At QAccounting, we see many contractors looking to set up limited companies. When we incorporate your limited company (which we do for free I might add), you become the Director of a company, which comes with it some responsibilities not everyone is aware of.
For whatever reason of starting your own limited company, you will be responsible for ensuring certain documents are prepared correctly and issued on time to Companies House;
- Annual Return – On the anniversary of your company’s incorporation, Companies House will want to check that all of your details are still the same, such as the registered office address, shareholders and principal business.
- Annual Report and Accounts – your year-end accounts will need to be submitted to the Revenue to ensure your taxes are paid correctly.
- Any changes to your limited company will need to be made aware to Companies House.
Your limited company accountant will be able to assist you with these and can even act as your registered office address, so they can deal with any important mail quickly and efficiently.
Although your accountant will prepare your accounts for you, you will need to sign off on them and therefore, ensure they are correct. Remember, that is it is your responsibility as Director of the company to ensure the documents are completed and correctly so. Therefore, it is important to ensure you have an accountant that you can trust, who will explain aspects of your account to you in plain language and who you are not afraid to ask any questions.
In addition to the above, you also have Companies Act Duties and Financial and Legal responsibilities, which is more in depth and complicated. We have provided a free download here which explains it thoroughly. Please don’t hesitate to contact one of our experts if you are interested in learning more.
More Posts
Basis Period Reform
The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!
Tax Payment Dates and Estimating the Values of Tax Payable
The article outlines the typical tax payment dates and methods of estimating the values of tax payable for each type of tax, including VAT, PAYE, NIC, CIS, Corporation Tax, and Dividend and Personal Taxes.
Corporation Tax Rate Changes
In the March 2021 Budget Rishi Sunak proposed a number of changes to the way that Corporation Tax will be calculated and applied and these changes will come into effect from 1st April 2023.