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November 14th 2013 / BY: Wisteria

Seeking advice from Chartered Tax Advisors after you register a company

Seeking Advice from Chartered Tax Advisors after you register a company

After your company formation, it is likely that you will benefit from tax planning to ensure you are compliant with UK tax laws, as well as keeping tax to a minimum as a key company aim. When there are many complex tax considerations, such as corporation tax, PAYE, VAT and self-assessment tax returns, getting professional tax consultants or tax accountants to help you and provide detailed advice can enable your business to pay the correct, but lowest amount of tax possible.

The requirements and legislation for UK tax is complicated and getting it wrong can result in penalties from HM Revenue & Customs (HMRC). To avoid this problem and to make sure your business doesn’t miss opportunities offered through regular advice on tax, get in contact with your professional tax advisors.

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Key tax requirements to remember:

  • You need to register for VAT if your turnover is £79,000 or above.
  • You should register for PAYE if you pay a salary or have any employees.
  • If you have registered for PAYE, you need a payroll system in place to make              payments (income tax and national insurance) to the government by the relevant          deadline.
  • Filing your corporation tax forms with HMRC and paying the required amount.
  • Completing an annual self-assessment tax return if you are a director of a company.

Being tax prepared when you have set up a company will give you peace of mind. However, tax is not the only responsibility that you have as a director of a new company. For example, you must prepare and file annual accounts and your annual return by the relevant deadline under the Companies Act 2006. Failing to do so may result in penalties from Companies House, which could include being issued fines, your criminal prosecution as the company’s director or the dissolution of the company.

Your annual return is a summary of your company over a 12 month period and it is compulsory for most companies to file this every year. The annual accounts are a summary of the company’s accounts over the financial year. This should be presented to shareholders and filed with Companies House by the relevant deadline.  This may need to be accompanied by a director’s report and auditor’s report.

You may wish to seek professional and bespoke assistance from a Chartered Accountant to ensure you are compliant with legal requirements and can take advantage of an important company management tool.

Wisteria offers professional assistance with tax, accountancy and company secretarial services. This includes tax planning advice, annual accounts, annual returns and payroll. If you would more information please contact Wisteria on:  020 8952 0140 or email us on formations@wisteria.co.uk.