More than any other factor, a business is defined by the balance between the money coming in and the money going out over any period of time. Ideally, the scales should be tipped in favour of the former, but the reality of the business environment is often more complicated.
Limited companies and most unincorporated associations such as sports clubs and cooperatives have to pay corporation tax. This is a tax levied against the profits a company makes. It includes profits from:
- trading
- investments
- income from renting out buildings or land
Compliance for private limited companies in the UK means ensuring that the business is trading lawfully with all the many rules and regulations being adhered to. In the past, the person responsible for this role was clear-cut: every private limited company was obliged to have a company secretary.
However, in 2008 the law changed and there is now no legal requirement to have one, although some companies still choose to do so. So do you need one or not?
