A limited liability company is an organisation which has a legal personality distinct from the people who own and manage it. Any profit the company makes is owned by the company and, after Corporation Tax is paid, the company can share its profits. The types of companies are typically: limited by shares, limited by guarantee or public limited company (PLC).
Every limited company has ‘members’, the people or organisations who own shares in the company. Directors are responsible for running the company and although they often own shares this is not legally necessary. There are a number of legal responsibilities involved with being a director of a limited company.
Every financial year, the company must:
- file statutory accounts
- complete an annual return from the Registrar of Companies
- send a Corporation Tax Return to HMRC.
The company must register for VAT if you expect its takings to be more than £82,000 a year.
If you are a director of a limited company, you must:
- fill in a Self Assessment tax return every year or
- pay tax and National Insurance through the PAYE system if the company pays you a salary.
If you are a director in a company experiencing financial challenges we are able to offer the following services:
- Business Restructuring
- Company Voluntary Arrangements
- Corporate Simplification
- Fraud and Forensic Accounting
- Independent Business Reviews
- Members' Voluntary Liquidations
- Compulsory liquidation (England)
- Court Winding Up (Scotland)
- Insolvent Liquidation
- Pre-Pack Administration
- Strategic Exit
Debt advice for limited companies in Glasgow and Edinburgh
We understand that facing up to financial challenges can be an extremely difficult and stressful time. However, you should be reassured to know that there are options available and, with the right advice and support, you can take the necessary steps to improve your situation.
For further information on our debt advice service for your limited company, contact us today at an office near you.