04 Dec

Tips for Small Ltd Companies

Tips for Ltd Companies 

Keep those receipts!
• If you want to be sure that an expense is verifiable, keep the receipt/invoice. However getting a receipt from a parking meter when you are visiting a customer can prove difficult. So speak to us at the year-end and make sure we have a list of all those items that are not recorded in your books because you couldn't obtain a formal receipt, i.e. car parking, car washing, laundry and cleaning of overalls and so on. As long as the expense is commercially justifiable there should be no problem incorporating the estimated items.

File your corporation tax returns on time!
• Filing date is 12 months after the accounting year-end. Make sure that we have all the necessary information to file your return in good time.

Register as an employer!
• Don't forget to register with HMRC as an employer, even if it is only you, the director who is in the company. Then let us know your employers PAYE reference number, the HMRC employers hotline number is - 0845 60 70 143

Annual returns!
• As a Ltd company you will need to submit a return to Companies House regarding details for the company. The easiest way to do this is online, make sure you do it on time or they will fine you threaten to remove you from the register of companies!

Company cars!
• If your company buys a car for your use there will be income tax and national insurance charged on this as a "benefit in kind". Instead, why not use your own car in the business? If the shareholder/director owns the car personally, you may claim mileage expenses from the company at the rate of 40p per mile for the first 10,000 miles of business travel each tax year and 25p per mile thereafter. These mileage claims are tax deductible for the company and tax free in the director's hands.

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