Corporation tax is the most crucial aspect of a limited company since filing it with HMRC is unavoidable. Similarly, filing tax returns is also a mandatory requirement for a limited company to fulfill its corporation tax obligations correctly. Company tax returns are a necessary and formal report submitted to the HMRC, outlining all the company’s […]
What are Company Tax Returns? Read More »
Owning and running a limited company in the UK has its perks, including distinct legal status and limited liability protection for its members. However, once a limited company has gained a financial stronghold, such as increasing its profit-generating capacity, it comes on HMRC’s radar. So, this blog will discuss what is corporation tax and how
What is Corporation Tax and How it works for Limited Companies? Read More »
A limited company is a business structure that operates as a separate legal entity from its owners. Therefore, the owners enjoy limited liability protection, wherein their personal assets remain safeguarded against the company’s debts. Accordingly, this blog will give you a comprehensive guide to all the significant filing obligations for a limited company in the
What are the Filing Obligations for a Limited Company? Read More »
A Limited Liability Partnership (LLP) is a legal business entity wherein two or more people, called partners or members, collaborate or integrate with the prime purpose of profit-making. This guide explains the key steps on how to add a new partner to an LLP in a structured manner. Furthermore, we will also spell out what
How to Add a New Partner to an LLP? Read More »
Most directors know that as of 1 April 2023, companies with taxable profits in excess of £250,000 will pay corporation tax at the main rate of 25%. Companies with taxable profits of £50,000 or less will still be charged at 19% and those with profit levels between £50,000 and £250,000 will pay tax at 25%,
Corporation Tax Rate Changes – What are Tax Implications? Read More »
Companies cease for various reasons, some closing for the personal reasons of their directors or shareholders, rather than being forced to close by creditors. Many companies will have accumulated monies or assets that need to be distributed to shareholders on cessation (after all creditors’ liabilities have been settled). The method of distribution needs careful planning
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It is required by the companies’ house as well as HMRC that the limited companies have to perform a range of reporting and filing on an annual basis. This is performed on a need basis as well. Secretaries and the directors are liable for the submission of the annual submission statement in order to avoid
Late Filing Penalties for Limited Companies – A Beginner’s Guide! Read More »
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still exists, even if it is no longer trading, you will still
Tell HMRC That Your Company is Dormant Read More »
A dormant company is one of the simplest business structures in the UK, yet it’s also one of the most misunderstood. Whether you’re a new director, a property investor, or someone setting up a company for future use, understanding what “dormant” really means can save you time, money, and a lot of hassle with HMRC
What is a Dormant Company? A Quick Guide Read More »
If you’re a limited company owner in the UK, you are legally responsible to file statutory accounts on annual basis. As a small and medium-sized business, you have the choice to either submit a full or abridged set of accounts. Abridged versions of the account contain fewer details but meet the requirements of HMRC and
What are Statutory Accounts? A Short Guide Read More »
