The amount of red tape and admin tasks involved in running even a small limited company these days is staggering.
For example, each company must:
- Submit an annual return to Companies House on the anniversary of its formation which confirms the names and addresses of the directors and shareholders, the number of shares held by each shareholder and the SIC code of the business along with a payment of £13 to cover filing fees. Directors face fines (and even imprisonment!) if these are not filed on a timely basis
- Inform Companies House of any new directors, departed directors, change in director details using the correct form
- Report any new shares that have been issued
- Ensure general meetings etc are held and minuted correctly
- Submit accounts in the correct format to Companies House within 9 months of the year end (there are fines if accounts are filed late)