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What does it mean to be a Director?

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Your obligations as a Director can be ‘taxing’.

Running a successful limited company typically involves administrative duties outlined by Companies House & HMRC. As the director you’ll also be responsible for ensuring the finances of the company are regulated and healthy.  At Taxfile we can help you focus on growing your business and take care of all your accounting needs.

In order to fulfil your obligations, after your limited company’s financial year comes to a close, it must prepare a set of final accounts and a company corporation tax return.

The company’s final accounts are prepared from the company’s financial records for the period that covers your company’s financial year and must include:

  • a balance sheet showing the value of everything the company owns, owes and is owed on the last day of the financial year
  • a profit and loss account showing the company’s sales against its running costs and highlighting the profit or loss it has made over the financial year
  • notes about the accounts
  • a director’s report (unless you’re a ‘micro-entity’)

The accounts must either meet ‘International Financial Reporting Standards’ or ‘New UK Generally Accepted Accounting Practice’.

At Taxfile we can provide support for small to medium businesses that require accountants to compile and file their full company accounts ready for the shareholders, people of significance to the company, Companies House and HMRC as part of your company corporation tax return.

We can assist you with the bookkeeping and bank reconciliation to ensure that your accounting records are complete and include:

  • all money received and spent by the company
  • details of assets owned by the company
  • debts the company owes or is owed
  • stock the company owns at the end of the financial year
  • all goods bought and sold

As the director you are solely responsible that your accounts and tax return meet the deadlines for filing with Companies House and HMRC. From the accounts you can also deduce how much Corporation Tax to pay. The dates you will need to remember:

  • File the first set of accounts with Companies House 12 months after the date you registered with Companies House
  • File annual accounts with Companies House 9 months after your company’s financial year ends
  • Pay Corporation Tax or tell HMRC that your limited company does not owe any 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
  • File a Company Tax Return 12 months after your accounting period for Corporation Tax ends
  • File a Confirmation Statement 12 months after: company incorporated, company accounts submitted, or last confirmation statement

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

See our blog HERE

If you are thinking about setting up a limited company we are offering a special price of £375+VAT for the following;

  • company formation (including the option to have the company phrased as a special purpose vehicle for a property rental company)
  • we will register a single director with HMRC for self-assessment
  • we set up the payroll scheme
  • we arrange your chart of accounts on online software and set up the bank feed so transactions are automatically recorded

For more information about any of our tax- and accountancy-related services, call us on 020 8761 8000.

Taxfile's Autumn Newsletter 2021

Taxfile’s Autumn Newsletter 2021

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Taxfile's Autumn Newsletter 2021

Our tax and accountancy-related newsletter is available as a PDF download tooWelcome to Taxfile’s Autumn Newsletter for 2021. One of our biggest yet, it includes useful tax- and accountancy-related news that you need to be aware of, ways to save time or money – and much more. Take a look!

QR Codes

QR codes are quick links you can scan on your mobile phoneYou’ll find QR codes throughout the newsletter. These are a quick and easy way to access further information about the topic. Assuming you are viewing the newsletter on a desktop device or a printed* version, simply point your mobile camera phone at a QR code and then open the link that pops up. Your mobile’s browser will then take you straight to the information page. Alternatively, we supply simple link URLs to simply tap in.

Acrobat PDF version availableDownload As an Acrobat PDF & Print Out

* If you’re viewing on a small screen, it may be easier to read if you download the newsletter as an Acrobat PDF so you can print it out at full size (A4). Read more

Have You Received an Annual Return/Confirmation Statement Reminder?

Have You Received an Annual Return/Confirmation Statement Reminder?

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Have You Received an Annual Return/Confirmation Statement Reminder?

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.

Confirmation Statement form CS01As 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.

Don't miss THIS on your self-assessment tax return!

Don’t Miss THIS on your Tax Return! (Checklist)

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Don't miss THIS on your self-assessment tax return! (Checklist)

The standard Self-Assessment Tax Return includes all the usual areas that you’d expect to have to confirm to HMRC. These include the obvious things like personal details, information about income for the period in question, any assets, dividends, interest received, pensions and so on.

However, there are a number of additional areas that you need to check and confirm before the return is submitted and filed with HMRC. It’s not an exhaustive list, but things people sometimes miss and that you need to check you have allowed for (if applicable) include:

  • Employment Income — have you confirmed any employment income? Have you supplied Taxfile, if we’re your tax agent or accountant, with copies of P60’s and P11D’s. Did you have any employment expenses?
  • Self-Employment Income or Partnership Income — have you confirmed any self-employed or partnership income and relevant expenses? Have you supplied all CIS vouchers, invoices, cash income etc. if applicable?
  • UK Land & Property Income — have you confirmed any rental income and relevant expenses for each property you perhaps rent out?
  • Foreign Income — did you receive any foreign income? Have you confirmed it?
  • Trust Income — did you receive any trust income or are you treated as having received any trust income?
  • Capital Gains — have you sold any assets or investments which may be subject to capital gains tax e.g. a rental house, stocks and shares etc?
  • Residence — were you, for all or part of the year, not resident, not ‘ordinarily resident’ or not ‘domiciled’ in the UK?
  • Investment Income — have you confirmed any bank/building society interest, dividends, etc?
  • Pension Income — are you in receipt of any? It needs confirming if so.
  • Any other income received that doesn’t fit into any of the above e.g. Job Seekers Allowance, Tax Credits? Child Benefit is an important one, especially if one parent is earning £50k or more. Marriage Allowance is another.
  • Do you have a pension that you pay into? If so, how much did you pay for the period in question?
  • Have you given any money to charity? Higher rate taxpayers can usually get extra tax relief on this.
  • Do you have a student loan?
  • Are you subject to the High Income Benefit Charge?
  • Do you use a service company?
  • Have you been paying your National Insurance?
  • Have you been keeping good records?

Taxfile will always prompt you to check for things like these if you’re our customer, before we submit your tax return on your behalf. As we say above, though, the list is not an exhaustive one, so there may be other information we need, depending upon your individual situation. The list of what HMRC requires each year also Read more

The Early Bird Gang

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HMRC expects people to do tax returns for various reasons;

  • Those that have an income outside of a PAYE scheme (i.e. self-employed)
  • High earners on PAYE schemes, earning above £100K
  • Company Directors & Shareholders
  • Landlords who have rental incomes

The tax returns calculated generally run between the dates 06/04/xx through to 05/04/xy, the calculation, submission, and payment deadline  of taxes owed to HMRC (or you), would need to be submitted at the latest 31/01/xz, before penalties & interest are imposed.

Each year, the Government announces a tax free allowance, which is the amount you can earn before your income starts to get taxed.  The tax free allowance for 2018/19 is £11,850.00.  However, this allowance decreases by £1 for every £2 earned above £100k, meaning by the time your reach £125K, the allowance is £0.

The amount of tax paid on income is also specified by the government & is subject to change with announcements made generally in the Budget statements.  For 2018-19 the rates are as follows;

Tax Rate (Band) Taxable Income Tax Rate
Personal allowance Up to £11,850 0%
Basic rate £11,851 to £46,350 20%
Higher rate £46,351 to £150,000 40%
Additional rate Over £150,000 45%

*For 2019-20 the new rates & tax free allowance can be found HERE.

Since 6th April 2019, you would have been able to calculate & submit your 2018/19 tax return to HMRC, so since then the Tax Agents at Taxfile have been busy filing away for the early birds.   We have been open on Saturdays too, to keep up with the influx of tax returns & CIS returns.

However, the last Saturday that we will be open will be 29th June.  If you would like to join our ‘gang’ of Early Bird & can only come in on Saturdays, you only have a few weekends left.

Please note, on Saturdays, all our agents see clients by appointment only, and can not generally deal with walk-in clients.  So please book in advance by either calling 020 8761 8000 or booking online HERE.

So get our professional help at Taxfile & we’ll make filling in and filing your tax return a breeze.

See our Newsletter HERE

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