For any Limited company in UK, you have to comply with the following requirements.
As a director of a limited company, you must:
You can hire other people to manage some of these things day-to-day (for example, an accountant) but you’re still legally responsible for your company’s records, accounts and performance. Offshore Company Corp can support you with all of these requirements.
How you take money out of the company depends on purposes and volume that you take out.
If you want the company to pay you or anyone else a salary, expenses or benefits, you must register the company as an employer.
The company must take Income Tax and National Insurance contributions from your salary payments and pay these to HM Revenue and Customs (HMRC), along with employers’ National Insurance contributions.
If you or one of your employees make personal use of something that belongs to the business, you must report it as a benefit and pay any tax due.
A dividend is a payment a company can make to its shareholders if it has made a profit.
You cannot count dividends as business costs when you work out your Corporation Tax.
You must usually pay dividends to all shareholders.
To pay a dividend, you must:
For each dividend payment the company makes, you must write up a dividend voucher showing the:
You must give a copy of the voucher to recipients of the dividend and keep a copy for your company’s records.
Your company does not need to pay tax on dividend payments. But shareholders may have to pay Income Tax if they’re over £2,000.
If you take more money out of a company than you’ve put in - and it’s not salary or dividend - it’s called a ‘directors’ loan’.
If your company makes directors’ loans, you must keep records of them.
You may need to get shareholders to vote on the decision if you want to:
This is called ‘passing a resolution’. Most resolutions will need a majority to agree (called an ‘ordinary resolution’). Some might require a 75% majority (called a ‘special resolution’).
You must keep:
You can hire a professional (for example, an accountant, tax filling), Offshore Company Corp can help you on this all.
HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax.
You must keep details of:
You must also keep a register of ‘people with significant control’ (PSC). Your PSC register must include details of anyone who:
You still need to keep a record if there are no people with significant control.
Read more guidance on keeping a PSC register if your company’s ownership and control is not simple.
You must keep accounting records that include:
You must also keep any other financial records, information and calculations you need to prepare and file your annual accounts and Company Tax Return. This includes records of:
You need to check that the information Companies House has about your company is correct every year. This is called a confirmation statement (previously an annual return).
You need to check the following:
Government fee from GBP 40.
You can report changes to your statement of capital, shareholder information and SIC codes at the same time.
You cannot use the confirmation statement to report changes to:
You must file those changes separately with Companies House.
You’ll get an email alert or a reminder letter to your company’s registered office when your confirmation statement is due.
The due date is usually a year after either:
You can file your confirmation statement up to 14 days after the due date.
You must display a sign showing your company name at your registered company address and wherever your business operates. If you’re running your business from home, you do not need to display a sign there.
The sign must be easy to read and to see at any time, not just when you’re open.
You must include your company’s name on all company documents, publicity and letters.
On business letters, order forms and websites, you must show:
If you want to include directors’ names, you must list all of them.
If you want to show your company’s share capital (how much the shares were worth when you issued them), you must say how much is ‘paid up’ (owned by shareholders).
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