Limited Companies are more complex to set up and run than for example a Sole Trader or Partnership. In the eyes of the law, a Sole Trader or Partner is the business, which means unlimited liability for any debts of the business. Sole Traders or Partners can be taken to court if things go wrong. Limited Companies, however, are separate legal entities and therefore the shareholders (“owners of the Company”) can only lose the amount of capital invested (limited liability).
Unlike Sole Trader accounts, Company Accounts and formation have strict rules and guidelines (Companies House, Accounting standards, HMRC etc), these determine how the accounts are prepared, the formats, deadlines for the submissions etc.
Responsibilities of a director
Companies are managed by directors who have many administrative duties such as:
- Ensure year-end accounts are filed with Company House
- Ensure CT600 is submitted to HMRC and the corporation tax is paid on time
- File annual Confirmation Statements
- Register with HMRC for Self-Assessment (as a director)
- Submit a Self-Assessment Tax Return every year to declare any company dividends
How we can help?
We understand the complexity of running a business as a Limited Company, we have helped many businesses with the Company Year-End Statutory Accounts and CT600 submissions. We can help you with the preparation and submission of your company year-end accounts with Companies House, ensuring they are filed correctly and well before the deadline to avoid receiving any penalties and interest charges. Get in touch by filling out the contact form and we will be in touch as soon as possible.