Limited Company Jargon Buster

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company formationNot sure what a limited company term means? Take a look at our handy jargon buster.

Accounting Reference Date: The period that annual accounts must cover up to.

Annual Accounts: A report delivered to Companies House that details financial information about a company.

Annual Returns: A report delivered to Companies House that comprises of up to date information about appointments, addresses and shares.

Companies House: The UK registrar of companies.

Company Dissolution: The process of closing a limited company.

Corporation Tax: A tax on the taxable profits of a limited company payable to HMRC.

Director: The person (can also be another company) responsible for the running of the limited company.

Dormant Company Accounts: A version of annual accounts specifically for dormant companies.

Dormant Company: A company that has made no significant transactions (payment of shares does not count).

HMRC (Her Majesty’s Revenue & Customs): Government department responsible for collecting taxes.

Made Up To Date: The date that annual returns must be correct up to.

Registered Office: The official address for the company, however the company does not need to be based at the address. It must be in the UK.

Return Of Allotment of Shares: The document for adding new shares into a company.

Sail (Single Alternative Inspection Location) Address: The location where company registers and records are kept if not stored at the registered office. This is an optional address.

Secretary: Now an optional appointment, the secretary was normally responsible for administrative tasks.

Service Address: The official address for company appointments, the appointments do not need to be based at this address. This can be anywhere in the world.

Share Capital: The total value of the shares in the company.

Shareholder: The person (can also be another company) who owns the company.

Share: A divided up unit of the value of the company that is allocated to a shareholder.

SIC (Standard Industrial Classification) Code: 5 digit (formerly 4) code used in annual returns for classifying a business’s industry.

WebFiling Authentication Code: 6 character long code supplied by Companies House that allows a company to carry out online filing.

This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service

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