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Dealing with Companies House

SOLE TRADER

What ‘sole trader’ means You’re a sole trader if you’re running your own business

as an individual. You can keep all your business’ profits after you’ve paid tax on them.

Legal responsibilities You’re personally responsible for: any losses your business makes bills for things you buy for your business, like stock or

equipment keeping records of your business’ sales and spending

SOLE TRADER

How to set up as sole trader You must register with HM Revenue & Customs (HMRC)

as soon as you can after starting your business.

Sole traders’ tax responsibilities You must: send a Self Assessment tax return every year pay Income Tax on the profits your business makes pay National Insurance You must also register for VAT if you expect your

business’ takings to be more than £79,000 a year.

Why become a limited company?

• The company name is protected

• Limited liability status

Limited liability

• Is where the liability of the members is limited by shares or by guarantee

• In return the company must send certain information to Companies House for public viewing

Functions

Incorporation

Company name

• Unique

• It is not offensive• Sensitive words• Company names adjudicator• Company Names Tribunal for ‘opportunistic registrations

Trading disclosures

Company name displayed at:

• All places of business

• Registered office address

But does not apply to:

• Dormant companies

• Primarily residential addresses

All items of business stationery & communications, including emails and company website must show:

• Company name

• Place of registration

• Registered office address

• Registered number

• If the company is being wound up

Trading disclosures

Director and secretary responsibilities

Director’s responsibilities

• Accounts and annual returns are delivered

• Registered office address is correct and operational

• Directors’ and secretaries’ details are kept up to date

• No appointments under the age of 16 (except for LLP’s)

• No upper age limit

• At least one ‘natural person’ appointed (except for LLP’s)

Directors service addresses

Based on privacy

• Any address for the public register (Except a P.O. box address)

• Usual residential address for protected register

• Change notice can be submitted online

• Historic addresses can be ‘expunged’ for at risk officers

Company secretary duties

Every PLC needs a secretary

Secretaries are optional for private companies

Usual company secretary duties:

• Notifying changes

• Maintaining statutory registers

• Notifying members and auditor of meetings

• Providing copies of resolutions and agreements

• Supplying copies of company accounts

Annual return

• All companies must file one every year

• Based on your legal return date (LRD)

• This is not the financial return of the company

• Snapshot of the company details as at LRD date

• Must be filed within 28 days of the LRD

• Over 98% are filed online

• £13 filing fee online (£40 for paper filing)

Accounts

Accounts

• Many account types can be filed online

• All companies have to file accounts each year

• Whether trading or not

• Strict filing times laid down by Parliament

• Based on your accounting reference date (ARD)

• No filing fee

• Automatic late filing penalties

Accounts filing periods

The filing period for accounts is:

-9 months after the accounting reference date for a private company or LLP

-6 months after the accounting reference date for a public company

Late filing penalties

• Accounts only

• Introduced 1 July 1992 and amended 1 February 2009

• Civil penalty against the company

• Accounts must be received by due date

• Penalties are doubled for filing late 2 years running

• Appeals procedure

• Registrar has very limited discretion not to collect a penalty

Late filing penalties

Length of delay(measured from the date the accounts are due)

Private company & LLP

Public company & SE

Not more than 1 month £150 £750

More than 1 month but not more than 3 months £375 £1,500

More than 3 months but not more than 6 months £750 £3,000

More than 6 months £1,500 £7,500

Dissolution

Voluntary strike-off

• Company has not traded or changed its name in last 3 months

• Form DS01 must be completed

• Majority of directors must authorise application

• £10 fee

• Can take 6 months

• Third party objections

www.companieshouse.gov.uk/mobile-app

Mobile App•Mobile App is FREE

•Shows only the free information

•Allows you to check company information on the go!

•Save frequently viewed companies in your ‘Favourites’.

•Variety of sort options in Favourites –company name, number or when accounts or returns are due for filing.

•Amber/red alerts when AR and AA are due/overdue.

The Companies House Service

• Transforms our electronic services, with modern technology and a new web service.

• Better and simpler for customers, making it easier to view and update company information.

Companies House Service

Contact us

Telephone: 0303 1234 500

email: enquiries@companieshouse.gov.uk

RSS feeds: www.companieshouse.gov.uk

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