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My Responsibilities |
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Your exact responsibilities will
differ depending on the roles or roles you assume: |
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The
Responsibilities of a Company Director |
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The
Responsibilities of a Company Secretary |
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Documents
that have to be sent to Companies House |
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Responsibilities of a Shareholder |
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We have a packaged service called
FreeTime that deals with all the normal issues. When you sign up with our FreeTime service, SumIT assumes the role of
your company secretary, your accountant, your payroll officer and your
credit controller. The service that we provide is specified in a
contract with you. We become a sub-contractor to your company, and you
can sack us if we do not provide you with the service as described in
the contract. Although we can do most of the work for you and assume the
Company Secretary responsibilities, YOU are still responsible to
Companies House as a Director of your company. That responsibility
cannot be delegated |
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The FreeTime Service includes the following: |
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Price :- Costs for a 1 person company £125.00 (ex VAT) per
month Bank Accounts
We have arranged for the provision of business bank accounts with
the Bank of Scotland for all the companies operating under the FreeTime
package. This enables SumIT to electronically administer the banking
transactions on behalf of your company e.g. paying your income. The
clear benefit is that banking is speedy, accurate and accessible. Please
note that provision of the accounts is subject to Contractors meeting
the Bank of Scotland's criteria; for example, it may not be possible for
previously disqualified Directors to obtain a business bank account.
Payroll Bureau
In order to pay yourself a salary your company will become an
employer which brings with it some additional administration. SumIT will
look after all the following aspects on your behalf:
Calculation of National Insurance and Tax deductions for each
employee.
Electronic (BACS) payment of salary to personal bank accounts.
Inland Revenue Pay As You Earn (PAYE) remittance.
Production and submission of employee expenses and benefits summary
(P11D).
Monthly, quarterly and annual PAYE returns to the Collector of
Taxes.
Handling Inland Revenue payroll inspections.
VAT
Apply for VAT registration (subject to relevant information provided
by you acting as a Director).
Preparation of quarterly VAT returns
Submission to Customs and Excise based on income and expenditure for
that quarter.
Remittance or reclaim of VAT.
Invoicing
Raising and sending of invoices from your company to your customer
for payment. These will be based upon data, often timesheets submitted
by you and by your contract payment terms.
Tracking payment in accordance with your contract terms and chasing
when required. This is to help ensure your customers/clients pay you on
time.
Registered Address
We provide the use of SumIT (UK) premises as the registered office.
Companies House correspondence is sent to the registered address.
Note
that it is necessary to show the registered address on all business
stationery, as this is the address to which any legal documentation will
be delivered.
Dividends
Calculation of dividend payments on the agreed periodic basis. This
is based on profits available after deduction of any salary, expenditure
and Corporation Tax.
Completion and forwarding to you of Dividend vouchers.
Company Year End Accounts
We will produce Financial Statements in the format required by
Companies House. As Director you will need to approve the Statement and
sign them. After this we will forward a signed copy to Companies House.
We will also prepare and submit the Corporation Tax Return. Any
Corporation Tax due will be remitted.
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Monthly Reporting |
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We will provide you with the following
information on a monthly basis:
Summary of income and expenditure.
Details of tasks performed in the month along with supporting
documentation
e.g. VAT Returns, pay slips etc,
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Annual Reporting |
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Each year you will receive a
CD-ROM with the following information relating to your company:
Copies of the monthly income and expenditure
summaries.
Copies of all returns made to the relevant authorities e.g.
Annual Return to Companies House, tax submissions to the Inland Revenue. Copies
of the Memorandum of Association and Articles of Association. These are the
rules governing the internal and external practices of a company.
Copies of any correspondence relating to the company. Copies of
any correspondence received from you including all Time Sheets submitted.
Company Secretarial Services SumIT (Company Secretary) Limited will act as
Company Secretary and ensure that all necessary documentation is completed and
forwarded to Companies House together with confirmation to you that each task
has been performed.
Record Keeping It is a legal requirement for many records
associated with a Limited Company to be kept, often for a minimum of 6 years.
Records kept as part of the FreeTime service include:
VAT Accounts Cash records Sales Subscriptions Contracts,
agreements and related correspondence Bank statements Directorship details Share
registrations, issues, allotments, transfers and certificates Minutes and
resolutions
If you cease using SumIT services, the records to that date will be transferred
to you. In any case, the majority of these records are encompassed as part of
your annual CD-ROM. |
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I
am convinced, Order FreeTime now!
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