To set up a private limited company you need to register with Companies House. This is known as ‘incorporation’.The company is legally separate from the people who run it has separate finances from your personal ones can keep any profits it makes after paying tax
If your business has employees, you’ll have to do payroll. There’s no way to avoid it.
Payroll refers to the employees you pay, along with employee information.
Payroll is also the amount you pay employees during each pay period.
Or payroll can refer to the process of actually calculating and distributing wages and taxes.
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
A VAT return is a form you file with HMRC, usually four times a year, to show how much VAT you are due to pay them. If you’re not registered for VAT, you won’t file VAT returns.
CT600 AND CONFIRMATION STATEMENT
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC). You must still send a return if you make a loss or have no Corporation Tax to pay.
Farrow and Farrow Accounting Ltd,
40 Tooting High Str
Telephone UK: 0208 68 23 950, 0208 76 74 088
Abroad: +44 2086 823 950, +44 2087 674 088
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