Without an accountant you are going to need some simple advice on running a limited company. The information in this section is helpful guidance on how to run a small organisation.
The topics also explain how to report circumstantial or business changes in the organisation. It also covers how to take money or benefits out of your limited company.
DIRECTOR DUTIES: The directors of all limited companies have several important and legal responsibilities. Their duties include:
Note: There are some exceptions for Self Assessment registration and tax returns. They apply most to a non-profit organisation (e.g. a charity) and not receiving pay or any benefits (e.g. a company car).
You can get help with tax issues by hiring other people (e.g. an accountant). They often help manage the day-to-day running of a small private limited company.
But, the director has the legal responsibility for the company records and accounts. They are also responsible for the trading performance of a limited company.
Note: Failing to meet the responsibilities can result in a fine, prosecution, or a disqualified company director. Get in touch with a professional adviser or the trade association for further advice.
Part of learning how to run a limited company is understanding limited company formation. This type of business has a separate identity to working for yourself as a sole trader.
Note: When running a private limited company, directors have the responsibility of setting up the company and submitting annual returns.
There are legal requirements for company accounting and record keeping. Review an informative section explaining what records you need to keep for a limited company.
Check if your limited company gets an exemption from having its accounts audited and the process if shareholders ask for one.
You can change your limited company year end to run for more than 12 months (or less). Check how to change accounting year end for a limited company.
The convenient way of filing a change with Companies House is online. But, you can also inform them of changes using software or by postal methods.
The accounts and tax returns for private limited companies are annual. They take place after the end of the company's financial year.
A director's loan grants access to money in the bank account of your limited company. So, what are the responsibilities for repaying a directors loan and how should you report it to HMRC?
You can search for disqualified directors to check if someone is banned. Companies House register stores details from the courts and the Insolvency Service.
There are several reasons to report a disqualified director to The Insolvency Service. You can also make a complaint using the online form.
The page explains when and how you can get disqualified from being a director of a company. Check how the company director disqualification process works if you get banned.
There are valid reasons for a company to be removed from the companies register. Even so, there is a way to object to a limited company being struck off and stop the application.
There are several ways of dealing with limited company debt if creditors decide to take action. Check how to respond to a court judgment, a statutory demand, or a winding-up order.
A change in regulations has seen an increase in property management businesses. Check how to set up a flat management company and run it 'legally' on behalf of the residents.
You must follow the proper steps when making alterations to company information. Check who to notify and how to make changes to your private limited company in the UK.
It is not uncommon for a company to make some changes, such as a registered office address. But, there are certain company changes that you must report to Companies House or HMRC.
There is a set procedure for restarting a non-trading or dormant limited company in UK. You would need to manage Company Tax Returns, Corporation Tax, and annual accounts if you start trading again.
Companies must display a name sign and include specific details in business letters. Check the regulations on signs and stationery for limited companies.
The rules and procedures for taking money out of a limited company allow four (4) different methods. The reason for withdrawing cash, and the amount, determines how you take money out.
Companies incorporated abroad need to file accounts in the UK as an overseas company. Check how UK established companies file annual accounts with HMRC and Companies House.
As a company incorporated overseas, you would need to register with Companies House to set up a legal business in UK. Check how to register as an overseas company in the United Kingdom.
You do not always need an accountant to form a limited company. But, there are several key rules to set up a private limited company in the United Kingdom.
The current format of The Queen's Award for Enterprise has four categories. Check how to enter using the online entry form, eligibility criteria, and the deadline to make a nomination.
How to Run a Limited Company: A Guide for United Kingdom