Legal Requirements for Companies in UK – Things to Consider
Legal Requirements for Companies in UK:
Forming Limited Companies in the UK has great advantages. However, at the same time, there are legal obligations that companies must follow. The legal requirements for Companies in UK are the following:
There must be at least one director who may manage the affairs of your company. Also, the Company Directors further have responsibilities and obligations imposed by the Companies House.
Companies House requires annual returns. Accordingly, you must fill these returns within the deadlines. Generally, This is a record of the company, including director information, the registration office, share capital, and shareholdings, to confirm that Company House’s data are accurate.
Companies House will receive your yearly accounts. As a consequence, this leads to the submission of your accounts’ details to the Companies House.
HMRC Annual Corporate Tax Returns:
HM Revenue and Customs department requires an annual corporate tax return to be filed (HMRC). This leads to the calculation of corporate tax. Moreover, the deadline to submit the corporate tax is within 9 months of the conclusion of the financial year.
If your company’s revenue exceeds the VAT threshold, which was £85,000 by April 2017, you must register for VAT and file quarterly VAT reports online.
All firm personnel, including directors, pay income tax and Class 1 NI contributions. In the case of running your company’s salary independently, you regularly submit employees’ payments and deductions to HMRC on or before each paycheck, and then pay HMRC what you owe periodically – On the other hand, small employers are allowed to pay quarterly in exceptional cases.
Liscard Business Centre
Liscard Business Centre is a company formation service that offers different packages for company formation in the UK. If you want to register your businesses anywhere in the UK (that includes England, Scotland, Wales, and Northern Ireland), Liscard Business Centre would love a chance to help. We can help you in forming your companies in much shorter periods of time while also saving you considerable sums of money.
Registration, Documents Verification, Banking Details, Statements of Association, and Official Addresses are all managed by Liscard Business Centre.