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Responsibilities of a UK Limited Company- Director

What to do when you have a Limited company?

  • File Company’s Annual Return to Companies house every year. ( To be filed every year, within 28 days from the anniversary date of the company).
  • File Abbreviated Set of accounts to company’s house every year. ( Within 9 months after the year end date)
  • Pay any Corporation Tax due, within 9 months and one day after the year end date.
  • File full set of Accounts to HMRC every year. ( To be filed within 12 months after the year end date)
  • 5 – File Company Corporation tax return to HMRC- CT600 ( to be filed within 12 months after the year end date).
  • Register your Business for VAT if turnover is above the VAT threshold or you can register on a voluntary basis.
  • File VAT return usually quarterly – only if you are VAT registered.
  • If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
  • File monthly payroll under real time information. Only when you have a PAYE scheme in place.
  • File Self-assessment tax return every year – Being a director of the company. ( Only when you take a salary or dividends from the company)
  • Other Requirements, depends on individual circumstances such as filing P11D etc

Record Keeping

  • Keep records of all Sale invoices
  • Keep records of all Purchase invoices Expenses – if you are our client, you can request us a list of possible allowable expenses. This will give you an idea what you can and can’t claim for.
  • Keep records of business bank statements
  • Keep Record of VAT – if registered
  • Keep records of all the employees & casual labor
  • Keep records of business credit card statements if any.
  • Keep records of any other information which you believe is relevant

 

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