Cheap Formations Uk

Pay As You Earn (PAYE) and Payroll

What is Pay As You Earn (PAYE)? Pay As You Earn (PAYE) is an HMRC system that employers use to calculate and deduct Income Tax, National Insurance Contributions (NIC), student loan repayments, pension contributions, child maintenance, and other relevant payments from employees’ salaries or wages before they receive them. Most employers need to operate PAYE […]

Paying Yourself Through a Limited Company

How do I pay myself through a limited company? To pay yourself through a limited company, you would normally receive a monthly director’s salary through PAYE, then take dividends from shares (if you are a shareholder) when the company has available profits. Unlike sole trader businesses, you cannot keep or spend company money as if it […]

Self Assessment

What is Self Assessment? Self Assessment is a personal tax system that enables the self employed and other individuals to report untaxed earnings to HMRC. Through Self Assessment, you can file (submit) personal tax return forms, find out how much tax you owe, and pay tax and National Insurance contributions (NIC) on your earnings. Do […]

VAT

What is VAT? Value Added Tax, or VAT, is a general consumption tax that is added to the sale price of almost all goods and services (‘taxable supplies’) sold to consumers of any kind. It is an indirect tax, which means that you collect it on behalf of the government and pay it to HMRC. […]

Corporation tax

Will my company have to pay Corporation Tax? On an annual basis, companies have to pay Corporation Tax to HMRC on the profits they make from trading (doing business), investments, and ‘changeable gains’ from the sale of any company assets (e.g., shares, land, property, machinery, equipment) for more than they cost. Companies based in the […]

Annual Accounts

What are annual accounts? Annual accounts are a set of financial and business reports that summarise the activities and performance of a company over a 12-month period. These accounts must be prepared every year for Companies House, HMRC, company members, and anyone who has the right to attend the company’s general meetings. Do I need […]

Company Meetings and Resolutions

o I need to hold company meetings? Private limited companies are under no statutory obligation to hold company meetings, including general meetings, annual general meetings (AGMs) or board meetings, unless specific requirements are included in the company’s articles of association. However, it can be beneficial to hold company meetings at least once or twice a year to […]

Company Records and Registers

What are company records? The Companies Act 2006 defines company records as “any register, index, accounting records, agreement, memorandum, minutes or other document required by the Companies Acts to be kept by a company, and any register kept by a company of its debenture holders.” What are statutory company registers? Statutory company registers, which may […]

Confirmation Statement

What is a confirmation statement? A confirmation statement is a statutory document (Companies House form CS01) that companies and LLPs must deliver to Companies House at least once a year. Essentially, it is an annual snapshot of the company’s registered details, and its purpose is to confirm that all information held at Companies House is […]

Post Company Formation

What company formation documents will I receive? When Companies House approves your application to incorporate, you will receive an email with digital copies of your company formation documents. Depending on your company type, these will include the certificate of incorporation, memorandum and articles of association or a draft LLP agreement, and share or guarantor certificates for each […]