Duties and administrative aspects in the UK
To become a father isn't difficult, but to be one is a different story'
- duties
The Company law in the UK is quite liberal and
constitutes a favorable environment for entrepreneurs. Nevertheless, there are
duties and annual costs relating to the foundation of a Limited, which are often
overlooked when starting up.
An overview of some of the annual
administrative duties and responsibilities when setting up a Limited company:
"Registered Office" A Limited company requires a
registered Office, which serves as its principle place and address of service.
Register of companies and transcripts of businesses are kept in archive there.
This procedure is included in the Service package.
"Annual
Return" An annual return has to be handed over to companies house in
the UK on a yearly basis, which serves as an update for stored data. This
procedure can also be done through us and is included in our service package.
"Accounts" Every Limited company, regardless of its
place of activity, has to file annual accounts. The submission of these accounts
is 22 months after the incorporation date and annually after that. This usually
consists of a company report, balance sheet, profit and loss account as well as
an annotation and certificate of the accountant.
Small and medium-sized
businesses are exempt from the latter. The account has to compile with FRSSE,
IAS or UK GAAP. Late submission carries criminal proceedings with it and results
in penalties and money fines for the director of a company. We can assist you
with the formation and filing of your account for an inclusive price. More
information on this is available under "cost
and services".
"HMRC registration (UK tax
authority)" The HM Revenue and Custom demands the submission of annual
accounts and tax reports. Limited companies, which have no turnovers or are
dormant in the UK need to verify this through a certificate of residency issued
by the Inland Revenue or local tax office of their operating location.
The submission of this can also be done by us.
Insolution
offers professional guidance as well as administrative assistance in the running
of your Limited company from the very start through a variety of service
packages available from us.