Everything You Need to Know About Getting Your New Company off the Ground.
Navigating the complexities of owning a Limited Company in the United Kingdom can be daunting, given the multitude of laws, regulations, and best practices to keep in mind. This is your comprehensive guide to understanding and managing the key aspects of running a Limited Company. This information is particularly indispensable if you are in the process of:
- Setting Up a Limited Company: Establishing a Limited Company involves a number of crucial steps, from choosing a unique company name and registering with Companies House, to setting up a company bank account and registering for taxes. This guide will walk you through these steps, clarifying the legal requirements and practical considerations.
- Understanding Directors’ Duties and Liabilities: As a director of a Limited Company, you hold certain legal responsibilities and liabilities. It is vital to be aware of these duties, which range from maintaining company records to filing Company Tax Returns and accounts. Our guide will detail these responsibilities and help you confidently navigate the corporate governance landscape.
- Managing Finances and Taxation: Effective financial management is key to the success of any Limited Company. This includes understanding the intricacies of corporation tax, VAT, PAYE, and dividends. Our guide will provide a comprehensive overview of these areas, helping you manage your company’s finances promptly and efficiently.
- Employing Staff: If your Limited Company plans to employ staff, you need to be aware of your obligations as an employer. This includes everything from setting up payroll to understanding employment law and providing a workplace pension. This guide provides essential information to ensure you meet all your obligations.
- Closing or Selling the Company: Whether you’re considering selling your company or winding it up, specific procedures need to be followed. Our guide will provide the necessary steps to ensure a smooth transition or closure, helping you understand the legal implications and obligations involved.
What’s Covered in This Limited Company Guide?
- Setting Up A Business Bank Account
- Paying Yourself: Salaries & Dividends
- Insurance
- What Do I Need To File, And When?
- Corporation Tax Returns
- Confirmation Statement
- Self-Assessment Tax Return
- Staying organised
- Business Expenses
- Your Status
- Role & Responsibilities Of A Director
- The Importance Of A Good Accounting Setup
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RJF took over the management of my company's accounts in April 2023 and I can't praise Rob highly enough! The collation of my accounts for tax purposes was straightforward and the submissions process was managed perfectly, with payment amounts and due dates provided in a separate, easy to read document. I'm delighted to be working with Rob and the team!
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We moved our financial management and reporting to RJF Accountants 12 months ago, we needed more of an outsourced Finance Director to give us deeper knowledge and guidance both locally and internationally. Rob and his team at RJF are experts in their field and take the time to genuinely understand the businesses they support and the people within them.I highly recommend RJF Accountancy to businesses that need more than just a basic accountancy service, we have been entirely satisfied from day one and look forward to a continued relationship with Rob and his team.
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I switched to RJF because I needed an accountant who could also offer advice and insight into startup finance and tax related queries, not just deal with the compliance side. I'm extremely pleased I made the move because Rob and his team have been fantastic, always responsive and helpful. It's clear Rob has a lot of experience and is passionate about startup finance and entrepreneurship. I've already referred another business owner to him and am happy to recommend RJF.
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