There are no minimum capital requirements for a private company, so one person can form a company with a share capital of just £1 and you can be the sole director. B20 Ltd offer their services as the Company Secretary should you so wish, but such a role is no longer necessary. Once you assume control of a Limited Company, you have responsibilities you never had as a sole trader or partner which should not be treated lightly. Breaches of director’s duties are being targeted by the Authorities and made personally liable for their Company’s debts.
Companies are separate legal entities from the individuals who own and control them and have their own tax regime. Each Company, once incorporated, is required to inform the Inland Revenue that it exists as they are liable to corporation tax, within three months of starting trading. The Company prepares a self-assessment return and pays the tax due nine months and a day after the end of the accounting period. Companies must also file annual accounts with Companies House within 9 months of the end of their chosen accounting period. We are here to ensure you comply with all these deadlines as the fines are quite heavy.
If you decide to start a Limited Company, you can obtain a start-up form from www.anewbusiness.co.uk/nationwide/index.htm or you can contact us and we can talk you through the options and prepare all the necessary paperwork for you.