You can use the internet or postal service to file a confirmation statement for your company.
Nonetheless, the online method is much simpler, faster, and secure compared to the post. Besides, it only costs you £13.00, compared to the cost of around £40 when sending it by post of around £40.00. Using the post also takes far longer.
It is important for a business to register for VAT provided that during the previous year their ‘taxable supplies’ (typically based on the turnover and not the profits) have surpassed the threshold for VAT. This is applicable to all businesses in the United Kingdom, no matter whether you’re working as a limited partnership, company, or sole trader.
It is the duty of the registrar to inform HMRC when a new business is incorporated, so you don’t need to contact them separately. Soon after the formation of your business, HMRC will send a letter to the registered office of your company with form CT41G and your UTR.
Each company in the UK must submit a ‘confirmation statement’ on an annual basis to Companies House. Confirmation statements, which were previously known as ‘annual returns’ need to be filed by every business, irrespective of their current status (e.g., not trading or dormant).
Limited companies can be owned a single or multiple members. If a company is limited by guarantee, its members are called ‘guarantors’. On the flip side, members of a company limited by shares are called ‘shareholders’. Both guarantors and shareholders could be individual persons or corporate entities such as LLPs, trusts, other limited companies, etc.
Picking your company name is not an easy task. Nonetheless, with little research, you will find that the most successful brands have short and snappy names that anyone can easily remember. A short name is easy for people to recall, and they also utilise less space in your logo, on company stationery, etc.
Shareholders may decide to leave a company for a variety of reasons. Irrespective of the actual reason, the shares which they own must be transferred through gift or sale to another person, since companies cannot have unassigned shares.
LLP members can be considered as partners in the company. You require at least two members to incorporate your firm at Companies House, among which no fewer than two of these individuals need to be ‘designated’.
A UTR is a unique tax reference number provided by the HMRC to an organisation, individual, partnership, or company that enrols for Self Assessment. The number consists of 10 digits and is used by the HMRC to identify people and companies for tax purposes.