Starting up:
Public disclosures
Anyone dealing with a business will want to be sure that they know who they are dealing with, and for this reason there are rules on displaying business details that apply to all businesses. Each company must be registered at Companies House, and this information is available to the public. The register includes information about the company or LLP itself, its members or directors, and the company or LLP is responsible for keeping this information up to date. Some changes need to be notified as they happen (such as the appointment and resignation of directors and the change of registered address) and others can be notified on the annual return (such as changes in shareholder).
Where a business has limited liability, those with a financial interest in the business, such as creditors, will want to know whether the business is financially sound. Consequently, companies and LLPs must prepare accounts in a prescribed format and in accordance with various standards and generally accepted accounting practice (GAAP), and if the company or LLP is large enough the accounts will need to be audited. All companies must file accounts at Companies House, but smaller companies and LLPs only need to file abbreviated accounts.
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Where next?
Within Your business structure...Within Starting up ...
- Developing your business idea
- Setting up
- Accounting systems
- Payroll and PAYE
- National Insurance contributions
- VAT
- Income tax
- Corporation tax
- Contact us about this issue
- Read about how we can help you & your family
- Request a meeting with us
