Who Owns The Company and Who Runs It?
A limited company is an organisation that you can set up to run your business. Trading as a limited company has many advantages with reduced personal risk as well as the established tax and National Insurance savings that can be made.
You must remember that the company is responsible in its own right for everything it does and its finances are separate to your personal finances. Any profit it makes is owned by the company, and it is only the ‘after tax profits’ that can be shared out between the shareholders.
Every limited company has ‘members’ or shareholders. This could be a single person, a number of people or even other organisations who own shares in the company.
It is the directors who are responsible for running the company and in effect take on any risk if they do not manage the business correctly. It is quite often the case that the directors own the shares in the company, but this is not a necessity.
At Southgates we will assist the directors in carrying out their statutory duties as well as helping ensure that the company is operating in the correct and most tax efficient manner through either salary and/or dividends. We will help the directors with:
- Company formation
- Company secretarial services
- Maintaining your books and records
- Preparing the Statutory accounts (required by Company Law) in the correct format
- Preparing an Abbreviated version of those accounts which will be on public show at Companies House
- Completing the company’s Corporation Tax Return
- Managing the PAYE and VAT
- Advice on tax planning
- Advice on business growth and cash flow
Each director will also be required to complete a Self Assessment Tax Returns which we can complete for them, especially when this is closely linked with the tax efficient ways of extracting the profits from the company.
We are more than aware that all businesses are different and each have individual needs so for further information on Southgates limited company service and to benefit from a free initial meeting please contact us.