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As a start up business you have a choice of either setting up as a Sole trader, Partnership, Limited Liability Partnership, Partnership and the popular choice Limited Company.
Companies are an ideal way to maximise income, and limit your liabilities when venturing into business for the first time. Any losses are usually limited to the amount of capital invested, thus offering protection in most cases of one's personal assets.
Provided they are run correctly, they provide a tax efficient vehicle for conducting business through, enabling one to take advantage of the tax breaks available.
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All Ltd Companies will require at least 1 director and an optional company secretary. You will also need to issue at least 1 share, and maintain all company records at your Registered Address. This must be within the UK. All the key statutory and taxation document filing requirements are located under the Key Dates button above. |
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We offer a wide range of limited company services packages to suit budget or individual needs of small e.g. one man, medium and large businesses. For example |
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Business start up package |
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With this package you can |
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Request your own name for your company (takes about 2 days to register). |
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Open Business bank account. |
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PAYE registration |
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VAT registration |
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Business Plan |
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Web site development |
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Registered Business address |
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Unlimited telephone support |
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The Business as Usual service package and Yearend service package |
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With these packages you get |
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Full range of bookkeeping |
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Payroll |
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Annual accounts preparation |
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Corporation tax |
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VAT |
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Unlimited telephone support |
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Three key reasons to start a business now
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Employment status - a company can never be an employee
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Limited Liability - your risk is generally limited to the value of your capital
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Tax savings - via the payment of expenses and dividends
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Tax Free Dispensations available through us:
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In-house working lunches
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Travel and subsistence
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Accommodation
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Home phone and own mobile phone business calls
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Minor and trivial benefits
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Office equipment and sundry items
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Professional subscriptions
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Safety footwear, protective clothing
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Congestion charge
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Broadband internet subscription
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Advisory fuel rates for company cars
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Authorised mileage rates
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What insurances do I need?
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Professional Indemnity, Employer's Liability and Public Liability insurance are available. |
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It is also possible to insure against Legal Accountancy Expenses in the event of a challenge under IR35 and HMRC Investigations. Cover starts from £75 per year. |
Company Directors Responsibilities include
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Management of the company, ensuring that it operates within the law. |
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Ensuring that the Annual Accounts are filed and circulated as required. |
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Ensuring that all the necessary returns are filed on time with Inland Revenue, and that the tax is paid. |
Company Secretary Responsibilities
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Compliance with all administration aspects of the company, |
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Ensuring that statutory documents are filed on time with Companies House, |
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Maintaining the company's statutory documents (Register of members, directors and secretary, minute books, charges over properties etc), |
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Registering the change of shareholding form with the Stamp Office, |
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We will perform this duty for you at a cost of £150.00 per annum, when taken out in conjunction with Registered Office |
FAQ's
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What is involved in running a Ltd Company? |
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Registration of all directors and secretary details, a PAYE scheme, and company details with Inland Revenue. |
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Registration for VAT when turnover approaches £70,000 in any 12 month period |
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Statutory and Inland Revenue Returns |
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Maintenance of a payroll, including NI and PAYE deductions and returns |
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Maintenance of proper accounting records for the company |
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Accountancy Champs can assist you with any of these requirements |
What is IR35?
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This relates to the legislation introduced by Inland Revenue in 2000 regulating the use of personal service companies where, in effect, the individuals involved were actually employees when measured by the Revenue requirements, and were thus avoiding PAYE and NI payments. |
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To fall outside the IR35 requirements, you will need to prove the following: |
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You are a contractor |
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You are not an employee of the company to whom you are providing services (See Self-Employed under Individuals) |
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You are contractually protected by the terms of your contract . |
How can I close my company down?
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Provided your company has not traded in its current year, and that at least 3 months have elapsed since you last filed accounts, the process of closing down your company is relatively straight forward. |
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It requires the completion of some documents, and a fee to Companies House. |
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Your tax office should also be notified thereof, and any VAT and PAYE schemes closed. |
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Before the striking off, all taxes and outstanding returns will need to be settled. |
