Updated: Mar 16
This booklet identifies the main administrative requirements, supporting process and provides additional information about management and statutory requirements of your limited company.
From the beginning your designated personal advisor will be available to provide you with advice and assistance with tax, accounting and bookkeeping of your limited company.
You can contact us on 0203 475 5561 or email firstname.lastname@example.org. Our office is open Monday to Friday from 8am to 5pm.
KNBC is fully qualified, licensed and regulated by AAT (Members in Practice) to provide accounting and tax advice service and is fully insured by Professional Indemnity Insurance.
KNBC is registered with Information Commissioner’s Office (ICO) to comply with personal data protection regulations.
Practicing Licence Number: MAAT 1001326 Professional Indemnity Insurance Number: Hiscox 1974789 Information Commissioner’s Office (ICO) Number: ZA173287 Financial Conduct Authority (FCA) Number: 767772
1. Incorporation and Tax Registrations
The company must be incorporated with Companies House and registered for some of the following tax services with HM Revenue & Customs:
• Corporation Tax
• VAT (Standard)
• VAT (FRS)
• Euro VAT
• SA for Directors
• Other Taxes
2. Setting up your business bank account
After the incorporation of your limited company, you will be required to set up your business bank account. Most of the retail banks have limited company bank accounts on offer. The fastest way to have it arranged is to visit the bank personally. Usually you will need to provide:
• Contact details
• Business name and address, nature of business and legal status
• Start date (if applicable), anticipated turnover and funding requirements
• Date you moved into your home address
• Previous address details (if at current address for less than three years)
• Existing bank account details
• Date, country and city of birth; and country of nationality and residence
• Incorporation details (if a Limited Company)Personal name and address
Please let us know if you have any problems with opening your bank account. We can help you to set up the account online or offer alternative solutions for clients with negative or no credit history.
3. Monthly Administration
To keep your books up to date and submit your taxes to HMRC on time, please send us the following bookkeeping and accounting documents on a monthly basis:
• Business bank accounts statements and business credit card statements
• Sales invoices (if raised independently), credit notes and remittance advices
• Purchase invoices and receipts
• Mileage book for clients using private cars
• Subsistence schedule (days at work)
• Copy of all correspondence from/to HMRC and Companies House
• Business expenses (deductible expenses)
We will be sending you messages on your email address every month to remind you about the bookkeeping and accounting documents. Online expenses form can also be completed conveniently on our website at: http://www.knbc.co.uk/clients/expenses-form/
4. Liaising with your clients or agencies
We will send your details to your clients or agency and speak to them on your behalf. We will explain and clarify your limited company status and confirm your registration for VAT (if registered). The agency will normally require copy of your incorporation certificate, VAT certificate (if registered), limited company bank letter and sometimes copy of your business insurance policy. We will supply your agency with all the documents required to have your company operational as soon as possible. Please let us know your agency or client details, telephone number and contact person at the registration with KNBC.
If your company is registered for VAT, we will prepare your VAT return on a quarterly basis. It is very important for us to receive all your bookkeeping and accounting documents on time, for your VAT quarter. The VAT return will be submitted by us in the month following the end of your VAT quarter. We will send you the VAT submission report and detail VAT report on your email. The email will also specify the amount to pay and deadline for payment. The deadline for submitting the return online and paying HMRC are usually the same, 1 calendar month and 7 days after the end of an accounting period. You need to allow time for the payment to reach HMRC’s account. For the clients choosing to pay by direct debit, the payment will be debited from your bank account around 12 days after the month end. We will proactively advise clients to ensure compliance with VAT legislation and to reduce the risk of HMRC penalties that can arise if a mistake is made.
We will be creating and sending your e-payslips on monthly basis and submitting the data about the PAYE and NIC to HMRC in form of RTI. The payslips will be secured by password made from the first four letters of the employee’s last name followed by the first four characters of your National Insurance
Number. All characters must be entered in lowercase and punctuation characters are not included in the password. On the quarterly basis you will receive a P32 report, with payroll information and amount of tax and NIC to pay to HMRC and instructions for payments and reference numbers. The payment needs to be made to HMRC by the 22nd of the month following the quarter end. We will also send you a P60 on annual basis with a summary of your employment earnings and tax paid to HMRC.
7. Year end accounts, corporation tax and self assessment
All limited companies must file their accounts to Companies House. The time allowed for delivering accounts to Companies House is 9 months from the accounting reference date. All limited companies must also pay Corporation Tax on their profits within 9 months and 1 day of your company’s financial year end. Standard financial year is 12 months from when the company was formed. As a director and shareholder of your company, you will also be required to submit your self assessment tax return until 31 January following the end of the tax year in April. We will ensure that all your statutory deadlines are met and will prepare and submit all tax returns and forms for you. Our advisor will contact you near the end of your company’s year end to assess and suggest improvements to your compliance and when combined with our corporate tax advice, we will ensure that you are not paying any more tax that you absolutely need to.
We will raise and send invoices on your behalf and send them to your clients, all we require from you is to send us your time sheet/ quotation/ pro forma and we shall be happy to raise and electronically send the invoice to your clients and yourself. We are also happy to liaise and deal with invoicing queries from your clients and help in any way we can.
9. Changes of your company details
Our service includes company secretarial and we will change your company’s details with Companies House and HM Revenue & Customs. Change of details is free with HMRC and most of the secretarial changes with Companies House are also free of charge.
10. Advice and consultation
We don’t charge additional fees for advice and consultation on the phone if you are one of our regular clients. Please let us know if you need any help and advice related to your limited company and personal tax and business affairs.
11. Referral Scheme
All clients are encouraged to recommend our services to their colleagues and friends. For every recommendation, we offer a financial incentive. The incentive can be paid by cheque directly or deducted from our monthly invoice. All additional details about the referral scheme can be found on our website at www.knbc.co.uk/referral.
12. Closing your company and terminating our appointment
The company can be closed at any time if you decide to cease trading. We will require 30 days termination notice to prepare all required documents and tax returns to Companies House and HM Revenue & Customs. We will apply to Companies House to have your company dissolved and close all your tax services. The Companies House will publicize the proposal to strike off of your company to ensure that any interested parties have an opportunity to challenge the process. The company will then be removed off the companies house register and will no longer exist. The Companies House will charge £10 for closing the company.
13. Payments to KNBC
Our invoices will be raised on a monthly basis and sent to you on your email address. The fees will be collected by direct debit. Payments can also be made by card on our website, by phone or BACS depending on our individual arrangement.
14. Engagement Letters
In our electronic engagement letter, we have set out all your standard costs, charges and a list of the services that we will provide for you, as well as the legal details of our engagement. Please refer to the engagement letter for more details of our engagement.
15. Comments, queries and complaints
If you have any comments, queries or complaints about our service, then please call us and ask to speak to senior managers. You can also complete a client satisfaction form that is available on our website and request to be called by a senior manager. We are fully regulated and licensed AAT members and practice to provide tax and accounting advice services and we recognize that sometimes we may fail to meet your expectations and the standards we set for ourselves. Where this is the case, we take all possible steps to put things right. We investigate all complaints thoroughly and deal with issues promptly. However, if we have offered a resolution that you are unhappy with, or don’t respond, you can lodge a complaint through our Conduct and Compliance team at email@example.com. If a complaint relates to misconduct, or a breach of AAT regulations or guidance during the investigation, the AAT consider taking disciplinary action against the AAT member. In some cases, the AAT may be able to act as conciliator between you and the AAT member under our conciliation guidelines.
16. Other Services - mortgage advice for directors and contractors
KNBC trading as Capital Place is authorized by FCA (Financial Conduct Authority) to provide whole of market mortgage advice. KNBC provides comprehensive advice and lending arrangements for all directors and contractors interested in purchase of a property.
17. Other Services - protection advice for directors and contractors
KNBC trading as Capital Place is authorized by FCA (Financial Conduct Authority) to provide protection advice in relation with life insurance, critical illness cover and income protection. KNBC specializes in comprehensive advice and arrangement of covers for contractors and company directors.
18. Other Services – Invoice discounting, invoice finance and factoring
KNBC works with invoice finance providers and can help to arrange and implement cash flow solutions like invoice discounting, invoice finance and factoring. Invoice discounting and factoring is an alternative solution to traditional types of business finance, and provides you with instant access to cash tied up in your outstanding invoices.
19. Other services – VOSA operator license application
KNBC can assist you with application for VOSA Operators License. We can complete your application and advise you on additional license requirements, contact transport manager, arrange public notice, maintenance and operation center.