Once
you have purchased/ordered your company from Holden Associates and we
have transferred to you the subscriber share(s), the next step is to
appoint new director(s) and a company secretary if you want to (a
company secretary is no longer mandatory under the Companies Act 2006).
We will advise
Companies House of these changes and complete the documentation on your
behalf.
H M Revenue & Customs will in due course send to
the Registered Office a ‘New Company Enquiry Questionnaire’ that we
will complete on your behalf if you want us to (recommended). The H M
Revenue & Customs Office will be the one most local to the
Registered Office of the company and they will send out the appropriate
forms.
We will also ask H M Revenue & Customs to set up
a PAYE scheme for the company. If you want, Holden Associates will
assist in the preparation of the Company's payroll and calculating the
necessary Tax and National Insurance due, informing you of when it is
due, and should you require, forwarding your payment to H M Collector
of Taxes on your behalf.
If you need assistance with regard
to your PAYE scheme or dealings with H M Revenue & Customs
please
do not hesitate to contact us. From 2004/2005 we will file your PAYE
year end returns electronically (now mandatory).
Bank Accounts.
When
opening a company bank account (which you will need) the bank will
require a copy of the Certificate of Incorporation and will ask for a
copy of the company's Articles of Association. We will
provide you with copies of these documents. The Bank will also need you
to supply personal identification details, such as a passport or
driving license, and utility bills.
Book keeping Requirements.
Whilst
there is a statutory requirement for a company to maintain proper
accounting records, there are no statutory regulations stating what
precisely is meant by proper records! If you want we will assist you in
setting up your accounting records using our FREE online accounting
software from
.
All income invoices and expense vouchers/receipts should be retained
and filed in a chronological manner. As a client of ours, we will if
you want us to, keep your records for you which will adhere to the
stringent standards required by H M Revenue & Customs.
All
receipts for company invoices should be properly documented and
deposited in the company bank account. The only money or cheques that
should be paid from the company's funds should be:
- Salaries paid to staff and/or director(s) as discussed
above, including PAYE tax and NI on these salaries if appropriate.
- Any expenses incurred by the company itself in its business
operations.
- The reimbursement to a director of any company expenses
that he has previously settled on behalf of the company.
- The payment of net dividends to the shareholder(s).
Clearly
the most flexible of the above is the dividend distribution. This
should be set at a level each quarter sufficient to cover the
director/owners personal cash requirements (over and above what is not
covered by his/her salary). It is important to remember, however, that
dividends are a distribution of profits to shareholders, and so the
company must have the profits to at least equal the gross dividend.
H
M Revenue & Customs (tax) and Department of Social Security
(NI)
are very strict on funds taken from a company by its owner/director. If
the funds are not covered by the four categories given above there
could be costly and complicated tax implications, so, please avoid this
situation at all costs. With our "hands on" approach to your New
Company you will be able to avoid this situation and address any
problems immediately.
