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Running Your Business As a Limited Company

PATRICKHE
By PATRICKHE | self meida writer
Published 18 days ago - 5 views

Running Your Business As a Limited Company

A The benefit of running your business as a limited company is that corporation tax is currently at a flat rate of 21% for 2008–9, provided that your company profits do not exceed £300,000 per year. This rate of corporation tax is called the Small Companies’ Rate or SCR. has employees, in this case probably one: you. The law makes a clear distinction between the assets of the entity called the limited company and the assets of its directors. This limits your liability as the director of the company and means that, unless you can be shown to have acted irresponsibly, should your business incur a debt, your personal assets will not be in jeopardy.

As the director of a limited company you will need to register your business at Companies House, appoint the company’s officer and shareholder(s), pay yourself a PAYE salary and/or dividends and keep general company accounts. The company will need to pay corporation tax on its profits each year, and both you and the company will need to pay Class 1 National Insurance contributions on your PAYE salary if it exceeds the lower earnings limit which currently in 2008–9, is £6,035. If the company also provides you, its director, with benefits in kind – such as a company car – the company will also need to pay Class 1A National Insurance contributions on the value of the benefits in kind. You will need to file a personal tax return each year, and the company will also need to file a corporation tax return each year.

The benefit of running your business as a limited company is that corporation tax is currently at a flat rate of 21% for 2008–9, provided that your company profits do not exceed £300,000 per year. This rate of corporation tax is called the Small Companies’ Rate or SCR.

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