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As mentioned, a limited company’s finances are distinct from the finances of their owner(s). What this means is that the company is liable for its own debts, not the individual owners, as is the case if you are self-employed or in a partnership. As mentioned earlier, you can form a new limited company by registering with Companies House (www.companieshouse.gov.uk) or by using a company creation agent.

As well as registering with Companies House, you also need to let HMRC know you are operating as a limited company. You can do this by completing form CT41G.

You will also need to set up and register a PAYE scheme as you are an employee of the company.

 Register PAYE scheme | www.hmrc.gov.uk/newemployers

 New employer’s helpline | 0845 60 70 143

In terms of filing requirements, you must complete a self-assessment company tax return at the end of the accounting period. The return will show the company’s taxable profits and whether any corporation tax is owed, and can be filed online at www.hmrc.gov.uk/ct. The return should also be filed with Companies House to comply with the Companies Act 2006. This can be done free of charge, using their online WebFiling: ewf.companieshouse.gov.uk

On your returns, you can claim wear-and-tear allowances (capital allowances) on any work-related equipment you buy, and also an element of your expenses for working from home. You can also claim travelling expenses, subsistence and a proportion of your phone calls.

Visit the ‘Claim Income Tax reliefs’ section on the GOV.UK website to view the tax allowances, deductions and reliefs you can claim: www.gov.uk/income-tax-reliefs

Company tax returns must be filed within 12 months of the end of your company’s corporation tax accounting period. More details on these deadlines can be found at: www.hmrc.gov.uk/ct/getting-started/deadlines.htm