Setting up a business: Companies

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Setting up a business: Companies by Mind Map: Setting up a business: Companies

1. Funding

1.1. Borrowing

1.1.1. Implications for company

1.1.1.1. Loan relationship rules

1.1.1.2. CT61 procedure

1.1.2. Implications for individual

1.1.2.1. Income tax on interest

1.1.2.2. Tax-free savings allowance

1.2. Investment

1.2.1. Tax reliefs

1.2.1.1. EIS

1.2.1.2. SEIS

1.2.2. Dividends

2. Registration

2.1. Companies House

2.1.1. Choose name and address

2.1.2. Choose directors and shareholders

2.1.3. Identify persons with significant control

2.1.4. Memorandum and Article of Association

2.2. HMRC

2.2.1. 3 months from starting to trade

2.2.2. Receive UTR

2.2.3. Directors for SA

2.2.4. Register as agent

3. Obligations

3.1. Keep accounting records

3.2. Choose accounting date

3.3. File accounts with Companies House

3.3.1. 9 months from end of period

3.4. Submit tax return

3.4.1. 12 months from end of period

3.5. Pay tax

3.5.1. 9 months & 1 day from end of period

4. VAT

4.1. Compulsory registration

4.1.1. Historical test

4.1.1.1. £85,000

4.1.2. Future turnover test

4.1.2.1. £85,000

4.2. Voluntary registration

4.2.1. Advantages

4.2.1.1. Recover VAT

4.2.1.2. Avoid penalty for late registration

4.2.2. Disadvantages

4.2.2.1. Charge VAT on sales

4.2.2.2. Submit VAT returns

4.3. Pre-registration supplies

4.4. VAT schemes

4.4.1. Annual accounting scheme

4.4.2. Cash accounting

4.4.3. Flat-rate scheme