When you set up a business in the UK, you are required to inform HM Revenue & Customs (HMRC). However, if you opt to make your new business a limited company, it will also be necessary for you to register with Companies House.
What is Companies House?
Companies House is the registry for all of the UK’s limited companies. Forming a business as a limited company allows you to keep its finances separate from your personal finances as the company’s owner.
However, in exchange for this benefit and others of limited liability, you need to keep your company open and transparent concerning particular aspects of its affairs. The ultimate purpose of Companies House is to ensure clarity on these matters.
Do you have to register your business with Companies House?
Yes, if you want to form the business as either a limited company or a limited liability partnership. In this situation, you will need to register with Companies House in addition to contacting and informing HM Revenue & Customs (HMRC).
If you intend to set up as either a self-employed sole trader or a partnership but not the limited liability variety, you won’t need to approach Companies House.
What must you send to Companies House?
The information that Companies House will require from you includes that pertaining to the company’s activities and annual accounts as well as who controls the business, including directors. Companies House will also expect you to notify it of changes to these details during the firm’s lifetime. If you will be a director or officer, some information will be put on the public record.
Here, the term ‘public record’ refers to the public information that is collected by Companies House and made available online, where members of the public can search for it at no cost. Each director must provide a correspondence address and a residential address, but the latter will not be shared on the public record; it will instead be left on a private register.
Once your limited company’s first financial year has ended…
You will need to prepare not only full annual accounts, but also a Company Tax Return to be sent to Companies House. There will be various deadlines to heed along the way. For example, the deadline for first submitting accounts to Companies House is 21 months after your date of registration.
You will also need to file annual accounts nine months after the firm’s financial year has elapsed, while your Companies House annual return – your Company Tax Return – will be payable by 12 months following the end of your accounting period for Corporation Tax.
With our accounting services, we can help you to meet all of these responsibilities.