Glossary

AA01 – Companies House form to change the year end date of the company.

AD01 – Companies House form to change the registered office of the company.

AP01 – Companies House form to appoint a new Director.

AP03 – Companies House form to appoint a new Company Secretary.

TM01 – Companies House form to remove a Director.

TM02 – Companies House form to remove the Company Secretary.

CH01 – Companies House form to change any details of a serving Director.

CH03 – Companies House form to change any details of a serving Company Secretary.

AR01 – Companies House Annual Return.

64-8 – Form to authorise HMRC to provide company details to your accountant.

DS01 – Companies House form to strike the company off the register.

SH01 – Companies House form to issue additional shares in the company.

CT41G – New Company Enquiry form is issued automatically by HMRC to newly registered companies and cannot be downloaded. Companies House tells HMRC when any limited company is formed and registered with them. HMRC uses the information to set up a record and allocate your company’s Unique Taxpayer Reference (UTR).The CT41G form includes your Company UTR number (not the same as your Personal UTR number). You will need it to contact HMRC. It also tells you what you need to do if your company has become ‘active’ and suggests other tax implications your company may need to consider. Penalties may be charged for late submission.

CT600 – Company’s Corporation Tax Return submitted annually.

P11D – Annual statement of expenses and benefits provided to directors and employees

P11D(b) – Annual company declaration of the overall amount of Class 1A National Insurance contributions (NICs) due on all the expenses and benefits provided and that P11d’s have been filed.

P45 – Leaving statement of payments and tax deducted from an employee’s salary so far in the tax year (6 April to 5 April). A P45 has 4 parts (Part 1, Part 1A, Part 2 and Part 3). The employer sends Part 1 to HMRC and gives the employee the other parts. They employee keeps Part 1A for their own records. They give Part 2 and 3 to their new employer (or to Jobcentre Plus if they are not working).

P60 – Annual statement for each employee provided to the employee by the employer showing a summary of their pay and the tax that has been deducted from it in the tax year. Employers should provide a Form P60 to employees to keep as a record at the end of every tax year (which runs from 6 April to 5 April the next year). Employees are entitled to this by law if they are still working for the employer at 5 April.

VAT1 – VAT Registration application form.

VAT7 – VAT Deregistration Form.

VAT100 – Quarterly VAT Return.

VAT101 – VAT EC Sales List – for reporting sales to EU Customers.

VAT600 – VAT Flat Rate application form.

SA1 – HMRC form to register for self-assessment.

SA100 – Self Assessment Tax Return.

Accounting reference date – every company has an accounting reference date which is the company’s financial year end date. For all new companies, the legislation sets the first accounting reference date as the first anniversary of the last day in the month in which the company was incorporated. The subsequent accounting reference dates will automatically be on the same date each year. For example, if the company were incorporated on 6th April 2008 its first accounting reference date would be 30 April 2009 and 30 April for every year thereafter. For the definition of a period of months in connection with filing accounts. A period of months after a given date ends on the corresponding date in the appropriate month. For example, a private company with an accounting reference date of 4 April has until midnight on 4 January of the following year to deliver its accounts, not 31 January. This does not apply if your accounting reference date is the last day of the month. In this case, the period allowed for filing accounts would end with the last day of the appropriate month. For example, a private company with an accounting reference date of 30 April has until midnight on 31st January of the following year to deliver its accounts, not 30 January.

AWD or AWR – Agency Workers Directive/Regulations – European directive which seeks to protect temporary workers by ensuring they have the same working conditions and pay as their comparable permanent employee.

Bookkeeping – keeping record of the financial affairs of the company by recording the business transactions e.g. recording invoices, business expenses and income receipts etc.

Certificate of Incorporation – the legal certificate relating to the formation of a company which shows the company’s legal name, date of registration and registration number.

Companies House – the UK registrar of companies. All UK companies are formed and registered  with Companies House and must file specific details as required by the Companies Act.

Companies Act – is the Act which forms the primary source of UK company law.

Director – The person who is in charge of running the company and who has certain fiduciary duties towards the company.

Fiduciary duties – the relationship of trust which places a duty on company director to act within the best interests of the company and to meet the highest standards of good faith and honesty when doing so.  This means directors must: act within the powers of the company; promote the success of the company; exercise independent judgment; avoid conflicts of interest; not accept benefits from third parties; declare any interest in proposed transactions or arrangements with the company; exercise reasonable care, skill and diligence.

Financial year – the financial year is usually a 12 month period for which you must prepare annual financial statements. Every company must prepare annual accounts that report on the performance and activities of the company during the financial year. This starts on the day after the previous financial year ended or, in the case of a new company, on the day of incorporation.

RTI – Real Time Information is an HMRC directive designed to improve and streamline the flow of payroll, National Insurance and tax information between employers and HMRC by requiring information to be submitted electronically before each payday.

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