Initial Advice for A New Client

For all :

• ☞What type of business structure you may need?
• ☞Do any special rules affect the business e.g. IR35, Sec 660a or Construction Industry Scheme (CIS) rules?
• ☞Are you subject to Inheritance Tax or Capital Gains Tax?
• ☞Do you need credit monitoring?
• ☞Do you need our simple easy to use Simple Kosar Book Keeping Software?
• ☞Do you need a more complex software?

Limited Companies

• ✔  Once Companies House forms have been submitted the Director should take a copy of the Certificate of Incorporation, Articles of Association and the Memorandum of Association to a bank of their own choice and open a limited company bank account. The first deposit in the account should be for shares issued fully or partly.
• ✔  Zero One Consultants can deal with all the formalities from setting up a Limited Company to register your Pay as You Earn (PAYE), Value Added Tax (VAT) or if there is any other taxes involved. It is necessary to appoint at least one Director and one Shareholder (this can be the same person), issue shares, and inform HM Revenue and Customs (HMRC) about the Accounting Period you choose to operate.
• ✔  We offer continues review and/or bookkeeping for your books of accounts but based on your Service Level Agreement (SLA) we may quarterly review your books of accounts.
• ✔  Zero One Consultants will assess the need to be appointed to complete your Trusted Management Services which may range from changing your company address to removing and appointing directors, secretaries and to complete your yearend company house compliance procedures.
• ✔  The Limited Company is a legal entity; the Directors will be employed by the Limited Company. All monies received belong to the Limited Company as the services or products sold. Profits must be extracted in a tax-efficient way. This is usually achieved by paying the Directors a relatively low salary and paying excess profits out as dividends to the shareholders. Zero One Consultants will give specific advice regarding salary and dividend levels. This is more complex when directors wish to withdraw interim dividends. See our Dividends sections.
• ✔  Zero One Consultants will show you how to run or administer your Pay As You Earn (PAYE), deducting your Income Tax and National Insurance Contributions (NIC) and depositing to relevant HM Revenue and Customs (HMRC) accounts.
• ✔  Directors Salary will be paid over weekly, monthly or annual basis along with other staff members wages and salaries.
• ✔  Zero One Consultants will advise you, how to complete the Pay As You Earn (PAYE) returns, forms (P11, P11D, P14, P35, P45 & P60) either weekly, monthly and yearly. Zero One Consultants complete and submit before the due date (weekly, monthly) and the final returns every year before 19th May to avoid penalty charges on your behalf. We will also advise you what you must provide Zero One Consultants as the relevant information to process your payroll system.
• ✔  Zero One Consultants will advise you in case if your business engages or work with self-employed subcontractors or freelance workers. In this case, the contracts for services should be completed and provided. Similarly, if your business engages in construction industry business, then Construction Industry Scheme (CIS) rules must also be followed.
• ✔  Zero One Consultants will demonstrate and advise you how to maintain proper records. Zero One Consultants may also advise you the different ways of record keeping which are suitable for HM Revenue and Customs (HMRC) if they ever need to see some. Depending on the size, nature and complexity of business these could be a simple list of income and expenses accounts or a fully computerized system.
• ✔  Depending on your Service Level Agreement (SLA) you may get free credit monitoring and advisory services.
• ✔  We may run a credit check on the director/s, if we do will let you know about the credit check.

The First Year End

Action	Deadline
File first accounts with Companies House	21 months after the date you registered with Companies House
File annual accounts with Companies House	9 months after your company’s financial year ends
Pay Corporation Tax or tell HMRC that your limited company doesn’t owe any	9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
File a Company Tax Return	12 months after your accounting period for Corporation Tax ends

®  Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.

• ✔  National Insurance Contributions (NIC) paid on the Directors salary will be a small amount which will qualify the Director for a basic state pension.
• ✔  Consider taking out a private pension policy to supplement this.
• ✔  It will also be necessary to prepare personal tax returns for the directors on the 5th of April each year. They should, therefore, keep details of other taxable income such as interest on savings and dividend income and forward information with the records of the Limited Company.
• ✔  If the Director pays any personal money into the company bank account, this should be shown separately on the bank statement and clearly marked (also give details of where this money has come from). This will be treated as a loan to the company and can be repaid at any time without further taxation liabilities

Self-Employed

• ✔  If you decide to operate as self-employed, then we may be able to help you for the self-employment registration and setting up your Pay as You Earn (PAYE) and Value Added Tax (VAT) if you need. Most of the times as self-employed are only operating at a very small scale and they may not need to register for the Value Added Tax (VAT), and they may only register for Pay As You Earn (PAYE). However, this is not necessary, and Zero One Consultants will determine this and advise you for the correct requirements after a detailed assessment.
• ✔  We will support you by meeting you every quarter if you need for general advice about your business turnover, profit and expenses.
• ✔  Zero One Consultants will show you how to run or administer your Pay As You Earn (PAYE), deducting your Income Tax and National Insurance Contributions (NIC) and depositing to relevant HM Revenue and Customs (HMRC) accounts.
• ✔  Zero One Consultants will advise you, how to complete the Pay As You Earn (PAYE) returns, forms (P11, P11D, P14, P35, P45 & P60) weekly, monthly and yearly. Completed and submitted before the due date (weekly, monthly) and the final returns every year before 19th May to avoid penalty charges on your behalf. We will also advise you what you must provide Zero One Consultants as the relevant information to process your payroll system.
• ✔  Zero One Consultants will advise you if your business engages or work with self-employed subcontractors or freelance workers then the contracts for services should be completed and provided. Similarly, if your business engages in construction industry business, then Construction Industry Scheme (CIS) rules must also be followed.
• ✔  Zero One Consultants will demonstrate and advise you how to maintain proper records. Zero One Consultants may also advise you the different ways of record keeping which are suitable for HM Revenue and Customs (HMRC) if they ever need to see some. Depending on the size, nature and complexity of business these could be a simple list of income and expenses accounts or a fully computerized system.
• ✔  We can check your credit score periodically, depending on your Service Level Agreement (SLA) it may or may not cost you.