Transcript
providing companyinformation thatcustomers value
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Dealing with Companies House
SOLE TRADER
What ‘sole trader’ means You’re a sole trader if you’re running your own business
as an individual. You can keep all your business’ profits after you’ve paid tax on them.
Legal responsibilities You’re personally responsible for: any losses your business makes bills for things you buy for your business, like stock or
equipment keeping records of your business’ sales and spending
SOLE TRADER
How to set up as sole trader You must register with HM Revenue & Customs (HMRC)
as soon as you can after starting your business.
Sole traders’ tax responsibilities You must: send a Self Assessment tax return every year pay Income Tax on the profits your business makes pay National Insurance You must also register for VAT if you expect your
business’ takings to be more than £79,000 a year.
Why become a limited company?
• The company name is protected
• Limited liability status
Limited liability
• Is where the liability of the members is limited by shares or by guarantee
• In return the company must send certain information to Companies House for public viewing
Functions
Incorporation
Company name
• Unique
• It is not offensive• Sensitive words• Company names adjudicator• Company Names Tribunal for ‘opportunistic registrations
Trading disclosures
Company name displayed at:
• All places of business
• Registered office address
But does not apply to:
• Dormant companies
• Primarily residential addresses
All items of business stationery & communications, including emails and company website must show:
• Company name
• Place of registration
• Registered office address
• Registered number
• If the company is being wound up
Trading disclosures
Director and secretary responsibilities
Director’s responsibilities
• Accounts and annual returns are delivered
• Registered office address is correct and operational
• Directors’ and secretaries’ details are kept up to date
• No appointments under the age of 16 (except for LLP’s)
• No upper age limit
• At least one ‘natural person’ appointed (except for LLP’s)
Directors service addresses
Based on privacy
• Any address for the public register (Except a P.O. box address)
• Usual residential address for protected register
• Change notice can be submitted online
• Historic addresses can be ‘expunged’ for at risk officers
Company secretary duties
Every PLC needs a secretary
Secretaries are optional for private companies
Usual company secretary duties:
• Notifying changes
• Maintaining statutory registers
• Notifying members and auditor of meetings
• Providing copies of resolutions and agreements
• Supplying copies of company accounts
Annual return
• All companies must file one every year
• Based on your legal return date (LRD)
• This is not the financial return of the company
• Snapshot of the company details as at LRD date
• Must be filed within 28 days of the LRD
• Over 98% are filed online
• £13 filing fee online (£40 for paper filing)
Accounts
Accounts
• Many account types can be filed online
• All companies have to file accounts each year
• Whether trading or not
• Strict filing times laid down by Parliament
• Based on your accounting reference date (ARD)
• No filing fee
• Automatic late filing penalties
Accounts filing periods
The filing period for accounts is:
-9 months after the accounting reference date for a private company or LLP
-6 months after the accounting reference date for a public company
Late filing penalties
• Accounts only
• Introduced 1 July 1992 and amended 1 February 2009
• Civil penalty against the company
• Accounts must be received by due date
• Penalties are doubled for filing late 2 years running
• Appeals procedure
• Registrar has very limited discretion not to collect a penalty
Late filing penalties
Length of delay(measured from the date the accounts are due)
Private company & LLP
Public company & SE
Not more than 1 month £150 £750
More than 1 month but not more than 3 months £375 £1,500
More than 3 months but not more than 6 months £750 £3,000
More than 6 months £1,500 £7,500
Dissolution
Voluntary strike-off
• Company has not traded or changed its name in last 3 months
• Form DS01 must be completed
• Majority of directors must authorise application
• £10 fee
• Can take 6 months
• Third party objections
www.companieshouse.gov.uk/mobile-app
Mobile App•Mobile App is FREE
•Shows only the free information
•Allows you to check company information on the go!
•Save frequently viewed companies in your ‘Favourites’.
•Variety of sort options in Favourites –company name, number or when accounts or returns are due for filing.
•Amber/red alerts when AR and AA are due/overdue.
The Companies House Service
• Transforms our electronic services, with modern technology and a new web service.
• Better and simpler for customers, making it easier to view and update company information.
Companies House Service
Contact us
Telephone: 0303 1234 500
email: enquiries@companieshouse.gov.uk
RSS feeds: www.companieshouse.gov.uk
Follow us: Facebook
Twitter @CompaniesHouse
Companies House You Tube Channel
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