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Bookkeeping |
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 £ 150.00 | | |
 Bookkeeping & Accounting: We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts.
You can choose as many of our services as you need. Here's what we offer:
Accounting
Debtor chasing and management
Supplier reconciliations and payments
Processing cheques paid and amounts received
Monthly bank reconciliations
Full annual accounts preparation and submission as necessary
Annual returns for limited companies
Filing accounts with Companies House
We are charging a £150.00 fee for Bookkeeping & Accounting (40 invoices per month)
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Payroll |
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| £ 80.00 | | |
Payroll: Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business.
We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
Customised payslips
Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue
Summaries and analyses of staff costs
Administration of pension schemes
Payroll reporting individually designed to suit the business needs
Preparation and submission of all year end reports
We are charging a £80.00 fee for Payroll preparation (5 Employees)
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VAT Preparation |
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| £ 70.00 | | |
VAT: Value added tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT.
We provide an efficient cost effective VAT service, which includes:
Assistance with VAT registration
Advice on VAT planning and administration
Use of the most appropriate scheme
VAT control and reconciliation
Help with completing VAT returns
Planning to minimise future problems with Customs and Excise
Negotiating with Customs and Excise in disputes and representing you at VAT tribunals
SFiling accounts with Companies House
We are charging a £70.00 fee for VAT Preparation (1-20 invoices per month)
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(click here for other packages)
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| 1. Limited company subscribers may be residents outside the UK.
2. You must appoint a minimum of 1 Director.
3. Directors can be corporate bodies or private individuals.
4. A Director can be of any nationality.
5. All English and Scottish companies must appoint a company Secretary.
6. A Secretary can be of any nationality.
7. If there is only ONE Director he or she CANNOT also be the Secretary.
8. There is no maximum and no minimum share capital.
9. There is no minimum share capital, no paid-in capital requirement.
10. The company is required to have a registered office in the United Kingdom. |  +44 (0) 207.935.5171
+44 (0) 800.081.1510
 info@coddan.co.uk
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- DEAR VISITORS, If you want to become familiar with the description and the contents of company formation packages, offered by our company and to find above, what kind of service is included in this or that formation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the company incorporation within foreign countries, please, select the package you need from the list, situated below the banner. The information in the banner will be renewed according to the package you've chosen.
Please note » The prices payable for the items that you order are clearly set out in the web site. There will be no contract of any kind between you and us unless and until we receive payment from you. We act as your agent in the incorporation of companies and electronic filing of Companies House forms. We are not able to guarantee that any such filing will be acceptable to Companies House, nor are there any contractual obligation upon us to do so. If Companies House rejects incorporation or other electronic filing, we will credit your account with a full refund and the contract between us will be made void. Companies House does not offer a cancellation facility for the incorporation of companies or the electronic filing of documents. We will be unable to cancel any such submission on your behalf and will not refund any payment you have made. All prices shown at Coddan Web Site (www.coddan.co.uk) are in Great British pounds. You can convert our prices to your preferred currency with the calculator above.
Live Help » Live Help is a real time "chat" feature which enables you to interact with a customer service representative without a phone call. Get answers to your questions while using our website. Clicking the "Live Help" button will start an on-line session with one of our representatives. Live Help is currently available during normal business hours. Outside of the above opening hours our business center will be closed. When you click on the button you will see an e-mail form that will allow you to send us a mail with your questions. Live Help is absolutely free! There are no hidden fees. We offer the service as a courtesy to our website visitors.
 Important Note
Our corporate, tax and securities lawyers have extensive experience in the issues involved in all type of business entities, including corporations, private limited companies, public companies, limited liability companies, limited partnerships, general partnerships, limited liability partnerships and professional associations. Our lawyers advise clients in the choice of entity to utilize for any given business venture. Such advice includes the tax advantages of the respective entities as well as the non-tax or business issues involved in each type of entity. Our lawyers continue their representation of such entities on an ongoing basis and advise the entity and its owners regarding the business issues which arise from time to time (such as labor and employment issues, tax issues, negotiating contracts, securities issues and licensing and regulatory matters).
Our lawyers also represent many entities which are involved in negotiating mergers with other entities or acquisitions of other entities. This representation includes advising the business and the owners on the purchase or sale of a business and on tax-free mergers or other reorganizations of business entities, as well as structuring divisions of an existing entity into two or more new entities. We structure a variety of commercial lending transactions including corporate loans, real estate development loans, asset based loans, agri-business loans, floor plans and home builder lines of credit. Members of our firm advise financial institution clients and their corporate counsel on a daily basis with respect to general lending issues including those relating to UK and Cyprus documentary stamp and intangible taxes, bankruptcy and creditors' rights, environmental concerns and problem loans. We have extensive experience in complex loan workouts.
The firm's Trusts and Estates attorneys specialize in estate and trust administration matters and the development of estate tax planning strategies designed to help our clients achieve maximum savings in income, estate, gift and generation skipping taxes. Our Trusts and Estates attorneys handle the traditional aspects of personal estate planning, such as the preparation of revocable trusts, wills and irrevocable trusts, and also deal with all aspects of tax controversies with the Internal Revenue Service dealing with estate, gift and generation skipping tax, including filing estate and gift tax returns, representing our clients in audits of those returns, and appeals to the IR and courts of proposed tax deficiencies.
Our attorneys monitor the latest developments in both tax and non-tax laws affecting estates and trusts and lecture extensively on those subjects around the country to numerous professional groups and organizations. The firm's Trust and Estate attorneys are proficient in analyzing and implementing the latest techniques to reduce estate and gift taxes, including, for example, family limited partnerships, GRATS and charitable remainder and lead trusts. The firm's Trusts and Estates attorneys also advise our clients on the income, gift and estate tax consequences of charitable gifts; handle the negotiation and preparation of marital agreements; provide asset protection planning for individuals; and have extensive experience in the establishment of private and publicly supported charitable organizations, international estate planning and estate and trust litigation, as well as post-mortem tax planning. We recognize that a client's estate planning needs and matters that arise in the course of estate planning and administration frequently require expertise in other areas of the law, and we work closely with the firm's attorneys in other practice areas, including litigation, real estate, corporate and tax, to provide our clients with thorough legal advice.
- United Kingdom Inland Revenue - Summary
Whether you're thinking seriously about starting your own business, or you're already up and running, it's worth taking a bit of time to make sure you've done everything you need to do. Were you unemployed before you started up in business? If you are registered with a Job centre (or in Northern Ireland the Training and Employment Agency), you'll need to let them know when you start working for yourself. Are you employed or self-employed? If you're working for yourself, you're probably self-employed. If you do more than one job, it's worth remembering that you can be employed in one job and self-employed in another. Special rules may apply if your work is arranged through an agency, or through a service company. In these situations you will normally have to pay tax and National Insurance contributions as if you are an employee. If you're self-employed, have you registered with the Inland Revenue? If you have not registered within three months, starting from the last day of the month in which you began self-employment, you could be liable for a penalty of £42.00. You must register by 30 April 2002 if you started in self-employment in January 2002 or earlier. Have you thought about income tax and National Insurance contributions? When you are self-employed, you're responsible for paying your own tax and National Insurance contributions. Keeping full and accurate records from the start will make it easier to work these out. Broadly speaking, after your first year in business, the tax you have to pay will be based on your profits for the previous tax year. A tax year runs from 6 April to 5 April. But you must start paying Class 2 National Insurance contributions as soon as you become self-employed. These are payable in addition to any Class 4 National Insurance contributions which may be charged on your profits. What happens if I don't register as self-employed? To avoid the £42.00 penalty imposed, you must register as self-employed within three months of starting a new business. By law you must pay your contributions and the debt could be enforced through the courts if you fail to pay what's due. If you don't pay, you may also lose your entitlement to certain benefits.
- What Is A Company?
As well as covering registered companies, the word 'company' is also used in this section to include:
Members' clubs, societies and associations. Trade associations. Housing associations. Groups of individuals carrying on a business but not as a partnership (for example, co-operatives). If you are just starting up in business, it is unlikely you will be trading through a limited company so you probably won't have to think about corporation tax, but you should check whether it will apply to your business. For instance, a business run as a co-operative (not a partnership) is taxed as a company. If this applies to you, you should ask an accountant for advice. Corporation tax is charged on the profits made by companies. Unless you run your business as a company, you will not be liable to pay it. To run your business as a company, you need to issue shares and appoint directors. There are a number of legal requirements. For example, if your business is a company you must keep records for at least SIX years from the end of the tax year they relate to. You should always seek legal advice if you're thinking about setting up and running a company.
- What Does My Company Need To Do?
If your company or organisation has any taxable income or profits, you must tell Inland Revenue that your company exists and that it is liable to tax. You have to do this within 12 months of the end of your accounting period. If you do not, your company may be liable to a penalty. Companies House tells Inland Revenue when a new limited company is formed, but it is still YOUR responsibility to tell Inland Revenue that the company exists and that it is liable to tax. Companies House will not tell Inland Revenue (IR) about all the organisations that IR treats as companies and who pay corporation tax. In both cases, you must make sure that IR knows about your organisation within the 12- month period. You can do this by contacting your local Inland Revenue Office.
When you or Companies House tells Inland Revenue your company exists, they creates a computer record and send a form CT41G to your company address. When you send it back, IR uses the information from the form to complete the computer record. If your company is a limited company and you do not receive this form after your company is registered at Companies House, you should contact your local Inland Revenue Office to tell them that your company exists.
You should also tell Inland Revenue as soon as possible if your company’s details change. Changes you need to tell Inland Revenue about include: your company's address. Its accounting date. If you do not, your company may pay more tax than is due. Your company must also: keep and retain records. Work out and pay its tax without IR asking your company to pay. Send its Company Tax Return to IR within a set period. You must make sure that the company correctly operates Pay As You Earn (PAYE)and National Insurance contributions (NICs) on any payments to employees. You must also tell IR about any benefits the company gives to its employees. It is important to NOTE that employees include directors.
- What Records Does My Company Need To Keep?
All taxpayers, including companies or organisations IR treats as companies, must keep records. Your company has to keep "sufficient" records to enable it to make a correct and complete Company Tax Return. "Sufficient" records include:
Details of all receipts and expenses incurred in the course of your company's activities and of what they relate to. Details of all sales and purchases made in the course of the trade, if your company has a trade that involves dealing in goods. All other supporting documents. The precise records your company needs to keep will depend on the type and size of its business, but they must be adequate to enable your company to send in a correct Company Tax Return. It is up to you to make sure that that they are adequate.
If your company was set up under the Companies Acts then those rules oblige you to keep and preserve certain accounting records. Most companies that meet those obligations will not need to keep any extra records for tax purposes, but there are some important exceptions detailed in the next paragraph. If your company and a related individual or organisation outside the United Kingdom has an arrangement to provide goods, services or loans etc., between the two parties, then your company must make sure that the value and terms are the same as would apply in an "arm's length" arrangement. (i. e. between two unconnected persons acting entirely independently). To be able to show this, your company will need to keep records beyond those required by the Companies Acts. If you believe your company falls within this category, you must discuss it with your company’s accountant or professional advisor.
The Companies Acts require private limited companies to keep their records for three years and public companies for six years. For tax purposes, any organisation IR treats as a company must keep its records for at least six years from the end of the accounting period. Your company may need to keep records longer than this six- year period if:
It makes its return late. It sends in a return more than six years after the end of the accounting period. A return is under enquiry more than six years after the end of the accounting period. The records relate to a later period (like a loan agreement giving rise to interest claimed as a deduction for a number of years). Your company will not need to keep the original records if all the information they contain is kept in an acceptable alternative form. Acceptable alternatives include optical imaging systems and other systems which capture all the information needed to show that your company has made a complete and correct Company Tax Return and can provide that information in a legible way. However, your company must always keep the original vouchers for tax deducted or for tax credits. If your company does not keep records, IR can charge a penalty of up to £3,000. However, IR will only consider issuing penalties in more serious cases, for example, where records have been destroyed deliberately to obstruct an enquiry into the company’s tax affairs, or if the company has a history of serious failure to keep records.
- Why Do I Have To Keep Records?
The law says that everyone who pays tax must keep the records they need to fill in a tax return. If you don't keep records, how can you show what you've earned and what you've spent? By law, you must keep all your records for at least five years from the latest date for sending back your tax return, but it's up to you to decide how you keep them. Your Tax Office may decide to look into your tax return or claim. If they do, they may want to look at your records. It will save you time if you can show that the records you have kept are full and accurate. It can also save you money - you can be fined up to £3,000 for each year that you fail to keep proper records.
- When Is Corporation Tax Chargeable?
If your company is resident in the United Kingdom, it is generally chargeable to corporation tax on its total profits. If it is a club or charity, different rules may apply. Your company's total profits are found by adding together the profits from all its activities, including any capital gains. The starting point for working this out will be your company's accounts, but there are some special rules it must follow for tax purposes. Companies make a self- assessment and pay tax for an accounting period. Corporation tax is different from the charge on individuals, and also on companies that are not resident in the UK and who do not trade in the United Kingdom. Individuals and these types of company pay tax for the year that runs from 6 April one year to 5 April the next. Your company may also have to pay tax in two other cases. The first applies if your company has any Controlled Foreign Companies. The second applies to certain companies who have made loans to participators. In either of these cases, your company should consult its accountant or professional adviser.
- What Is An Accounting Period?
An accounting period is normally the period for which your company's accounts are drawn up, but the two periods do not have to coincide. An accounting period can never be longer than 12 months. Every company within the charge to corporation tax has accounting periods, whether or not it draws up accounts. Your company is responsible for deciding what are its accounting periods.
- Accounting Periods
An accounting period starts: when your company first becomes chargeable to corporation tax, or when the previous accounting period ends. And ends when the earliest of the following takes place:
The company reaches its accounting date. It is 12 months since the start of the accounting period. The company starts or stops trading. The company is no longer within the charge to corporation tax (for example, it winds up its business and sells all income - producing assets, or if a non- resident company stops trading in the United Kingdom). The company goes into liquidation, in which case its accounting periods will then run for 12- month periods until winding- up is completed. The company starts or stops being resident in the United Kingdom.
- When And How Does My Company Pay Corporation Tax?
Your company must assess its own liability to tax and pay the tax that is due. It must pay this tax no later than nine months and one day after the end of the accounting period (the normal due date). IR will not send your company an assessment, or work out the tax it must pay. "Large" companies must pay most of their tax earlier than this date, by Quarterly Instalment Payments (QIPs).
- What Should My Company Include In Its Company Tax Return?
If Inland Revenue sends your company a Notice to deliver, it has to fill in a Company Tax Return (CT600). This must contain the company's self- assessment, and details of any trade and other losses, like capital losses. Under the earlier rules of Corporation Tax Pay and File, Inland Revenue formally agreed losses but IR doesn't do this under Corporation Tax Self Assessment. Any negative amounts that are shown in your company's return become final when the self- assessment becomes final. Your company must also enclose:
The accounts that it has to draw up under United Kingdom Company Law. The accounts that it has to prepare if it is not a limited company. Computations, showing how the figures in the return have been arrived at from the figures in the accounts. Other documents required under company law, like directors' and auditors' reports. Supplementary pages that your company has to complete.
A person authorised by the company must sign every return. That person must state that the return is, to the best of their knowledge, correct and complete. IR expects the company to take all reasonable steps to file a complete return by the filing date without using estimates. However, IR recognises that there will, from time to time, be circumstances when the company cannot do this, although it has done its best to do so. In these circumstances, the company must make its best estimate of the figure, tell Inland Revenue why and how it has been estimated, and say when it will supply the final figure. Where the company takes all such reasonable steps, IR will not regard returns delivered in this way as incomplete.
If you subsequently become aware that an estimated figure in the company's return is no longer the "best estimate", or you can replace it with an accurate figure, you must tell Inland Revenue without unreasonable delay. If you do not do so, your company could become liable to a penalty. If you supply estimated figures which prove not to be "best estimates", this does not make the return incomplete. However, your company could become liable to a penalty for making an incorrect return. All companies have to complete the main return, (Form CT600). There are also the following supplementary pages that companies use to return additional information:
Loans to participators by close companies (CT600A). Controlled foreign companies (CT600B). Group and consortium relief (CT600C). Insurance (CT600D). Charity (CT600E).
- Can My Company Amend Its Company Tax Return After It Has Sent It In?
Your company can amend its return, including the self- assessment, at any time within 12 months of the statutory filing date. Inland Revenue does not extend this time limit, so if your company sends in its return more than 12 months after the statutory filing date, you cannot amend it. If IR amends such a late return, your company has three months in which to appeal.
- How Does My Company Make Claims And Elections?
Wherever possible, your company must make claims by including them in its Company Tax Return, or by amending its return, and giving effect to them in its self- assessment. If your company does this, it can usually amend, or withdraw, the claim or election by amending the return within the time allowed. Claims may, for example, be for capital allowances or group relief. Elections may include things like the payment of interest between group companies without having to deduct income tax, rebasing for capital gains, matching or local currency elections for foreign exchange calculations. If your company's claim was not made in a return, or amendment to a return, it can amend the claim within 12 months of making it.
- What Happens After My Company Sends In Its Company Tax Return?
Inland Revenue will acknowledge your company's Company Tax Return when IR get it and transfer the information on the return to their computer system. Your company’s self- assessment is final unless: it amends it within the time allowed. Inland Revenue corrects any obvious errors or omissions. Inland Revenue enquires into it. An amendment is needed because of an enquiry into another return for another period. Inland Revenue makes an assessment under 'discovery' provisions. Inland Revenue may correct your company's return at any time up to nine months from the day your company delivered it. If your company amends its return, IR has another nine months in which to correct the amendment. Inland Revenue may correct any obvious errors, omissions, or errors of principle, but Inland Revenue does not make any judgement on the accuracy of the figures in the return. Your company cannot appeal against our correction. If it disagrees, your company can amend the return so as to reject Inland Revenue corrections. Your company must do this in writing within the normal time limits that it has for amendments.
- What Will Happen If My Company Sends In Its Return Late?
If your company does not send Inland revenue a properly completed tax return, IR can make a determination of the tax payable by the company. Your company cannot appeal against this type of determination. The only way it can change the determination is to send in the appropriate Company Tax Return or fully complete an incomplete return already sent in.
- Will My Company Be Charged Penalties?
If Inland Revenue does not send your company a Notice to deliver, it must still tell them if it is liable to tax. Your company has to do this within 12 months from the end of its accounting period. If your company does not tell IR, it can be charged a tax- related penalty. The maximum penalty is equal to the amount of tax which your company owes for the accounting period but is unpaid 12 months after the end of that accounting period. If Inland Revenue sends your company a Notice to deliver but it does not send in the Company Tax Return by the filing date, it may become liable to a penalty. The amount of the penalty depends on how late your company sends in the return, and on the previous filing record. Inland revenue can also charge a tax- related penalty if your company fraudulently or negligently:
Delivers an incorrect return. Makes an incorrect return, statement or declaration in connection with a claim for an allowance, deduction or relief in respect of tax. Inland Revenue enquires into it. An amendment is needed because of an enquiry into another return for another period. Inland Revenue makes an assessment under 'discovery' provisions. Inland Revenue can also charge a tax- related penalty if your company finds out that it has sent in a return that is incorrect but then fails to put this right without unreasonable delay. In all such cases the maximum penalty IR can charge is the same as the amount of tax understated.
- When Does The Inland Revenue Conduct Enquiries Into Company Tax Returns?
Inland Revenue wants all companies to pay the right amount of tax and will do all IR reasonably can to help companies meet their obligations. Inland Revenue also wants companies to feel confident that other taxpayers are paying the right amount of tax. IR normally has 12 months from the date your company had to send in its Company Tax Return (the statutory filing date) in which to tell your company that they intend to start enquiries. IR may has longer if your company sends in its return late. IR will always has at least 12 months to enquire into any amendment that your company makes to its return. When IR enquiries are completed, they will tell your company in writing. If they find nothing wrong, they will confirm that their enquiries have finished. If they think any adjustments are needed to your company's return they will tell the company in writing.
- Controlled Foreign Companies
You may need to calculate and pay a special tax if your company has any controlled foreign companies. There are detailed rules for deciding whether or not an overseas company in which your company has an interest is a controlled foreign company and, if so, whether that company qualifies for any exemptions. This will depend on where the overseas company is resident, its business activities, turnover, how much tax it pays, and the reason why it has been set up. You should seek advice from your company's accountant or professional adviser if your company has an interest in an overseas company.
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Tax Planning
UK Inland Revenue. Basic Rules
Helpful Resources