Guidance for New Clients

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Guidance for New Clients – Limited Companies

As a new client to Bernard Rogers & Co and also as this is probably the first time that you will have been a director of a limited company, the following brief outline provides an insight into what is required in terms of paperwork that needs to be completed for the company.

CT41G

This form will be issued to every new company and it is very important that it is completed. If you receive this form, please forward it to us immediately for completion. If we are the registered office for the company, then the form will come to us automatically.

VAT

It is more than likely that you will be registering for VAT. This will have been discussed in your initial consultation with Bernard and you will be aware of the different ways of accounting for VAT and which scheme you will need to apply for. (Please ask for further details if you are still not clear).

Please click here if you want to register for VAT.

Once VAT registration has been given, you will need to complete a VAT return every quarter. The VAT return for the quarter plus any payment due needs to be submitted to HM Revenue & Customs by the end of the month following the quarter.

For example, if your VAT quarter is January to March, the return needs to be submitted and any payment due made by 30 April and so on.

We would normally advise that prior to submitting your first return, you let us check the figures for you to ensure that everything is in order. If you would rather that we complete the rerun on your behalf then of course we do offer this service.

PAYE

A PAYE scheme will be set up for your company. If you have employees other than the director/s then you will need to pay over tax and national insurance in respect of them either every month or every quarter. To do this you can either pay online or you will be provided with a yellow booklet containing payslips. We do offer a payroll service should you require this.

If the company is just employing director/s then as will have been explained, it is more than likely that you will receive your salary on an annual basis. If this is the case then you will not need to pay monthly/quarterly payments. You will however, receive a reminder notice regarding this once the PAYE scheme has been set up. Once you receive this, then please forward it to us in order that we can advise HM Revenue and Customs that there will an annual amount due and to ensure that no further reminders are sent.

Corporation Tax

Profits made by the company are liable to Corporation Tax. In a normal year, this tax is due nine months and one day after your year end although in the first period of trading this may be slightly different and there may be two payments due.

The company will also need to submit a tax return, a CT600, which we prepare automatically when we prepare the accounts for the year.

Accounts

The annual accounts have to be submitted to Companies House each year. These have to be submitted within nine months of the year end. We will file the accounts at Companies House once they have been agreed and signed by you.

Annual Return

Each year, Companies House will send an Annual Return for the company. This shows all the details regarding the company. For example, the company directors, secretary and shareholders. Companies House also require that you pay an annual fee in respect of this of £15 if you file online or £30 if you complete a paper return.

P35 – Employer’s Annual Return

The P35 shows the tax and national insurance due throughout the tax year, 6 April to 5 April for the directors and any employees of the company. This form has a deadline and must be submitted to HM Revenue and Customs by 19 May each year.

P11d – Expenses and benefits

This form accounts for any benefits that any employee or director receives from the company. These things include items such as company cars, medical insurance etc. This form also has a deadline and needs to be submitted by 6 July each year.

In most cases, we will complete all of these forms on your behalf unless you wish to do so yourself.

All of our clients are allocated to a Client Manager. There are a number of client managers at Bernard Rogers & Co all of whom are qualified accountants. Please feel free to call and discuss any queries with your client manager or Bernard if any further explantion is required.

Please note that the above is not meant to be a definitive list but merely a guide to the main points and forms required to be completed by the company.