Monday, January 2, 2017
If you want the company to pay you a salary, expenses or benefits, you must register the company as an employer with HM Revenue and Customs
The company must take Income Tax and National Insurance contributions from your salary payments and pay these to HMRC, along with employers’ National Insurance contributions.
If you or one of your employees makes personal use of something that belongs to the business, you must report it as a benefit and pay any tax due.
Your company mustn’t pay out more in dividends than its available profits from current and previous financial years.
You must give a copy of the voucher to recipients of the dividend and keep a copy for your company’s records.
Your company doesn’t need to pay tax on dividend payments. But shareholders may have to pay Income Tax if they’re over £5,000.
Thursday, September 15, 2016
If a company doesn’t meet these conditions, you’ll have to voluntarily liquidate your company instead. When you apply to ‘strike off’ your company, there are certain steps to follow.
· Intimate your plans to interested parties and HM Revenue and Customs (HMRC) regarding company strike off.
Ø Prepare and File your final statutory accounts and company tax return, to HMRC stating that these are the final trading accounts and that the company will soon be dissolved. You don’t have to file final accounts with Companies House.
You must keep business documents for 7 years and copies of its employers’ liability insurance policy and schedule for 40 years from the date the company was dissolved.
To apply to strike off your limited company, you must send Companies House form DS01 which must be signed by a majority of the company’s directors. You should deal with any of the assets of the company before applying and it costs £10 to strike off a company.
You’ll get a letter from Companies House if you’ve filled in the form correctly and your request for the company to be struck off will be published as a notice in your local Gazette. If nobody objects, the company will be struck off the register once the 2 months mentioned in the notice has passed.
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Monday, August 22, 2016
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Majority of the companies registered at UK are private limited companies by share. This is a popular structure because directors can be anywhere from the world, they need not be a UK resident. He can run his business from his home country. You just need a registered office address at UK.
· UK registered address: no need to separately hire a place for a starting company .They can use their home address / accountant address.
At the end of the financial year, accounts must be prepared and filed with Companies house and tax office (HMRC) before their due dates.
· For Tax office (HMRC): Tax return should be filed within 12 months after the end of the accounting period it covers. If tax liability is there, Corporation tax should be paid within 9 months and 1 day after the end of the accounting period.
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Wednesday, August 17, 2016
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