Showing posts with label companies house. Show all posts
Showing posts with label companies house. Show all posts

Monday, August 7, 2017

Additional Reporting Requirements for PSC

From the 26th of June onward information on people with significant control (PSC) won't be updated on the confirmation statement (form CS01) on a yearly basis anymore. Instead, one needs to inform Companies House using new forms (forms PSC01 to PSC09) whenever there’s a change.

You have 14 days to update your PSC register and another 14 days to send the information to Companies House. Companies House will need to be informed if anyone (or any entity):
  • becomes a PSC
  • ceases to be a PSC; or
  • their details change, such as the extent of their control or their address. 
This will make the requirements for PSCs very like those of company officers, where changes to a director or secretary have been filed on an event-driven basis for some time. This update to the information required about PSCs arose due to a change in anti-money laundering legislation; the spirit of which is aimed at increasing the transparency of ownership and control of companies in the UK and ensuring the information is more current.

Tuesday, July 30, 2013

Closing down a company: step by step

Where a company can meet its financial obligations, the process of closure, though complex, is reasonably straightforward.Once you have chosen the date on which you wish your company to cease trading, you should not process any more transactions other than those required by the closure process. Then ensure that all creditors have been paid in full. If the company cannot pay them, they need to be notified.

You will need to notify HMRC of your intention to cease trading as early as you can, though it is worth holding off submitting your final accounts for a few weeks or months to ensure that any late-occurring expenses can be included. If you are VAT registered, you will need to cancel your registration. You will also need to run a final payroll to obtain P45s for yourself and any staff you employ, as well as submitting a P35 Employer Annual Return and paying any outstanding PAYE and/or NICs. More details on all these requirements can be found on the HMRC website.

Tuesday, March 12, 2013

Closing down a solvent business

When you close down your company, and if there are significant reserves left, you would have been able in the past to to apply for the Extra-Statutory Concession (ESC) C16 with the HMRC and get the distribution taxed as capital instead of income. This would have carried significant tax advantages if you are a higher rate taxpayer since dividends are taxed at 25% or more in that case whereas capital treatment would have potentially allowed access to CGT Entrepreneurs Relief with a tax rate of just 10%.

Friday, September 2, 2011

Pros and Cons of using a Trading Name

Many people believe that a Company has to use its name as its brand when it communicates with its clients. But it does not have to be. A Company can use a trading name instead. Or even more than one.

A trading name is just a name used instead of the legal name. There is no need to file anything at Companies House nor at HMRC when creating a trading name but there are a still a few things to keep in mind:
  1. You will need to inform the bank of those trading names so that you can cash cheques for example. While you can create separate accounts, you don't have even though it's good practice. 
  2. Even though no registration is required, the same rules that apply to company formation apply to trading names. For example, the trading name cannot be similar to another company or business name in a way that might be confusing. Also, the use of sensitive words is prohibited as part of a trading name in much the same way as it is for limited company names. You cannot use words like “association”, “group”, “federation” for example.