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A limited company is a separate legal entity that has all the legal rights of an individual and is responsible for its own debts. It must also file tax returns and pay taxes on income and capital gains.
The owners or shareholders of a limited company are usually protected from the liabilities of the business. However, when a limited company is small, creditors often require personal guarantees from the principal owners before extending credit. However, the legal protection afforded to the owners of a limited company can be beneficial.
A limited company must file an annual tax return (corporation tax return) with the Inland Revenue. There are other advantages to incorporating your business, such as the ease of bringing in additional capital through the sale of share capital, or allowing an individual to sell or transfer their interest in the business.
If you are considering incorporating, talk to us. Not only can we advise you on your legal and tax obligations, but we offer a straightforward, low-cost incorporation service to make your transition to limited company as simple as possible.
In addition to dealing with all the administration and cost of forming a limited company, our full service includes:
Initial advice on the corporate structure
Assistance with the selection of a company name
Registration with the Inland Revenue for tax purposes
Registration with HM Customs & Excise for VAT purposes
Setting up PAYE scheme for payroll purposes
Setting up of the company’s statutory books
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