Setting up a limited company is the most tax efficient way to do business as a contractor. However, once a limited company is set up, there is quite a bit of administration that goes along with it. We have put together this brief overview of limited company administration for your convenience.
A limited company is a legal entity established for the purposes of carrying on a business or trade. It is considered by law to be a legal person, separate from company's owners (shareholders) and director(s). Under the law, directors are appointed by shareholders to manage the day-to-day operations of the company. In a privately held company – which is the standard for contractors that establish limited companies – shareholders and directors are usually one and the same. In other words, the contractor is both the owner (shareholders) and director of the company.
A company director is legally responsible to carry out day-to-day operations of the business according to the company's articles of association. He/she also has a fiduciary responsibility to maintain the best interests of the company and to promote its success. His/her duties include accounting, government reporting, and paying taxes.
ICP offers administrative services for limited companies and their owners. This includes maintaining appropriate accounting and record-keeping, filing necessary documents on behalf of the company, working as an intermediary between Customs House and HMRC, and advising on tax efficiency and payments. Included in our administrative services is assistance with:
You have enough to worry about as the director of your limited company. You need to focus your attentions on serving your clients, not keeping Companies House happy. Let ICP help you by way of our administrative services. Our flat rate package provides all the administrative support you need at a price you can afford.