Many businesses start off as Sole Traders or Partnerships, but as the business grows it is likely that it will become a Limited Company.
This separates your business from your personal affairs and provides you the protection of limiting your risk to the value of your investment in shares.
There are some tax advantages to selling a Sole Trader or Partnership Business to a Limited Company. By using the Entrepreneurs Tax Relief it is possible that the sale proceeds may only be taxable at 10%.
We are experienced in Business Valuation and in Company Formation and can maximise the tax benefits for you.
When we form UK based Limited Companies, we provide the following:
*Incorporating the company with your choice of available name from day one. Before choosing this name, you should check its availability at Companies House and as a domain name
*We will personalise your Memorandum and Articles of Association, to enable tax efficient remuneration throughout the life of the company
*For areas not covered by the Memorandum and Articles of Association, we shall discuss the option of creating a shareholders agreement
Let us take away your worry, as we will ensure that your business is set up correctly, in all respects, and in a manner that will save tax in the future
If you have a limited company, you will also need to have a secretarial support structure which ensures that all compliance obligations are being met.
Company secretarial services from Polaris Accountants can maintain the statutory books and records for both newly formed and more existing companies and, although we cannot actually hold office as your Company Secretary, we can advise you of all of the duties required of you under company law and assist you in performing these duties.
The expert services we offer to limited companies will typically include the following individual services:
*Advising you on the appropriate legal procedures to change the officers of the company, change shareholdings, amend the accounting reference date, declare a dividend, etc.
*Advising you of directors’ responsibilities
*Acting as the company’s Registered Office.
*Filing all necessary accounts, forms, returns and resolutions on the public record at Company’s House
*Advising and assisting you with your tax compliance obligations
Making sure that all company secretarial duties are performed correctly will keep you out of trouble with Companies House and other related parties. It will also ensure that actions are taken that ultimately reduce the business and personal tax burdens, with our experience and services we provide peace of mind that all of your company’s affairs are in order.
All UK limited companies are required to keep accurate accounts and submit the relevant accountings statements to Companies House and HM Revenue & Customs within the correct time frames, this responsibility falls upon the directors of the company. In company law a director means a person who is a member of the managing Board of a company, but the term can be extended to include shadow directors, associate directors and alternate directors.
The key areas of duty and responsibility that directors need to understand are:
*To act within powers
*To promote the success of the company
*To exercise independent judgement
*To exercise reasonable care, skill and diligence
*To avoid conflicts of interest
*To not accept benefits from third parties
*To declare interest in proposed transaction or arrangement
At Polaris Accountants we provide Company Secretarial services which allow us to shed light on these duties and responsibilities, aiding you, in the further understanding of the intended role.