Important Updates about Limited Companies
If you operate your business with a limited company, then you are legally required to comply with certain requirements, and with effect from 4th March 2024, additional obligations are being introduced. These obligations are being introduced by virtue of the Economic Crime and Corporate Transparency Act 2023, and there are likely to be further changes introduced in the future.
Therefore, we thought we would take this opportunity to remind you of the basics as well as update you on the upcoming changes next month.
Existing Requirements
Signs
You must display a sign showing your company name at your registered company address and wherever your business operates. If you are running your business from home, you do not need to display a sign there.
Stationery and promotional material
You must include your company’s name on all company documents, publicity, and letters.
On business letters, order forms and websites, you must show:
- the company’s registered number;
- Its registered office address;
- where the company is registered (England and Wales, Scotland, or Northern Ireland);
- the fact that it is a limited company (usually by spelling out the company’s full name, including ‘Limited’ or ‘Ltd’);
- If you want to include directors’ names, you must list all of them.
- If you want to show your company’s share capital (how much the shares were worth when you issued them), you must say how much is ‘paid up’ (owned by shareholders).
Invoices
There are also specific requirements for information that must be included on company invoices. Your invoices must include the following:
- a unique identification number;
- Your company name, address, and contact information.
- If your company is a limited company, you must include the full company name as it appears on the certificate of incorporation.
- If you decide to put the names of your directors on your invoices, you must include the names of all directors.
- the customer’s name and address;
- a clear description of what you are charging for;
- the date the goods or service were provided (supply date);
- the date of the invoice;
- the amount(s) being charged;
- VAT amount if applicable; and
- the total amount owed.
Thank You.
