There are many reasons for forming a Limited Company to trade through. These can be for tax or limited liability amongst others but a Limited Company is not always the best option for very small businesses. Troubleshooters can help you decide the best vehicle for your business, the vehicle that suits you!
Should it prove to be the best method for your business, you may need help from the outset including forming the company and registering it correctly with the various tax authorities. As well as Corporation Tax, you will need to consider Pay As You Earn (PAYE) and Value Added Tax (VAT).
The rules governing financial transactions in Limited Companies and those with the directors and shareholders of the company can be very complex and misunderstanding these rules can prove very expensive indeed. This is an area where there have been many recent court cases testing HM Revenue and Customs’ stance and interpretation of the laws.
The filing deadlines for Limited Companies are also different from those of a sole trader with accounts needing to be filed with Companies House as well as the tax authorities. Again, a myriad of potential fines await the unwary.
At Troubleshooters we use modern technology and software to ensure all filing deadlines are met and file documents electronically to avoid postal delays. We can also advise you on the pitfalls to avoid when running a Limited Company along with exit strategies for the future.