A Limited liability company has to comply with a lot more rules than Sole Traders and Partnerships.
Responsibilities – Limited Company
- Keep records about the company such as directors, shareholders, secretaries, votes and resolutions, debentures, indemnities, share movements etc.
- Keep accounting records such as assets, stock, debts, goods bought and sold, records of money spent and received etc.
- Send an annual return to Companies House (eg. registered address, type of business, name and address of company directors, share issues, debentures kept, etc.)
- Send the Company Tax Return to HMRC and pay Corporation Tax
- Put statutory accounts together (balance sheet, profit and loss account, notes about the accounts, director’s report)
- Register for VAT if your turnover reaches the VAT threshold
- Report changes in company records within specified time to Companies House and HMRC