Company Commercial
Running a Limited Company
A practical guide for business owners
Many people are taking control of their careers and starting a new business, find out how you can do the same in our easy to follow guide.
This document has been produced by Wake Smith Solicitors in partnership with the UK200 group, the UK's leading professional services group of independent quality assured chartered accountancy and law firms.
For best results, view this document at full screen by clicking the square icon in the top right. Use the arrow buttons on screen or on your keyboard, or click and drag to turn the pages.This guide covers:
- Is a limited company right for me? (Page 3, 4)
- What are my trading options (Page 5)
- How to start your limited company (Page 6, 7)
- Registering your company with HMRC (Page 8, 9)
- What you need to budget for (Page 10)
- Your insurance options (Page 11)
- How to prepare an invoice (Page 12, 13)
- Claiming expenses through your company (Page 14, 15)
- What you can claim as expenses (Page 16)
- Financial flexibility – paying yourself a salary via salary and dividends (Page 17)
- Flexible salary / dividend models – how do they work? (Page 18)
- Paying dividends – the paperwork (Page 19)
- How to manage your payroll (Page 20)
- Tax overview (Page 21)
- How to calculate your dividend tax liability (Page 22, 23)
- Value Added Tax (VAT) (Page 24)
- Pay as you earn (PAYE) & National insurance contributions (NICs) (Page 25)
- Corporation Tax (Page 26)
- IR35 for contractors and for SME clients (Page 27)
- Your self-assessment tax return (Page 28)
- End of year accounts (Page 29)
- Directors’ Loans (Page 30, 31)
- Insolvency and bounce back loans (Page 32)
- Why you need professional advice (Page 33)
- Thinking about growing your business? (Page 34, 35)
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