Limited companies

There is one main rate of corporation tax of 19%. Corporation tax rate is to reduce to 17% from 1 April 2020.

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The registered office is the official address to which all communications and notices may be addressed. The company must at all times have a registered office and this must be a physical location and not a PO Box address. The country of the location o...
The legislation governing the appointment and removal of directors is contained in the Companies Act in Part 10 and comprises nine chapters and over 100 sections. Inevitably this section of our website cannot cover all the aspects of the Act, but endeavours to ...
The general duties required of a director are set out in seven sections of the Companies Act.
The company is required to keep directors' service contracts or any memorandum of terms at the company's registered office, or at any place specified under section 1136, as section 229 confers rights on members to inspect a request copies.
An auditor of a private company must be appointed for each financial year of the company, unless the directors resolve otherwise on the grounds that audited accounts are unlikely to be required.
Auditors are appointed by the members and are accountable to them. As a result it is important that auditors are given the information they consider relevant to the fulfilment of their duty to members.
The Companies Act requires that all companies must keep a register of members
Shares in a limited company having share capital must each have a fixed nominal value and a share must be distinguished by its appropriate number, unless if at any time all the issued shares in a company are fully paid up and rank pari passu for all p...
Where a service contract is, or maybe, longer than two years. This is a complicated area of the Act and we recommend that advice be sought with regard to long term service contracts.
One of the requirements of the Companies Act is that the approved accounts must include a directors' report
Subject to certain exemptions, a company that meets the small company criteria in respect of a financial year is exempt from the requirement to have an audit of accounts for that year.
The Companies Act requires a company to keep records of its director's meetings. The responsibility for these records rests with the company's Board of Directors.
A company's financial year is determined by its accounting reference date in each calendar year.
The requirements of the Companies Act regarding the preparation of group accounts are based on the company's size.
The Companies Act permits a company to change its name. The provisions governing name change are found in sections 78 and 79. This may be achieved either by special resolution of the members or by other means provided by the company's articles. There are also p...
The Companies Act requires that a company may not take part in an arrangement under which another person enters into a transaction that, if it had been entered into by the company, would have required approval under sections 197, 198, 200 or 201, and that person, in pursuance of the...
How the tax system works for companies.
We are often asked, 'Should I form a limited company?' The reality is that there is no easy answer. Each situation has to be judged individually. Our guide provides an overview of some of the key issues relating to a business trading as a limited company.
If time is an important factor, you can consider buying a ready-made company. The procedure will depend on the company formation agents', including online agents, requirements.
Details of how the tax system charges tax on a company car.
In many small companies, the owners are also the directors, and this gives importance to how income is extracted from the company.
The relief gives rise to an effective capital gains tax rate of 10% on capital gains of up to £10 million.
Expenditure incurred before the company year-end might reduce the current year's tax liability instead of next year's.
The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.
Benefits in kind are assessed on all directors and employees and now be 'payrolled'.
Details of corporation tax rates and bands.
The tax system is replete with fines and penalties for those that do not file or pay on time. Make sure you do not become liable to any of these penalties.
A summary of the main allowances available. The 100% annual investment allowance on plant and equipment is £200,000.
HMRC charge interest on underpayments of tax, and pays interest (repayment supplement) on overpayments.
In order to attract a deduction in computing the profits of a trade or business, any expenses must be incurred wholly and exclusively for the purpose of the trade.
The Companies Act comprises approximately 1,300 sections.
There are over 100 company-related forms prescribed. We list below these and include a link to all the forms which can be downloaded direct from Companies House.
Who is a director? What are their legal responsibilities?
It is essential that you keep your company's statutory records up-to-date. Do not underestimate the importance of these records - they are definitive proof of the company's legal existence and its members.
The position of company secretary in a private company is now optional. Thus a company can operate with a sole director.
Ideas on how you can reduce the time we take to prepare your year-end accounts.
A private company (not subject to insolvency proceedings) can apply to the Registrar of Companies to be struck off the register and dissolved.
As accountants and business advisers we get to know our clients very well. From our position, it is all too clear to us that many clients are too focused on 'today' to give serious thought to the future.
There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.