A limited company has to pay corporation tax and submit a corporate tax return along with the statutory financial statements to HMRC.

Waiting until the end of your financial year to see how your business has performed is often too late. With management accounts, whether monthly or quarterly, you can keep track of how your business is doing to help you make important decisions and investments as well as making tax efficient planning choices.

The VAT registration threshold is £85,000. This means that if you have sales income of £85,000 or more within a 12 month period you need to be a VAT registered business.

If you run your own business as a sole trader, you don’t need to submit any information to Companies House, but you are required to keep business records and calculate your profit.