Client Accounting Services

The simplest form of business run by one individual. The business has no separate legal identity to the individual. This means any business or personal debt is secured by either the assets of the individual or business.
An individual is required to complete a Self-Assessment Tax Return by 31 January following the prior 5th April tax year end date.

This is an extension of a sole trader whereby two or more individuals run a business together. It is good practice to have a Partnership Agreement in place setting out the rights, responsibilities and obligations of the partners as an action by one may bind the other. Partnership shares can be modified annually to give greater flexibility on sharing profits.
Each individual has to complete a Self-Assessment Tax Return and additionally a Partnership Tax Return is also required by 31 January.

A Limited Partnership has been in existence since 1907.  It is  hybrid between a Partnership and the more commonly known Limited Liability Partnership.

An LP does need to register with Companies House and place the LP after its name, but has less compliance than the LLP structure.

An LP is good for partnerships that are growing and also for succession planning as the main partner(s) have greater control over the Partnership, but avoid the HMRC tax issue LLPs attract.

The feature of this type of Partnership is that at least 1 partner must have unlimited liability (so an insurance policy is vital) and the Limited Partners and limited in their liability – typically £10.

Each individual has to complete a Self-Assessment Tax Return and additionally a Partnership Tax Return is also required by 31 January.

A hybrid of a Limited Co. & Partnership, which is commonly used by professional firms seeking limited liability such as accountants, solicitors and planners.

The Limited Liability Partnership Act has been in existence since 2000.

These limit the liability of the all Partners providing them with extra peace of mind than an Limited Partnership, but still with the flexibility of profit sharing that a Limited Company does not allow.

An LLP must file accounts with Companies House within nine months after the year end and also update it appropriately for other changes. It must also complete a Partnership Tax Return for HM Revenue & Customs.

Has its own separate legal identity and is responsible for its own debts, although personal guarantees from the owners may also be required.
A company must submit Confirmation Statements annually, Annual Accounts for Companies House within nine months after the year end and send a Corporation Tax Return to HMRC within one year after the financial year end. Corporation Tax must be settled by nine months and one day after the year end.

• Company name check availability can be found here
• The Company information registry can be found here
• Company stationery information can be found here
• SIC Codes can be found here

To become a charity they must be registered via the Charities Commission and abide by the regulatory requirements. A charity can be either incorporated or unincorporated and a lot of useful information can be found on the Charities Commission website.

These are a hybrid between a Limited company and a charity. It allows the shareholders to benefit from some of the profits generated (currently 35%) and the return on each share cannot be more than 5% above Bank of England base rate.  It also safeguards the assets along with the majority of the profit (65%) for the benefit of the community that the company has been set up to help.

The CIC website for more detailed information is here.

This is a company set up for the benefit of its members. A common reason is to set up a company for the management of a block of flats in a building. Each individual will contribute funds to the company which will then pay for the various expenses incurred in the upkeep and management of the building.

Like a Limited company, a Public Limited Company (PLC) has its own separate legal identity and is responsible for its own debts. As a PLC there are additional regulatory requirements such as the requirement to have a minimum of two Directors and having the financial statements audited.

Annual Accounts for Companies House must be delivered within six months after the year end. As PLCs are generally larger companies they may breach the thresholds and have to pay Corporation Tax in instalments.

We have supported several foreign businesses from USA, Germany, Canada and Switzerland looking to set up and operate within the UK.  We can help you decide whether this is through a Subsidiary or a Branch.

We can assist with your UK compliance issues and advise you of any UK specific laws you may not be aware of.  We also have strong relationships with UK banks, legal firms and financial advisers that can ensure your business is a success over in the United Kingdom.

Rawlinson Pryde Limited are also Registered Auditors and Chartered Tax Advisers.