A limited company is an organisation that is responsible, in its own right, for everything it does and, its finances are separate to your personal finances.

You must register the company with Companies House and let HM Revenue and Customs (HMRC) know when the company starts business activities. All significant changes (like shareholdings or Directors) are released into the public area through Companies House.

You may have other responsibilities depending on what your business does. Are you going to set up Franchise?

You must start ‘traditional’ accounting for a Limited Company and prepare annual reports. Annual reports are released into the public area through Companies House.

Knowing and recording the allowable expenses for tax purposes can save you a lot of money. This lesson covers the most common allowable and non-allowable expenses.

Woah – this sound complicated. Well its maybe but ‘capital allowances’ are an important aspect of your business finances. Capital expenditure is the money you spend on items you would expect to last several years and they are referred to as assets – because they have a resale value.

Entrepreneurs’ Relief means you’ll pay tax at 10% on all gains on qualifying assets.

In managing your company you need to be aware of and compliant with the relevant aspects of Health and Safety.

This section contains practical help on things like ‘How do manage my time?’, and ‘where you can get software to help your business?’

This lesson covers some tips from experienced businessmen and the banks to help you in your business.

The Insolvency Act 1986 sets out the conditions of wrongful trading – where a company continues to trade when it cannot repay its debts when due.

This is a short 20 questions quiz which seeks to test what you’ve learnt. The correct answers are provided at the end of the quiz and you can have multiple attempts if you want to.

Last lesson, let’s look at what’s next in your journey.