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

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