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A limited liability company formation carries a number of substantial benefits to small and medium sized self employed businesses. A limited company formation effectively creates a new corporate body distinct from the owners of the business, sharehol...

Most accounting software package are used by non accountants often with little or no previous accounting knowledge. Bookkeeping is best in these circumstances reduced to making a list of sales and a list of purchases on preset excel spreadsheets. Each workbook is arranged as 12 monthly spreadsheets with preset columns and uses an entry code letter to analyse both sales and expenditure.

This whole small business accounting software for a limited liability company can be written on excel spreadsheets which means all bookkeeping transactions are visible at the click of a button. Each excel workbook being arranged in 12 monthly worksheets. Prime data entry excel spreadsheets being provided for sales, purchases, cash, bank, savings account and credit card account.

Every new employer engaging an employee must register for paye. An employee is anyone who works on a full time, part time or casual basis for the business and includes company directors. When you engage someone to work for you, you become their employer. Employers should register as soon as possible when a qualifying employee is appointed and may register up to four weeks prior to the first employees pay day.

All companies are required by law to maintain records of those company transactions in a manner that must be adequate to enable the company to produce an accurate Company Tax Return. Company tax records must be kept for a minimum of six years from the end of the accounting period and longer if the accounts are submitted late or being enquired into by the Inland Revenue.

The Articles of Association of every company must adhere to certain administrative rules in that they must be printed and divided into paragraphs numbered consecutively. When submitting the Articles of Association to Companies House during a company formation they Articles must also be signed by the same persons who have signed as subscribers to the company formation Memorandum of Association.

Capital tax allowances are allowances on fixed assets a business may claim as a deduction from net profit to arrive at the net taxable profit. If a taxi driver does not claim the correct capital tax allowances in the taxi accounts that net taxable profit and the income tax and national insurance payable will be higher than it need be. Hard cash lost to the government that they are not entitled to, your cash.

After the UK limited liability company formation documents have been submitted to Companies House to register the new company Companies House will then send notification to the new registered office that the new company has been incorporated with the Certificate of Incorporation. Following confirmation that the new company has been formed the directors need to take a number of actions to start the new company on the correct footing.

Every business functions through a range of disciplines, sales and marketing, operational skills, purchasing and management. A small business accounting software is also an essential tool to bring financial discipline to the business. No matter how skilled and well trained the business every small business needs a full range of functions to reach the highest levels of success.