Business structures

Benefits-in-kind and expenses payments

Benefits-in-kind are assessed on all directors and employees.

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Interest and tax payments

HMRC charges interest on underpayments of tax, and pays interest (repayment supplement) overpayments.

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Do you need an audit?

Recent changes mean that small and medium-sized businesses will now be able to obtain an audit exemption if they meet two out of three criteria relating to balance sheet total, turnover and number of employees.

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Getting the company struck off

A private company (not subject to insolvency proceedings) can apply to the Registrar of Companies to be struck off the register and dissolved.

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Company bonus or dividend?

In many small companies, the owners are also the directors, and this gives importance to how income is extracted from the company.

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Tax-saving strategies

Expenditure incurred before the company year-end might reduce the current year's tax liability instead of next year's.

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The tax system for companies

How the tax system works for companies.

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The company secretary

The position of company secretary in a private company is now optional. Thus a company can operate with a sole director.

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Statutory records

It is essential that you keep your company's statutory records up-to-date. Do not underestimate the importance of these records - they are definitive proof of the company's legal existence and its members.

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The law and directors' responsibilities

Who is a director and what are their legal responsibilities?

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