Thanks Big Mizzle - totally agree. Let us know if you think there are anything else you think company directors may be unaware of - so we can try to cover them in a future video!

It's great to read we've been able to clear up any misunderstandings you may have had about your filing requirements Rob - we did feel this hasn't been addressed elsewhere, so we felt it was important we made a video clearing this up for people.

Pleased you found our delivery to be of a high standard, Annalise.

Thanks Priscila - pleased we were able to squeeze in a lot of answers of use to you!

Thanks Rakhee - glad we were able to condense the information into small chunks to help you!

Agreed Sam - it is important companies are are not wasting a penny in these difficult times.

Thank you for your kind words, Next Mat. If there are any other topics you would like us to cover, please let us know!

Thanks Paul - glad you are enjoying our Whiteboard Thursday series.

You're very welcome! We appreciate your feedback, have you seen the rest of our channel?

Thanks Deano - glad you found this video helpful.

Good to see you are happy with Nicholas' sartorial elegance, James.

Thanks Angus. Glad you are finding our new channel useful - watch this space for this Thursday's new video.

Pleased we were able to untangle this confusing topic for you, John.

Glad you enjoyed it

Thanks for your kind praise, Anjali!

Thank you for your kind words, Douglas!

Glad you found this video helpful, Tommaso.

Thanks John, glad you found it useful.

Thanks Peter - Nicholas does try to be easy on the eye.... at times...

@@1stformations I wouldn't go as far as easy on the eye, but certainly a sharp look!

Thanks Kathleen, keep your eyes peeled for the bow tie's re-emergence soon!

Thank you for your kind words, Polina.

We're glad you are enjoying our Whiteboard Thursday series, Graeme!

Thanks for your Question Lydia! The employee pays tax via PAYE, which HMRC works out by it being inputted into the Self Assessment. Any additional tax owed after filing a self assessment will not be tax previously paid by PAYE, therefore you will not be taxed twice. Does this help you?

Hi, thanks for the question. The general rule is that the directors must ensure that any changes to a company’s capital structure are reported to Companies House. Failure to do so usually leads to them being liable, often to a fine - for example, if there has been a re-designation (or “re-classification”) of shares, and the company has not notified the Registrar of this change, they may be fined. In instances where the directors have discovered they have not updated the capital structure at Companies House, they should endeavour to do so as quickly as possible. We hope that helps.

It is not mandatory to take a salary for a director; however, ordinarily directors would be paid monthly and not in one lump sum, which could be seen as suspicious by HMRC. Do you want to take money out of the company in large chunks?

@@1stformations thank you for the response, I have created a ltd to start a business in amazon. So I dont want to pay any salary, at least until the business is stable. Basically I am not worried about it as its not my main job. Then maybe later if the business goes well I can setup a fix salary for each month..

Thanks for your reply, Hassan. We would recommend checking out this blog article on how to pay yourself from a limited company in the most tax-efficient manner: www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-company/ Do you have any questions after reading this?

Thanks for your question, Bob. Yes, if your company has not yet started trading, you must still inform HMRC that your company is dormant. Do you know how to do this?