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  • What Is a SIC Business Code? Dec 20, 2019

    The complete process of company formationdemands a complete filing system — with the vast amount of must-remember registration documents and numbers, it’s important that you’re aware of important company codes; notably, your SIC business code.


    SIC Business Code

    A SIC code is a Standard Industrial Classificationcode. First established in the US in the early 20th century, SIC business codes classify industries with a...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-sic-business-code/



    How Are Trade Groups Classified?

    Companies House website displays a condensed version of the full codes(as found at the Office for National Statistics). The SIC business codes are...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-sic-business-code/



    How to Retrieve Your SIC Business Code

    It’s not uncommon to baffle entrepreneurs when they’re asked about their SIC code. To remain in the know and learned about your trade and SIC business code, you can follow the simple method of retrieving your SIC business code by...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-sic-business-code/


    How to Change Your SIC Business Code
    When Would You Need SIC Business Code?
    The Difference Between SIC 2003 and SIC 2007

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-sic-business-code/


  • All You Need to Know About Limited Company Shareholders Dec 18, 2019

    When you’re starting a new company, you must familiarise yourself with the duties and responsibilities of your company’s key individuals, notably your limited company shareholders.


    Limited Company Shareholders Defined

    Simply put, limited company shareholders own companies limited by shares. They are sometimes referred to as...


    Read the full article for FREE at https://www.yourcompanyformations.c...d-to-know-about-limited-company-shareholders/


    Who Can Be a Limited Company Shareholder?

    Limited company shareholders can be any of the following:

    Read the full article for FREE at https://www.yourcompanyformations.c...d-to-know-about-limited-company-shareholders/



    What Are the Duties of Limited Company Shareholders?

    The roles of limited company shareholders involve the following:


    ·Receiving a portion of available profits with regards to their shareholdings

    ·Deciding which powers to give to company directors

    ·The investment in a business

    ·Authorising the structure of dividends

    ·Contributing to company debts up to the limit of their liability

    ·Putting in place the set particulars attached to shares

    ·Appointing and removing directors

    ·Authorising the allotment and/or transfer of shares

    ·Decision making in exceptional situations where directors have limited powers (e.g. changing the company structure, changing the name of the company, modifying the articles of association, as well as making modifications to the shareholders’ agreement)

    ·Setting the salaries of directors

    ·Acquiring a part of the excess capital with regards to their shareholdings in the event that a company is dissolved


    What is the Difference Between a Limited Company Shareholder and Subscriber?

    A “subscriber” is the term used to define the first members in a private limited company. During the formation of the company, subscribers will include their names into the memorandum of association, which acts as a confirmation that the original limited company shareholders have agreed to be company members. Their names are included in the public register and remain on the memorandum even if they leave the company. Any person or corporate body who becomes a shareholder after incorporation will not be regarded as a subscriber; instead they will only be called a “member” or “shareholder”.



    What Is the Difference Between a Limited Company Shareholder and Guarantor?

    While a guarantor owns a company limited by guarantee, limited company shareholders own...

    Read the full article for FREE at https://www.yourcompanyformations.c...d-to-know-about-limited-company-shareholders/




    What Is the Difference Between a Limited Company Shareholder and Director?
    Is It Possible for a Limited Company Shareholder to Also Be a Company Director?
    What Limited Company Shareholder Information Is Available to the Public?
    What Is a Corporate Shareholder?



    Read the full article for FREE at https://www.yourcompanyformations.c...d-to-know-about-limited-company-shareholders/



  • This Is Why a Registered Office Address Is Important Dec 13, 2019

    Running a business requires dedication, focus, and an unwavering desire to build a scalable brand; part of that “brand building” requires a credible business image. And choosing the right location can go a long way in building that brand — something to keep in mind when you’re starting a new company. During this initial process of company registration, you’ll often be prompted to declare your registered office address; here we’ll outline exactly what that means and why it’s so important for your business.



    What Is a Registered Office Address?

    All companies and partnerships that are incorporated in the UK are legally required to have a registered office address.

    In addition to storing your company’s statutory registers for inspection, a registered office address acts as...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/this-is-why-a-registered-office-address-is-important/



    Why Does a Limited Company Need a Registered Office Address?

    Since a registered office address is a legal requirement under UK Company Law, you cannot start or run a private limited company or limited liability partnership in the UK without having a registered office address. In order to achieve corporate transparency, your registered office address details will be...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/this-is-why-a-registered-office-address-is-important/



    A Registered Office Address for a Limited Liability Partnership (LLP)

    As with a limited company, an LLP must also have a registered office address located within the same UK area to where the partnership is incorporated (England and Wales, Scotland or Northern Ireland).



    Can I Use My Home Address as My Registered Office?

    Although you’re permitted to use your home address as the registered office address, it’s not mandatory, orrecommended. A separate registered office address is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/this-is-why-a-registered-office-address-is-important/



    What Is the Difference Between a Registered Office Address and a Director’s Service Address?

    A registered office address:This is your limited company’s official address. All correspondence and legal documents/notices from UK government entities are delivered to the registered office address. Your registered office address must be registered in same location as company incorporation (England and Wales, Scotland or Northern Ireland).

    A director’s service address:A director’s service address is the authorised contact address of a company director, LLP member, company secretary, subscriber or...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/this-is-why-a-registered-office-address-is-important/


    What Is the Difference Between a Registered Office Address and a Business Address?
    Can a PO Box Number be Used as a Registered Office Address?
    Can a Council House or Rented Accommodation be Used as a Registered Office Address?
    Can I Change My Registered Office Address?
    Can I Change My Company’s Registered Office Address to a Different Country?
    Where Should I Display the Registered Office Details?
    What Statutory Records Need to be Kept at a Registered Office Address?



    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/this-is-why-a-registered-office-address-is-important/

  • Certificate of Incorporation Defined Dec 11, 2019

    The thought of registering a companycan conjure up images of relentless paperwork, merciless filing, and an infinite number of business documents. While a professional formations company can help with the majority of these things, it’s still important to understand the key documents and certificates for your business, including the certificate of incorporation.


    What Is a Certificate of Incorporation?

    A certificate of incorporation is a legal paper that outlines key company information. It certifies and confirms that a company exists legally and is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/certificate-of-incorporation-defined/



    When Will I Need to Use a Certificate of Incorporation?

    There may be a number of instances when you’ll have to produce your certificate of incorporation, albeit it may not be a regular requirement.

    Your certificate of incorporation could be requested when you initially open your business bank account, as the bank will require legal evidence of your company’s existence. Additionally, you may need to show...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/certificate-of-incorporation-defined/


    When Will I Receive My Certificate of Incorporation?


    You will receive your certificate of incorporation once your company formation request has been approved by Companies House. When you submit an online application, either straight to Companies House or via a company formation agent, you’ll receive a direct email with...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/certificate-of-incorporation-defined/


    How Do I Retrieve a Lost Certificate of Incorporation?
    What If I Change My Company Name?

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/certificate-of-incorporation-defined/

  • How to Appoint and Remove a Company Director Dec 11, 2019

    As you begin forming a company, you’ll have to assign a number of important positions to worthy candidates. And one of the most important positions is that of a company director, which can be assigned any time after incorporation. Subsequently, the question: “Can a director be forced out?” is answered with a simple yes. Directors can resign or be removed by company members (shareholders or guarantors) at any time as long as they do not encroach set provisions in the Companies Act 2006, the articles of associationor a director’s service contract.


    Before we get to the processes involved in appointing a director for your company, or answering the question “can a director be forced out?”, it’s vital to understand the role of a company director.


    What Are the Roles and Responsibilities of a Company Director?

    The Business Directory defines a company director as:

    “An appointed or elected member of the board of directors of a company, who with other directors, has the responsibility for determining and implementing the company's policy. A company director does not have to be a stockholder (shareholder) or an employee of the firm, and may only hold the office of director. Directors act on the basis of resolutions made at directors' meetings, and derive their powers from the corporate legislation and from the corporate legislation and the company's articles of association.”


    The duties and responsibilities of a company director are outlined in the Companies Act 2006, the articles of association, and any service contract that might be effective between a director and the company.

    According to the Companies Act 2006, company directors must:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/



    Who Is Eligible to Be a Company Director?

    Before getting to the question of “can a director be forced out?”, it’s important to recognise who may be eligible for the role.

    The following can qualify as a company director:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/



    Who Is Ineligible to Be a Company Director?

    The following are not permitted to hold the role of company director:

    •a company auditor

    •a banned company director (cannot be a director of another company while their forbid is still in place)

    •individual under the age of 16 years

    •an un-discharged insolvent

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/



    How Do You Appoint a Company Director?

    “Can a director be forced out?” is a dissonant question to this section: how to appoint the worthiest director for your company.

    Appointing a director is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/



    Can a Director Be Forced Out?

    There are a number of reasons why one might ask, “can a director be forced out?” However, a company director’s termination, or indeed resignation, must adhere to the terms of the Companies Act 2006, the company’s articles of association, and any service agreement between the director and the company. And remember, the significance of at least one natural director comes to the fore if the sole director is being removed.

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/


    Can a Director Be Forced Out? Yes,Under the Articles of Association Provisions
    Can a Director Be Forced Out? Yes,by Ordinary Resolution of Members
    Can a Director Be Forced Out? Yes,Through Removal by Authority
    Can a Director Be Forced Out? Yes,Through Disqualification
    Resigning as the Sole Director of a Company


    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/how-to-appoint-and-remove-a-company-director/




  • Business Definitions: Person of Significant Control Dec 6, 2019

    Business Definitions: Person of Significant Control

    Whether you run a small enterprise or a large business, positions of hierarchal seniority are inevitable: from the company owner, right down to the newest recruit. Subsequently, official documentation to reflect an individual’s ownership of a company is mandatory, outlining which company member is a person of significant control.


    What Does a Person with Significant Control (PSC) Mean?

    A person with significant control (PSC) is an individual who controls or owns a company, sometimes called “beneficial owners”. As long as they meet the necessary requirements, your business can have one or more person of significant control.

    The obligatory process of maintaining a register for people of significant control (PSC register) was first introduced on 6th April 2016. It’s since become a legal requirement for...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/business-definitions-person-of-significant-control/


    What Conditions Does a Person of Significant Control Need to Meet?

    A person of significant control should meet one or more of the following five conditions:

    1.Individual must directly (or indirectly) have over 25% of the company’s issued share capital.

    2.Individual must directly (or indirectly) have over 25% of the company’s voting rights.

    3.Individual must directly (or indirectly) have the right to appoint or remove a majority of the board of directors.

    4.Individual must have the right to exercise (or presently exercises) considerable influence or control of the company, limited liability partnership or SE.

    5.Individual must have the right to exercise, (or presently exercises) considerable influence or control over the activities of a trust/firm that is not deemed a legal entity, but would itself satisfy any of the first four conditions if it were an individual.

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/business-definitions-person-of-significant-control/



    What Constitutes “Significant Control”?

    As stated, a person of significant control who has ultimate influence over a company can come in the form of an individual or a legal entity, such as another company/firm. According to Companies House, “significant control” and “influence” is defined in a number of ways:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/business-definitions-person-of-significant-control/


    What Details Are Required by the PSC Register?

    The required information for your company’s PSC register depends on whether the person of significant control is an individual or a registrablerelevant legal entity (RLE).

    If the person of significant control is an individual, you must record the following details:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/business-definitions-person-of-significant-control/


    How Do You Update and File a PSC Register at Companies House?
    How Long Do Companies Have to Keep PSC Information?
    Who Has the Responsibility of Maintaining the PSC Register?
    Inspection Implications of a PSC Register


    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/business-definitions-person-of-significant-control/



  • Which Is Better: Sole Trader or Limited Company? Dec 5, 2019

    Arguably, the most important question you’ll need to ask prior to your company formationis, “Should I register as a sole trader or a limited company?” Your preferred company registration should depend on your business needs in relation to the following:

    •company income

    •projected business plans

    •tax implications

    •your company industry/market

    •customers/clients

    •independent accounting and bookkeeping needs

    To help you decide whether your business will be better suited as a limited company or as a sole trader entity, we’ll outline both definitions, their respective advantages and disadvantages, and what the registration process entails.


    What Is a Sole Trader?

    If your company’s launch is still in its infancy, the premature question of how to register a company as a sole trader will be better understood once you know what exactly is a sole trader:

    Essentially, a sole trader is a self-employed individual; and the simple answer to how to register a company as a sole trader is simple to a degree: a sole trader must register a company with HMRC— but more on that later!

    Sole traders have full responsibility for...


    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/


    What Are the Advantages of Being a Sole Trader?

    Sole trader registration is one of the most popular choices of starting a new business in the UK and is particularly common amongst those individuals launching their maiden business. But this is what’s so appealing about being a sole trader:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/


    What Are the Disadvantages of Being a Sole Trader?

    To help you make a more informed decision about company registration, take note of the following disadvantages associated with being a sole trader:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/


    What Is a Limited Company?

    A limited company is a business structure that is registered at Companies House. Unlike a sole trader, a limited company is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/


    What Are the Advantages of Being a Limited Company?

    The credibility of a limited company and a “proper” business organisation is highly appealing for many entrepreneurs. The following “advantages of a limited company” may convince you to choose this over a sole trader registration:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/


    What Are the Disadvantages of Being a Limited Company?

    How to Register a Company as a Sole Trader and Limited Company?

    Tax Implications for Sole Traders and Limited Companies

    Insurance Implications for Sole Traders and Limited Companies


    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/which-is-better-sole-trader-or-limited-company/
  • What Is a Company Limited by Guarantee? Dec 3, 2019

    It can be pretty overwhelming when you’re starting a new company. Your frantic online research will probably return a number of results such as limited company formation or an extensive factsheet on what constitutes a limited liability partnership. To help you set up and become familiar with specific registration jargon, we’ve provided this detailed guide on what defines a company limited by guarantee.



    What Defines a Company Limited by Guarantee?
    A company limited by guarantee is mainly used by charities, social enterprises or non-profit organisations. A non-profit organisation is usually...

    Read the full article FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-limited-by-guarantee/


    A Company Limited by Guarantee and Shares

    Most notably, a company limited by guarantee, unlike the conventional limited by shares organisation, does not have any shares or shareholders. However, a company limited by guarantee is the ownership of...

    Read the full article FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-limited-by-guarantee/


    A Company Limited by Guarantee Has No Profits
    Generally, a company limited by guarantee does not distribute profits to its guarantors. Instead, as stated above, the profits are re-invested to aid the promotion of the not-for-profit entity’s practices. Importantly, if there is a distribution of profits, then the organisation will have to...

    Read the full article FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-limited-by-guarantee/

    Read the full article and find out:

    Who Controls a Company Limited by Guarantee?

    Who Owns a Company Limited by Guarantee?

    A Company Limited by Guarantee Vs Limited Liability Partnership (LLP)

    How Do I Register a Company Limited by Guarantee?

    What Are the Benefits of a Company Limited by Guarantee?


    Read the full article FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-limited-by-guarantee/

  • What Is a Limited Liability Partnership (LLP)? Nov 25, 2019

    When starting a new company, you have to decide what type of company registration suits your business needs. Is your business more suited to a limited liability partnership or a limited company? Or perhaps neither! Fortunately, we’ve put together this essential guide to help you better understand all things “limited liability partnership”.


    What Defines a Limited Liability Partnership?

    Similar to a limited company, a limited liability partnership is a form of incorporated business structure introduced by the LLP Act 2000. It is often suited to professions that conventionally operate as a traditional partnership (solicitors, accountants, dental practitioners, etc).

    Once a limited liability partnership is incorporated with Companies House, it attains independent legal status, offering limited liability to its members. This reduced financial responsibility is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-limite…-partnership-llp/


    Limited Liability Partnership Vs Traditional Partnership

    A “partnership” is simply a company structure formed by two or more individuals. This can run as a traditional partnership or as a limited liability partnership. The key difference between the two rests in the financial responsibility of the partners.

    In a traditional partnership, the complete company debts rest with the partners. However, there is a lesser financial liability upon partners in limited liability partnership — often a deciding factor for business owners. This comparative financial “relief” is similar to the protection available for limited company owners.

    Those that would normally operate as a traditional partnership can benefit from the birth of limited liability partnerships since the financial implications are...

    Read the full article for FREE at
    https://www.yourcompanyformations.co.uk/blog/what-is-a-limite…-partnership-llp/


    Limited Liability Partnership Vs Limited Company

    Limited companies and limited liability companies both have to be incorporated at Companies House under the Companies Act 2006and the LLP Act 2000, respectively. They both share a number of similarities and differences:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-limite…-partnership-llp/


    When Is a Limited Liability Partnership the Best Option?
    When Is a Limited Company the Best Option?
    What Are the Advantages of a Limited Liability Partnership?
    What Are the Disadvantages of a Limited Liability Partnership?
    How Can I Register a Limited Liability Partnership?


    If you want to find out more about a limited liability partnership (LLP), or you’re wondering whether this is the best choice for your business, contact our knowledgeablecompany formations team now for expert advice and guidance.

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-limite…-partnership-llp/
  • What Is the Role of a Company Director? Nov 22, 2019

    A company director is one of the most important roles in a company, and the formation of a suitable board of directors can ultimately determine your business’ success.

    Therefore, when you set up a company, you must ensure your company’s director shares the vision of your company’s direction. And if you’re a company director seeking information about your role and responsibilities, follow this guide to learn more!

    What Is the Definition of a Company Director?

    According to Business Directory, a company director is:

    Read the full article for FREE at
    https://www.yourcompanyformations.co.uk/blog/what-is-the-role-of-a-company-director/



    What Are the Roles and Duties of a Company Director?

    Effectively, company directors need to act together as a “board of directors” but oftentimes the board may delegate specific powers to a board committee or to an individual company director.

    The roles and responsibilities of a company director are set out in the Companies Act 2006, the articles of association, and any service contract that may be in effect between a director and the business.

    Under the Companies Act 2006, company directors must:

    Read the full article for FREE at
    https://www.yourcompanyformations.co.uk/blog/what-is-the-role-of-a-company-director/




    Who Is Eligible to Be a Company Director?

    A company director can be in the form of any of the following:

    •an individual (can be the company secretary, shareholder)
    •a corporate body
    •a partnership
    •a group
    •another limited company
    •an organisation/business/charity

    Conversely, a company needs to have at least one regular, natural director.


    Who Is Not Eligible to Be a Company Director?

    A company director cannot be any of the following:

    Read the full article for FREE at
    https://www.yourcompanyformations.co.uk/blog/what-is-the-role-of-a-company-director/



    What Is the Difference Between a Shareholder and a Company Director?
    What Is the Difference Between a Company Secretary and a Company Director?
    What Is a Corporate Director?
    What Details of a Company Director Can Be Found on the Public Record?
    How Many Directors Are Required to Enlist a Limited Company?


    Read the full article for FREE at

    https://www.yourcompanyformations.co.uk/blog/what-is-the-role-of-a-company-director/





  • What is a Dormant Company? Nov 20, 2019

    A dormant company is often mistakenly confused for a company that is “closed” or “obsolete”. Fortunately, this article will clear up the confusion by outlining the definition of a dormant company and what it could mean for your business.

    The Definition of a Dormant Company

    A dormant company is “dormant” (or considered inactive) if it is NOT trading or receiving any form of income from trading. However, it MUST be officially registered with Companies House and be can be dormant from the date of its incorporation, or even after the commencement of active trading.

    Consequentially, a company that is no longer trading, and reported as such to HMRC, will be considered...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-dormant-company/


    What Constitutes “Trading”?

    Since a dormant company is not allowed to trade, it’s important to recognise what constitutes “trading”.A dormant company may not carry on trading or receive any kind of income that includes:
    • The purchasing and selling of goods and services
    • Property leasing or buying
    • Employing members of staff
    • Paying directors’ salaries
    • Management of investments
    • Receiving dividend payments
    • Issuing shareholder dividends
    • Earning interest on/or paying bank charges
    • Using the business bank account to pay accounting or legal fees
    The presence of any of the above means that your company will...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-dormant-company/


    A Dormant Company in Relation to Corporation Tax


    Your company will be dormant for Corporation Tax if it has ceased trading and has no other income (such as income from investments). Additionally, your company will be dormant for Corporation Tax if any of the following is true:
    HMRC may deem your unincorporated company as dormant for Corporation Tax reasons if it is active but adheres to two caveats:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-dormant-company/


    A Dormant Company in Relation to Companies House

    As stated above, your company will be deemed dormant if it’s had no significant accounting transactions (any transaction required to be recorded into company accounts) during the fiscal year and is registered with Companies House.

    For a company to considered dormant according to Companies House, its transactions must be limited to:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-dormant-company/


    What Information Is Required by Companies House?

    Being a Dormant Small Company and Micro-entity

    The Advantages of Being a Dormant Company

    Changing a Dormant Company Status

    What Information Is Needed to Update My Status?


    What Are the Banking Requirements for a Dormant Company?

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-dormant-company/


  • What Is a Company UTR Number? Nov 18, 2019

    It’s quite overwhelming when starting a new company; recruitment problems, marketing matters, and administrative tasks are just a number of issues you’ll have to endure. So, don’t be surprised if you find yourself frantically asking, “What is my company UTR number?”

    If so, we’re here to help! We’ll define what a company UTR number is, and outline how your company can receive its very own company UTR number.

    Defining a Company UTR Number

    UTR stands for “Unique Taxpayer Reference”. A company UTR number comprises 10 digits (e.g. 0123456789) and is issued by HMRCto anyone in the UK who completes a tax self-assessment:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-utr-number/

    Why Is a Company UTR Number Important?

    A company UTR number is used to identify companies for all tax-related issues. Remember, you’ll need your company UTR number when it comes to submitting your tax return to HMRC, so it’s worth keeping it in sight during that dreaded returns day!

    You will need to provide your company UTR number for the following purposes:


    ·Changing your corporation tax accounting period

    ·Contacting HMRC for company related issues

    ·Filing tax and VAT Returns

    ·Informing HMRC about changes to your registered details or company structure

    ·Informing HMRC if your business is dormant

    ·Paying corporation tax and VAT

    ·Paying your employees

    ·Registering for corporation tax, VAT, and PAYE


    How Do I Receive My Company UTR Number?

    As mentioned above, you’ll be issued with a company UTR number (which can also be referred to as a “tax reference number”) during a tax self-assessment registration or when forming a limited company.

    However, if you’re yet to receive your company UTR number, you can...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-utr-number/

    What Information Does HMRC Require?

    You’ll have to register your company as “active” with HMRC for the aforementioned tax legalities within three months of activating any form of business activity or receiving business related income. You’ll need to provide the following information to HMRC:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-utr-number/

    How Do I Retrieve My Company UTR Number?

    What If I’m an Overseas Tax Payer?

    Summary

    How Can a Formations Company Help?

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/what-is-a-company-utr-number/
  • Where Do I Find My Company Registration Number? Nov 15, 2019

    So, you’ve conceived a business idea. Formed the company blueprint. And subsequently incorporated your business with a registered officeto boot. At this stage, you must ensure you use a comprehensive filing system as you’ll be inundated with important company details and numbers!

    An important company number you’ll need to know is...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/where-do-i-find-my-company-registration-number/


    What Is a Company Registration Number?

    When you incorporate a limited company or Limited Liability Partnership (LLP), Companies Houseissues your business with a company registration number (often abbreviated as “CRN”). And before you frantically enter your Companies House search, note that the number can sometimes be referred to as...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/where-do-i-find-my-company-registration-number/

    Should I Run a Companies House Search to Find My Company Registration Number?

    Firstly, your company registration number will be displayed on your Certificate of Incorporationand any Companies House statutory mail you receive. The company registration number is usually printed alongside or beneath a heading such as “Company No.” You can also find it on the public register beside your company details.

    Ultimately, you can run a Companies House search to find your company registration number, by simply logging into...

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/where-do-i-find-my-company-registration-number/

    Where Should I Display My Company Registration Number?

    It is a legal requirement to display the company registration number of your limited company on all your business stationary. This includes, but not limited to, the following:

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/where-do-i-find-my-company-registration-number/


    When Will I Use My Company Registration Number?

    Don’t Confuse Your Company Registration Number With Other Numbers!

    How Can a Formations Company Help?

    Read the full article for FREE at https://www.yourcompanyformations.co.uk/blog/where-do-i-find-my-company-registration-number/
  • File a Confirmation Statement at Companies House 101 Nov 13, 2019

    Business owners, take note: whether you run a large business in a remote UK town, or you register a company in the nation’s capital, you MUST file a confirmation statement at Companies House. Even if your company is dormant!

    What Is a Confirmation Statement?

    A confirmation statement documents and confirms the details of a company’s relevant members — the confirmation statement of a limited company documents the details of its directors and shareholders, while the confirmation statement of an LLP outlines the details of its members.

    A confirmation statement serves to confirmthat the company details registered at Companies House (and displayed on the public register) are accurate and not outdated. Any inaccuracies or outdated information must be updated imminently...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/

    What Is the Difference Between a Confirmation Statement and an Annual Return?

    To avoid confusion, the annual confirmation statement (introduced in 2016), is a new filing document (CS01) replacingthe Companies House annual return form (AR01). However, the confirmation statement for Companies House serves the same needs as its predecessor, albeit in a more accessible and simplified form...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/


    When to File a Confirmation Statement at Companies House?

    Processing a confirmation statement at Companies House is an annual requisite — even for dormant and non-trading companies! Companies will receive a reminder a couple of weeks before they have to file a confirmation statement at Companies House. The statement must be returned within 14 days of the due date.

    As this is an annual return, there is a...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/

    Can You File a Confirmation Statement at Companies House Early?

    You can file a confirmation statement at Companies House any time during your review period. If you file a confirmation statement early in the year, then...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/

    What Happens if You’re Late Filing a Confirmation Statement?

    Failure to file a confirmation statement at Companies House within 14 days of the end of your review period may not necessarily result in a financial penalty, but it is a criminal offence. At worst, your company may be...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/

    What Information is Required on a Confirmation Statement?

    To successfully file a confirmation statement at Companies House, you simply have to check and confirm the following information...

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/


    How Do You File a Confirmation Statement at Companies House?

    How Much Does a Confirmation Statement Cost?

    How Do You File Confirmation Statements for Dormant Companies?

    Read the full article FREE at: https://www.yourcompanyformations.co.uk/blog/file-a-confirmation-statement-at-companies-house-101/
  • How to appoint a Limited Company Director? Nov 19, 2015

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    How to appoint a company director

    It is important for every private limited company to have at least one regular natural director.
    The first thing you will be told when incorporating your company at Companies House would be to appoint a director. Additional directors, which could be corporate bodies or natural persons can likewise be hired at any time after incorporation, provided there exists no limitations in the articles of association. The details of the directors should be recorded in your company’s register of directors and also will be placed on public record by Companies House.

    Who appoints company directors?
    The guarantors or shareholders of an establishment (also its members) are in charge of the appointment of the first directors. Generally, members have control over these appointments after establishing a company. However they may entrust this power to the current directors. For this to be accomplished, the articles of association, as well as the shareholders’ agreement need to clearly state that the directors have been granted this authority.

    Who is eligible as a director?
    Any person of age 16 and above can be appointed as the director of a limited company, irrespective of their residence – be it in the UK or overseas. A corporate body may likewise assume the director position in another limited company. These types of directors are known as corporate directors. Although it is very common for members to be the directors of their own company, you may not appoint someone as a company director if they are:

    • Below 16 years of age
    • An un-discharged bankrupt person
    • An ineligible director of another company
    • The company auditor
    How do I choose a director?
    The first directors are appointed during the company formation procedure. Their information is provided for Companies House on the application form. You can register a new company and appoint the first directors with the use of Companies House form IN01, or you can complete an online application form through a formation agent.

    Choosing a director after incorporation
    The essential procedure for appointing a fresh director must be summarised in your company’s articles of association. Generally, the members will need to give a common decision in writing or maybe at a general meeting. This kind of decision demands the authorisation of almost every member.

    Should the current directors be permitted to choose a new director, they will be expected to pass a resolution at a board meeting or writing. Furthermore, a majority of the directors must vote in favour of the resolution. In case there are just two directors, both of them have got to accept the appointment.

    After the appointment has been authorised, the company secretary or the present director will have to inform Companies House within fourteen days of the decision. The following information will be needed with regards to the new director:

    • Appointment Date
    • Title and complete name
    • Old names
    • Birth date
    • Nationality
    • Business profession
    • Country of residence
    • Home address
    • Service address
    Should you be appointing a corporate director instead of a natural individual, you will present the following information regarding the corporate body:

    • Appointment date
    • Registered name in full
    • Registered or principal address
    • Country/state of registration
    • Registration number
    • Legal form of corporate body
    • Regulating laws (non-EEA companies only)
    Once these pieces of information are submitted to Companies House, they will be documented on a database and included in the public companies’ register. However, just the month and year of birth will be available to the public, and the residential address will not be revealed on the register, except if the director desires to utilise it as a registered office or service address.

    What documents are required?
    You need not provide any documentation for Companies House to appoint a new director online, however you will need to fill form AP01 (if natural director) or form AP02 (if corporate director) should you desire to notify Companies House by post.

    A copy of the directors’ or members’ decision must be kept at your registered office address, along with the minutes of the board meeting or general meeting at which the resolution was passed.

    You must remember to update your company’s register of directors as soon as possible after any fresh appointment. This register is accessible to the public for inspection and therefore it is a crime not to keep it accurate and updated regularly.
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