting in April 2020.
Compliance Requirement:
- Keeping records about the company itself
- Financial and accounting records
- Register of people with significant control
- Confirmation statement (annual return) and filing fee
- Filing the statutory accounts to Companies House & HMRC
- Pay the Corporation Taxes on profit on time
- PAYE scheme and pension compliance
- VAT compliance IF
Compliance requirements are governed by the legislations and failure to comply with requirements of the limited company shall incur financial penalties and sometimes imprisonment.
We at FFA understand challenges you face; hence we provide appropriate advice on company’s regulatory requirements, corporation tax issues. We also bring knowledge to assist your business objective reality.