Tax-efficient ways to pay yourself through a limited company

tax efficient limited company

There are a variety of reasons why businesses or consultants may choose to operate via a limited company.

For some, the protection limited liability offers is a key benefit. For others, the potential tax benefits are the main reason why they choose to be a limited company over a sole trader.
(more…)

Limited company naming rules you should be aware of

company name rules

If you are setting up a limited company, you should think carefully when choosing your company name. Alongside the business reasons for choosing an appropriate name, there are also a number of official company naming rules you should be aware of. (more…)

Responsibilities & duties of a limited company director

director responsibilities

If you have set up in business via a limited company, there are a number of duties you will have – as well as legal and financial responsibilities – if you are a director of the company.

This article explains who can be appointed as a director, and what your duties will be if you are appointed to the role.
(more…)

What is a Memorandum of Association?

memorandum of association

The Memorandum of Association is one of the three documents you need to complete when registering a new limited company. The other two items you need to submit are Form IN01 and the Articles of Association.
(more…)

What do I need to know about a Preference Share issue?

preference share issue

A limited company can have many classes of shares. These can be ordinary shares, preference shares and redeemable shares. The articles of association usually set out the rights of these shares while allowing the directors to issue shares with such rights and restrictions as determined by ordinary resolution.
(more…)

Company formation – what forms do you need to fill in?

company formation forms

If you are considering setting up your own limited company, the prospect of ‘dealing with the authorities’ may seem daunting. In reality, the company formation process is very simple – whether you apply yourself, or use a registration agent to set up the company on your behalf.
(more…)

What do I need to consider if I bring in another shareholder?

new shareholder

Many businesses start out as owner-managed operations with one person owning all of the shares as well as being the managing director. However, as businesses grow, they often want to bring in other people as shareholders; maybe in return for an investment or possibly to a manager that they want to incentivise.
(more…)

Companies Act 2006 – Key points for small businesses

companies act 2016

The Companies Act 2006 enacted a wide range of reforms to the way company law is governed. It set out the duties of company directors for the first time, and has simplified some elements of company incorporation process. In this summary, we look at the key elements of the Act from a company director’s point of view.
(more…)

Can directors be personally liable for a company’s debts?

limited company director debt

One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust.
(more…)