Frequently Asked Questions

Your new company – What happens next?

When the company is incorporated at Companies House, we will email electronic (PDF) copies of all company documents to you.

As a director of the company you are responsible for the security and safe keeping of the company documentation. Make sure the documents are stored in a safe place. However, if necessary, copies of the documentation can be purchased from Companies House for a small fee.
You can make changes to your company at any time after incorporation. Any changes must be reported to Companies House.

Yes, the following changes can be made:
  • Change of Registered Office;
  • Change of name of the company;
  • Change of officers of the company;
Many changes do not incur a filing fee – details of filing fees are listed on the Companies House website.
Additional Shares can be issued at any time. In accordance with the Companies Act 2006, there is no limited to the amount of shares a company can issue. At Ezyco we are happy to help with this service.
The company name should be displayed as follows;
  • At the registered office address and any location where the business operates.
  • On all company correspondence including letterhead, all electronic correspondence, invoices, and notices.
  • Company websites and publicity documents.
No, the company must have its own bank account. To set up a bank account for the company you will have to provide copies of the company’s certificate of incorporation and Memorandum and Articles of Association. At Ezyco we can put you in contact with one of our banking partners, so please contact us if you require this service.
As a director of the company you are responsible for the security and safe keeping of the company documentation. Make sure the documents are stored in a safe place. However, if necessary, copies of the documentation can be purchased from Companies House for a small fee.
You can close the company by means of a members’ voluntary liquidation (MVL) if the company is solvent. Please speak to us if you require this service.

Limited Liability Partnerships (LLPs)

An LLP is a legal business entity with limited liability for the members.
The main difference is that an LLP has the organisational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a private company.
Two or more persons associated for carrying on a lawful business with a view to profit can incorporate an LLP by subscribing to its incorporation document. In law, 'person' includes individuals and companies or firms. LLPs are not applicable for all activities, for example, non-profit making activities.
It is not a legal requirement to have a partnership agreement although in practice it is sensible to have one in place. Your solicitor should be able to produce this for you and it should detail responsibilities of the partners and their rights along with the share of profits for each member of the partnership.
No. Income tax is paid on the members’ share of the profits and each partner will file a self-assessment tax return.
A partnership may be made up with a body corporate as a partner.
An LLP must file an Annual Return and Abbreviated Accounts with Companies House. Two members must be named as ‘designated members’ of the LLP.  These designated members have an obligation to file the annual accounts and returns of the LLP with Companies House

Corporation Tax

At the end of the account year, the company will be liable for corporation tax on any taxable profits shown on the accounts.
Companies House will automatically inform HMRC of your company’s incorporation. HMRC will then send you the Company’s Unique Taxpayer Reference, usually referred to as the UTR.
You must send to HMRC certain information within 3 months of coming within the charge to Corporation Tax - that is broadly when you start any trading activity.
Corporation tax must be paid within 9 months and 1 day after the financial year end of the company. You should receive notification from HMRC of this date.
Corporation tax is calculated on the profits of the company. There are, at present, two rates of corporation tax: the small profits rate, and the main rate. You should check the rates prevailing as these can change year on year.
As the director you will be legally responsible for paying the correct tax on time and filed correctly with HMRC. A limited company must work out its own corporation tax based upon its profits.
You will receive a CT603 notice from HMRC to ‘deliver a company tax return’. To do this you must complete a form CT600 and this must be filed online with HMRC within 12 months following the end of the company’s corporation tax accounting period.
If your company doesn’t undertake any business activity in its first year it may be classed as ‘dormant’ and as such will not be liable for corporation tax. It will however be required to file Dormant Company accounts. The directors however must inform HMRC when it does become active within 3 months of the commencement of any business activity.
ou normally need to register as an employer with HM Revenue and Customs (HMRC) when you start employing staff. You must register before the first payday. It can take up to 2 weeks. You can’t register more than 2 months before you start paying people. You must register if you’re employing yourself, e.g. as the only director of a limited company.

VAT – do I need to register the company?

Value Added Tax, or VAT, is a tax most suppliers of goods and services charge by adding it to those goods and services. A business must register for VAT if its taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold. The current VAT registration threshold is £81,000 but this tends to increase every year. You should register for VAT voluntarily if you expect your annual turnover to exceed this threshold.

In certain circumstances, businesses that you may wish to do business with will require you to be VAT registered. Being VAT registered can also add substance to the structure and appearance of the company.
On a general basis, VAT is paid to HMRC in VAT quarterly periods and the administration is online through the HMRC gateway portal. All VAT returns must be filed online and any outstanding VAT payments are due for settlement one month and seven days after the end of the VAT period.
Figures declared on the VAT returns should be taken directly from your accounting records. HMRC require that the records must be kept for six years and show input VAT, output VAT and payments due to or from HMRC. They must also detail such things as imports and exports and any differently rated supplies.
You can still trade but until you receive your certificate you cannot show VAT on your invoices. Once you have received your certificate you can display the number on your invoices and you will also have to reissue any invoices previously issued showing the VAT amount on the invoices.

Why Ezycoaccounts?

We are proud to be competitive within the market, and our fee structures represent the service you receive.

To see in detail what you get from each service please have a look here.

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Tel: 0845 862 3202