What are allowable expenses for self employed in the UK?

If you’re self employed in the UK then each year you’ll have to fill out a self assessment tax return to HMRC, showing your income for the year and the income tax you are liable to pay based on that. Part of completing your self assessment is comprised of figuring out your expenses –...
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Fotis Grontas & Assosiates on September 8, 2018

What are the differences between PLCs and LTDs

What is a private company? Most companies in the UK are private limited companies (LTDs). They are legally distinct entities with their own assets, profits and liabilities; the personal finances of any shareholders are protected by limited liability (ie their liabilities are limited to the value of their shares). Shares...
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Fotis Grontas & Assosiates on November 24, 2018

Types of Companies

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Fotis Grontas & Assosiates on February 18, 2019

People with significant control (PSC): who controls your company?

who controls your company? How to identify and record the people who own or control your company. From: Companies House A PSC must meet one or more of the following conditions of control. Most PSCs are likely to be people who hold: more than 25% of shares in the company more than 25% of...
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Fotis Grontas & Assosiates on February 18, 2019

What are the differences between Public & Private Limited Companies in United Kingdom

What are the differences between PLCs and LTDs What is a private company? Most companies in the UK are private limited companies (LTDs). They are legally distinct entities with their own assets, profits and liabilities; the personal finances of any shareholders are protected by limited liability (ie their liabilities are...
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Fotis Grontas & Assosiates on February 18, 2019

Types of Private Limited Company Shares

Classes of company shares When a business allocates shares it allocates them in different classes with different rights associated with each class. Shareholders can be owners, directors, investors and employees. Different share classes allow for flexibility in types of ownership, can present different ways for businesses to encourage particular investors...
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Fotis Grontas & Assosiates on February 18, 2019

What is a limited company?

A limited company under UK law is one registered at Companies House. It must operate within the Companies Act 2006 and is governed by its own articles of association (companies registered before 1.10.2009 may have both a memorandum of association and articles of association). There are different types of limited...
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Fotis Grontas & Assosiates on February 18, 2019

Charitable Incorporated Organisation (CIO)

This new type of company became available for registration in England and Wales from 10th. December 2012. It has been available in Scotland since 1st. April 2011 Charitable Incorporated Organisations (CIOs) are a new type of charitable company, brought into being by the Charities Act 2006. Detailed regulations are in...
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Fotis Grontas & Assosiates on February 18, 2019

Limited liability

The basis of limited liability is that all debts incurred by a company are the company’s liabilities and are not directly the legal liabilities of the shareholders or of the directors of the company. The company is a separate legal person from its shareholders and the directors. The company incurs...
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Fotis Grontas & Assosiates on February 18, 2019

Limited Liability Partnerships (LLPs)

A Limited Liability Partnership is a hybrid between a partnership and a limited company formed under the Limited Liability Partnerships Act 2000, and regulations made under that Act. Many provisions of the Companies Act 2006 also apply to LLPs. Limited liability partnerships summary LLPs have been available in the UK...
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Fotis Grontas & Assosiates on February 18, 2019

Can a company be moved from one part of the United Kingdom to another?

There are separate companies registries for England and Wales, Scotland and Northern Ireland. A company registered in England and Wales must maintain a registered office in England and Wales and cannot move its registered office to Scotland or Northern Ireland. FOTIS GRONTAS & ASSOCIATES can provide a registered office in the country...
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Fotis Grontas & Assosiates on February 18, 2019

Converting a company from one type to another

Under UK law a company can be converted from one type to another by re-registration within the terms of the Act. There are procedures for re-registration from a private company to a public company and vice versa and from a private company limited by shares to an unlimited company and...
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Fotis Grontas & Assosiates on February 18, 2019

Dormant companies

A company is dormant during a period in which no significant accounting transaction occurs, that is, no transaction which is required to be entered in the company’s accounting records, and a company ceases to be dormant on the occurrence of such a transaction. Whether a company is dormant or not...
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Fotis Grontas & Assosiates on February 18, 2019

Community Interest Companies (CIC)

A Community Interest Company can be registered in England and Wales, Scotland or Northern Ireland. It is a hybrid between a charity and a profit making company. A Community Interest Company must be set up and run for the benefit of the community. A CIC can only be registered with...
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Fotis Grontas & Assosiates on February 18, 2019

Companies Limited by Guarantee

Introduction Companies limited by guarantee are widely used for charities, community projects, clubs, societies and other similar bodies. Most guarantee companies are not-for-profit companies – that is, they do not distribute their profits to their members but either retain them within the company or use them for some other purpose....
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