For Business

latest

CT61 period to 31 December Income Tax due date 

PAYE due date for December & Quarter 3

starting a business

According to official statistics the UK private sector currently comprises some 3.7 million business enterprises. Of these around 1.4 million are limited companies and the rest are sole traders or partnerships..

already in business

By preparing the following documents for you, we can help you comply with Company Law and HM Revenue & Customs.

individuals

We can prepare your self-assessment tax return for you and ensure that all the reliefs and allowances you are eligible for are applied.

non-profit making

B20 Ltd are conversant with the rules and regulations applying to the preparation and examination of the Accounts of Charities and non-profit making organisations, e.g. sports clubs.

Limited Company

There are no minimum capital requirements for a private company, so one person can form a company with a share capital of just 1. However a minimum of two officers are needed:- a Director and a Company Secretary (from 6th April 2008 a private company no longer requires a Company Secretary). B20 Ltd offer their services as the latter should you so wish. However, once you assume control of a Limited Company, you have responsibilities you never have as a sole trader or partner which should not be treated lightly. Breaches of director’s duties are increasingly being targeted by the Authorities and can lead to directors being disqualified and made personally liable for their Company’s debts.

Companies are separate legal entities from the individuals who own and control them. They are subject to a wholly different taxation regime from sole traders and partnerships, which are both treated as self-employed. Each Company, once incorporated, is required to inform the Inland Revenue-

www.inlandrevenue.gov.uk – that it exists as they are liable to corporation tax, prepare a self-assessment return and pay 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-

www.companieshouse.gov.uk

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.