You could become a Limited Company; there are pros and cons to this
As a small business, you could become a Limited Company. There are pros and cons to this; a Limited Company gives you more flexibility in how and when you pay tax, for example, but has to comply with rather more legislation.
A Limited Company must be registered and have directors, shareholders and, currently, a company secretary (though this will be abolished in October 2008). It also has to submit accounts to be filed at Companies House. Whether becoming a Limited Company is worthwhile is something only you can decide, but well give you all the information and advice you need to make that decision.
If you decide to go ahead, we can help you with all the arrangements and appropriate registrations.
The type of records you have to keep, by law, will depend on what sort of business you run and how it trades.
VAT is a complex subject, but don’t worry - you don’t need to know everything. However, it’s worth seeking our help
New legislation requires company directors to demonstrate that they have planned for their company to be successful.
Year end accounts
All businesses have to provide year end accounts for the tax man, which must be prepared in accordance with the rules
If you pay any staff, then your business will need a payroll that accounts for tax
The law requires every Limited Company to submit an annual Corporation Tax return.