Limited companies Archives

Filing with Companies House – A Guide for Limited Companies

March 25, 2024/in Accountancy, Companies House, Limited companies/by Taxfile

Companies House is the Government agency responsible for maintaining the public register of companies in the UK. Filing with Companies House typically refers to the submission of various documents and records, as required by the registrar of companies in the United Kingdom. In today’s guide, we’ll take a look at what types of document need to be filed, when to file them, and what happens if they’re not filed on time.

What Sort of Documents are Filed at Companies House?

Some of the most common types of filings with Companies House include the following:

Annual Accounts

Most companies are required to file annual accounts, which include a balance sheet, profit and loss account, and notes to the accounts. The filing deadline for this varies and depends on when the company was set up.

A company gets nine months from its year-end in which to file the company accounts to Companies House and such a period helps in some ways. However, it also leaves the company’s accountants with little time to prepare and the directors with very little time to pay their Corporation Tax bill. Ideally, therefore, records should be with the accountant in the month following the company’s year-end rather than in the month the deadline falls — which is so often the case.

Confirmation Statement

The Confirmation Statement replaced the Annual Return in 2016. It confirms that information about the company held by Companies House is accurate and up to date. The Confirmation Statement must be filed at least once a year, even if there have been no changes to the structure of the company (e.g. changes to directors, shareholders, share capital etc.).

It is very important to update the Confirmation Statement when it is due. That’s because, if it becomes too overdue, Companies House is quick these days with a potentially severe punishment: a proposal to strike off the company.

Changes to Company Details

Any changes to the company’s details, such as changes to the registered office address, directorships, company name, or share structure, need to be filed with Companies House.

Special Resolutions and Share Allotments

Similarly, any significant changes to the company’s structure or decisions made by shareholders (such as issuing new shares or changing the company’s constitution) need to be filed with Companies House.

Incorporation Documents

When registering a new company, various documents such as the Memorandum and Articles of Association need to be filed with Companies House.

Once the company has been set up, the director of the company will receive an Authentication Code. This needs to be kept safe as it works like a PIN code and is used for filings with Companies House online.

Company Dissolution

Conversely, if a company is being dissolved (closed down), the necessary paperwork also needs to be filed with Companies House.

Filing requirements and deadlines can vary depending on the type and size of the company. Failure to file required documents accurately and on time can result in penalties and other adverse consequences for the company and its officers. It’s important, therefore, for company directors and secretaries to stay on top of their filing obligations with Companies House. By doing so, they should avoid the negative consequences associated with non-compliance with the law.

Taxfile – Accountants & Tax Advisors, South London

Professional help for all your tax issues and accountancy needs

Get in touch with our friendly tax team today for accountancy help for your limited company or small business. We’ll be happy to help!

020 8761 8000 Book Appointment Contact Us

Taxfile are accountants and tax advisors in Tulse Hill, and Dulwich (South London), as well as in Devon & Cornwall.

Guide to the Employer Payment Summary (EPS) – for Limited Companies within the CIS

March 13, 2024/in Accountancy, CIS, CIS300, Construction Industry Scheme, Contractor, Contractor Monthly Return, Employer Payment Summary, EPS, Limited companies, South London/by Taxfile

by Daniel at Taxfile.

Understanding the Employer Payment Summary (EPS) monthly claims for limited companies within the CIS

Limited company contractors operating within the Construction Industry Scheme (CIS) have distinct payroll obligations, including the submission of their Employer Payment Summary (EPS). In today’s guide, we’ll explain what the EPS is, its purpose, and the submission rules limited companies have to follow if they work within the Construction Industry Scheme.

What is the EPS?

The Employer Payment Summary serves as a crucial mechanism for limited company contractors to report additional payments, deductions, and adjustments to HM Revenue & Customs (HMRC) alongside their regular payroll submissions. While all such employers submit a monthly EPS, limited company contractors operating under CIS have specific considerations due to their status and the nature of their work within the construction industry.

The purpose of submitting monthly EPSs for Limited Company Contractors in the CIS

The primary purpose of EPSs for limited company contractors operating within the CIS is to provide HMRC with accurate information about deductions suffered under the Construction Industry Scheme. By submitting each monthly EPS for CIS, limited company contractors also ensure compliance with CIS regulations and provide HMRC with essential data for tax calculations and entitlements.

Submitting an EPS for Limited Company Contractors working within the CIS

Limited company contractors operating within CIS are required to submit an EPS to HMRC every month, even if there are no adjustments to report. EPSs should be submitted after the end of the tax month but before the 19th of the following month, in line with HMRC guidelines.

Contractors can use HMRC’s online services or compatible payroll software to submit their monthly EPS for CIS. It’s crucial to ensure that the information provided in each EPS accurately reflects the deductions suffered under CIS.

The CIS deductions suffered sent through an EPS are promptly reflected as a credit on the PAYE account. This credit will then be utilised to set off against other liabilities, including PAYE tax, National Insurance Contributions (NIC), and subcontractor’s tax submitted through the CIS300 return.

When sending the EPS you can also claim Employment Allowance and recover statutory payments that exceed the amount of PAYE due.

Submitting EPSs late may lead to penalties imposed by HMRC, which can vary based on the extent and frequency of delays.

CIS Accountancy Help from Taxfile

At Taxfile, we can provide guidance on compliance requirements, tax calculations, and record-keeping practices.

Get in touch today for any accountancy or tax issue that needs expert help.

020 8761 8000 Book Appointment Contact Us

We can help whether you are a contractor, subcontractor, sole trader or limited company business in South London or the South West.

We are accountants in Tulse Hill, Dulwich and Devon/Cornwall.

Christmas & New Year Opening Times at Taxfile

December 22, 2021/in 2021, 2022, Accountancy, Accountants, Accounts, Annual Return, Christmas, Limited companies, London, Opening Times, Self-assessment, Self-employed, Tax, Tax accountants, tax rebates, Tax refunds, Tax returns, Taxfile, Tulse Hill/by Mark

Season’s greetings to all our clients and readers and sincere thanks to all of you who have kept us busy with work during 2021 — we really appreciate it.

Here’s a quick reminder of our opening times during the Christmas period and into the New Year. This is for our Tulse Hill office (Thurlow Park Road) and our Dulwich office (Turney Road) except where otherwise indicated.

Friday 24 December 2021 (Christmas Eve): we’re open from 9am until 3pm (Tulse Hill office only).
Saturday 25 December 2021 (Christmas Day): closed.
Sunday 26 December 2021 (Boxing Day): closed.
Monday 27 December 2021 (a public holiday): closed.
Tuesday 28 December 2021 (a public holiday): closed.
Wednesday 29 December 2021: open 9am until 5pm.
Thursday 30 December 2021: open 9am until 5pm.
Friday 31 December 2021: open 9am until 3pm (Tulse Hill office only).
Saturday 1 January 2022 (New Year’s Day): closed.
Sunday 2 January 2022: closed.
Monday 3 January 2022 (a public holiday): closed.
Tuesday 4 January 2022: we re-open from 9am until 6pm.
Wednesday 5 January 2022: open as usual, 9am until 5pm.
Thursday 6 January 2022: open as usual, 9am until 5pm.
Friday 7 January 2022: open as usual, 9am until 3pm (Tulse Hill office only).
Saturday 8 January 2022: open 9am until 1pm by appointment (Tulse Hill office only).
Sunday 9 January 2022: closed.
From week commencing Monday 10 January: open as usual (see footer).

Have You Contacted Taxfile About Your Tax Return Yet?

If you need a self-assessment tax return or any other kind of return and haven’t yet arranged it with us, please arrange an appointment urgently. January becomes frantically busy in the accounting world, so please make the most of the remaining December appointments while they’re still available — thank you. Appointments are by telephone, Zoom, Microsoft Teams, in person (under safety protocols) … Read more

Have You Received an Annual Return/Confirmation Statement Reminder?

July 13, 2021/in Accountancy, Accountants, Annual Return, Confirmation Statement, Directors, Dulwich, Limited companies, Tulse Hill/by Taxfile

Please do not ignore the yearly e-reminder/letter, from Companies House, to submit the Annual Return/Confirmation Statement for your Company.

Hi — I’m Eveline and I am the administrator/coordinator of the Limited Companies business team and this is one problem that we come across too often at Taxfile.

As a Director, you just need to confirm once a year that there were no changes to the company and, if there were any, you can update them via the annual Confirmation Statement. Taxfile will help and send you a reminder — and we can submit the statement for you if you wish. Either way, please do make sure you submit the confirmation statement to Companies House online and in time.

If ignored, Companies House will start Strike Off action some time after the statement becomes overdue. If you ignore their further communication, they will dissolve your company after two months of publishing in the First Gazette. This would result in your bank sending you notice that the business bank account has been frozen and your assets will stay with the Government.

Taxfile is able to restore your company and help retrieve the money, but this is quite a long and costly process that could so easily have been avoided. So, please don’t forget to submit the Annual Return/Confirmation Statement in due time each year, or arrange for Taxfile to do so for you. Call 020 8761 8000 or contact us here and we’ll be happy to help with anything to do with tax, accountancy, bookkeeping, VAT or anything else to do with limited companies.

This post was brought to you by Eveline at Taxfile.

Harnessing Technology at Taxfile

July 8, 2021/in 2021, Accountancy, Accountants, Accounts, Bookkeeping, Buy to let, Cab drivers, Capital gains tax, CGT, CIS, Construction Industry Scheme, Devon, Dulwich, Furnished Holiday Lettings, IHT, Income tax, Landlords, Lettings, Lettings income, Limited companies, Limited company, London, Partnership, Self-employed, Sole traders, South London, South West, Tax, Tax accountants, Tax advice, Tax advisers, Tax refunds, Tax returns, Tulse Hill, VAT/by Taxfile

The rapid pace of technological change has caused some of the biggest shifts in how we view and process our tax returns. At Taxfile, we’re constantly striving to use technology as effectively as possible to aid us in collecting, analysing, and collaborating when working on your personal data.

Over the pandemic, we’ve had to place our reliance even further on technology to maintain our standards, with regular meetings online. We’re constantly improving the efficiency of our work pipeline and, with the ability to pull figures directly from online bank statements, we can ensure precision in the numbers we present you with. For the last two years, we’ve implemented cloud technology as both a collaborative tool between our senior and junior staff and as storage for various databases used to track everything from employee working hours to the status of your tax return. We’re expanding further on this concept in collaboration with Pure Technology by merging our existing cloud systems with our current remote work solution to form one, all-encompassing workspace environment. Hosting it in the Microsoft Cloud ensures that, with the help of our office staff, your paperwork and bookings can be sent to and viewed by your tax agent as soon as possible. This and a variety of other endeavours are examples of our ambitions to be at the forefront of innovations, and constant review of our policies ensures we remain ahead, or on track, to meet the standards set by Making Tax Digital (MTD) for its 2023 launch.

Contact South London’s Favourite Accountant

Taxfile can help you with all your tax or accountancy requirements. We offer Read more

PAYE, 2021/22 Tax Thresholds, Employment Allowance & P800s

June 8, 2021/in 2021, 2022, Accountancy, Accountants, Accounts, Bookkeeping, Devon, Dulwich, Employment allowance, FreeAgent, Higher rate tax payers, Income tax, Limited companies, London, NI, NIC, NIC's, P800, Pay-as-you-earn, PAYE, Payroll, Personal allowance, Sage, Software packages, South London, South West, Tax, Tax accountants, Tax advice, Tax advisers, Tax bands, tax rebates, Tax refunds, Taxfile, Tulse Hill, VAT, Xero/by Taxfile

My name is Daniel and I have been a part of the Taxfile family since 2007. It started as a part-time job doing bookkeeping, but as time went on, I developed new abilities and a deeper understanding of the tax world. PAYE, VAT, and Company Register are now my areas of expertise.

I understand how complicated the tax world is, so here are a few PAYE things to consider:

Understanding the tax thresholds for 2021-2022

PAYE is calculated based on how much you earn and whether you are eligible for the personal allowance.

Standard Rate: PAYE income tax is charged at 20%, less a personal allowance of £12,570, this is signified by tax code 1257L.
Higher Rate: For most, income over £50,270 to £150,000 is charged at 40%.
Additional Rate: Income above £150,000 is charged at 45%.

What is the Employment Allowance?

The Employment Allowance allows certain businesses that employ workers to reduce their annual National Insurance (NI) bill by up to £4,000 (for the 2021/22 tax year).
Eligible businesses can claim a reduction against their employer’s Class 1 NI liability up to a maximum of £4,000 each tax year. You can still claim the allowance if the liability was less than £4,000 in a tax year.

You can’t claim if you’re a company with only one employee paid above the Class 1 National Insurance Secondary Threshold (£8,840 for the 2021/22 tax year, up from £8,788 for the 2020/21 tax year) if that employee is also a director of the company.

How will I know if I haven’t paid the right amount of PAYE?

HMRC will send out a P800 tax calculation form after the tax year ends on 5 April, which you should receive by the end of November. This will show how much tax is due to be refunded, or is owed for previous years.

Another significant aspect of Taxfile is that it works with a wide range of accounts software (Sage, QuickBooks, Xero, FreeAgent, VT, Forbes, Moneysoft, and so on) and can accommodate everyone. These are just a few examples, but if you need assistance with any area of PAYE, VAT, or other types of tax, Taxfile and the team are here to help. Call Taxfile on 020 8761 8000, book a free appointment (in-person and phone or video call options are available) or simply message us your tax-related query and we’ll be happy to help. We are accountants and tax experts in South London and the South West.

This post was brought to you by Daniel at Taxfile.

As a Director do I need to file a Self Assessment Income Tax Return?

November 10, 2020/in 2020, 2021, Income tax, Investments, Landlords, Lettings, Limited companies, Limited company, Self-assessment, Tax credits, Taxfile, Uncategorized, Undeclared income/by Taxfile

HMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return.

If as a director you have been requested to submit a self assessment tax return, but have no other taxable income to report, then you can request for that notice to file to be withdrawn.

However if you meet any one of these following conditions then you must submit a tax return to HMRC:

You are repaying a Student Loan (unless already accounted for in your PAYE)
You receive Child or Bereavement Benefit (unless already accounted for in your PAYE)
Receiving Interest from Shares, Funds, & other investments
Receiving Foreign Income
Receiving Rental/Lettings Income
Receiving Dividends

The dates are independent of your companies accounting period and run from; 06/04/XX through to 05/04/XY, with the submission and monies that are owed sent through to HMRC by no later than 31/01/XZ.

It is wise not to leave filing your self assessment tax return till the last minute & at Taxfile we can help you get your figures correct so you only pay the correct amount of tax that you have to. If we do your company accounts, then make sure we get any information about other sources of income in ample time.

Time is now running low, so call us on 020 8761 8000 if you need to get your Self Assessment Income Tax return compiled, computed, and submitted before the 31/01/2021 deadline.

How To Help Your Accountant Save You Money

October 23, 2020/in 2020, Accountants, Bookkeeping, Corporation tax, Income & Expenditure, Limited companies, Limited company, P11D, Software packages, Tax, Tax accountant, Tax accountants, Tax calculation, Taxfile, VAT, Xero/by Taxfile

There are many benefits of helping your accountant by providing complete and organised records from the outset.

Here are some of them:

If you get your records to your accountant on time, you will give them enough time to work on your case without unnecessary pressure and file everything on time (don’t forget you are not their only client).
By providing organised and detailed records, you’ll understand your business performance better and it will save them time from processing and reorganising untidy paperwork.
By providing complete records of your business expenses, they can claim what is allowable and potentially reduce your tax bill.

When preparing your financial records you need to remember:

Separate your business from your personal finances.
Stay on top of your records and ensure they are orderly with no gaps in the dates.
Keep receipts and purchase invoices; you will need to provide proof of all expenditure and year-end creditors.
Bring bank statements for the complete period and downloads of your bank feed in .csv format if possible.
Sequential invoices for each sale, dated, to prove year-end debtors and accrued income.
Depending on your business, you may also need to keep records for things such as payroll, cash books, stock takes, travel and credit card statements.

In an ideal world:

It is much better to keep on top of these things monthly than leaving it until the end of the year, where you may have lost or forgotten data around expenses, sales, or other financial details.
You would have a software package to help you track your bank, expenses, and sales.

At Taxfile we provide the full spectrum of accountancy-related services; integrating your business with accounting software like Xero, oversee your bookkeeping, run VAT returns and payroll, to filing your year-end accounts, corporation tax return & director(s) tax return(s).

Call us on 0208 761 8000 if you would like to streamline your businesses finances and alleviate some pressures from your financial duties as a director. Alternatively, book an appointment with us here or drop us a message here — we’d be delighted to hear from you.

Need a Limited Company? Questions you may be asking yourself

October 20, 2020/in 2020, Accountancy, Accountants, Accounts, Book keeping, Bookkeeping, Capital assets, Corporation tax, Dividends, HMRC, Income & Expenditure, Limited companies, Limited company, P11D, PAYE, Payroll, Tax, Tax calculation, Value Added Tax, VAT/by Taxfile

“What are the main differences between being self-employed and running a limited company?”

“What are the advantages and disadvantages of having a private limited company?”

The major difference between running a private limited company and being self-employed are the administrative requirements you are required to do by law & although the volume is more, the data contained within those returns are pretty similar to being a sole trader.

A limited company will:

need to keep company records
report any changes to Companies House & HMRC
need to file an annual company tax return along with the company’s accounts, giving an undistorted view of its finances.

So why go through the extra cost and resources of having a Limited Company?

In forming a limited company, you are limiting your personal liability. What this means is that the Limited Company becomes a legal entity of its own. Think of it as another being, that you work for. However, it is important to keep in mind that you cannot abuse your power with the limited liability, to take selfish and unnecessary risks. As a director, you are ethically and morally responsible for the business decisions and transactions the company makes.

As a director of a private limited company you will:

make decisions that benefit the company rather than your own
abide by the rules and regulations outlined by the company Articles of Association, which are written rules about running the company agreed by the shareholders or guarantors, directors and the company secretary
notify any shareholders if you might benefit personally from a company transaction
always act with the intention of making the company successful.

Having a Limited company can also add professionalism to your business. This can help your business become even more successful because customers, clients, and B2B companies will be more inclined to trust you and buy your products or services if you are a limited company rather than a sole trader. It is quite common for B2B companies only to trade with another limited company as a general rule.

A final benefit is, if you have a profitable Limited Company, how you distribute salaries and dividends can have income tax savings, especially once your Read more

May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More

May 11, 2018/in Accountancy, Accountants, Accounts, Battersea branch, Bookkeeping, CIS, Construction Industry Scheme, Contractor, Devon, Income tax, Late return, Limited companies, Limited company, London, London SW8, National Insurance, New CIS, NI, Payroll, Rebate, Refund, Self-assessment, South West, Subcontractor, Tax, Tax advice, Tax advisers, Tax bill, tax experts, Tax overpayment, tax rebates, Tax refunds, Tax returns, Taxfile, Tulse Hill, VAT/by Mark

Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter’s contents:

The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more … see the newsletter for more details – click the big button below.
If you’re a sub-contractor working in the construction industry scheme (‘CIS’), you’re almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we’ll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
We can help limited company contractors too! We’re tax and accountancy experts so we can help you register as a limited company or register for CIS if you’re not already set up, we’ll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We’ll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you’d like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we’ll try to match you to the most appropriate staff member.
If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That’s on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don’t have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
All Taxfile clients get free ‘Tax Enquiry Fee Protection Insurance‘ when they file their tax return through Taxfile by the statutory deadline. So – if you’re investigated by HMRC – our fees to sort it out are covered. Click the button for more details.

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