UK Tax Alert | Planning to Start a Business in the UK? Four Major Aspects of a Company in UK

If you plan to set up your own company and become a boss, here are a few of the most commonly used corporate accounting services:

Bookkeeping: Bookkeeping is a method of accounting that records daily income and expenses over a certain period, accounting for the increase and decrease in assets, liabilities, and capital resulting from transactions. Companies must meticulously record every transaction so that profits and losses can be calculated at the end of each fiscal year.

Confirmation Statement: Every registered company must submit an annual report to the Companies House at least every 12 months, confirming that all information about the company, such as the details of directors and significant controllers, is correct. If there are any changes to the company, such as whether or not company stocks have been traded, they should also be reported and confirmed.

Annual Accounts: Annual accounts include a comprehensive report of the company's activities for the previous year. The profit and loss account and balance sheet are also included. Bosses need to ensure that the figures are accurate.

Corporate Tax Return: Every fiscal year, the company needs to fill out several documents to submit to HMRC (Her Majesty's Revenue and Customs) to declare the profit or loss for that year. The HMRC will calculate the corporate tax to be paid based on the documents submitted by the company, so it is crucial to ensure the information is correct.

If you have any tax issues in the UK, feel free to contact us. Our team can consult for you and find the tax solution that suits you best.