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What is an LLC - Limited Liability Company

by Benny Gala DNS Accountants

A limited liability company, also known as an LLC, is a corporate structure that combines traits of both of the partnership and the corporation, whereby the members of the company cannot be held personally liable for the company's debts or liabilities.To start an LLC, you need to register with Companies House (CH). Companies’ house is a regulatory body in the UK to maintain registers of all limited liability company. You can register for tax identification number behalf of your LLC and open a business bank account for doing the business. The keyadvantage to creating a Limited Liability Company is its flexibility.

Types of Limited Liability Companies in the UK:

·         Private Limited Company (limited by shares)

·         Private Limited Company (limited by guarantee)

·         Private Unlimited Company

·         Public Limited Company

Limited company expenses

There are so many expenditure you can incur, while running a limited company, however which expenses can you legitimately claim against your company's tax bill? Do you need help with claiming limited company expenses and knowing what you can claim as a limited company director? Here is a quick guide explaining all and some of the expenses you can claim against corporation tax:

·         Salaries of all company employees

·         Health insurance

·         Professional memberships

·         Executive pension contributions (via an approved scheme).

·         Stationery and printing costs

·         Business magazines and books

·         Employers’ national insurance contributions (NICs)

·         Bank account charges

·         Travel and parking costs, mileage allowance ( if using own vehicle)

·         Training course fees as long as the skills are relevant to the business

·         Computer equipment and software

 

You can explore the HMRC website for A to Z expenses. However you can ask from your accountants in Oxford for more detailed about other factors such as VAT, PAYE, dividend and etc.

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About Benny Gala Senior   DNS Accountants

156 connections, 4 recommendations, 648 honor points.
Joined APSense since, June 30th, 2017, From Harrow, United Kingdom.

Created on Sep 19th 2020 06:37. Viewed 91 times.

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