Limited Companies
A Limited Company is a "separate person" in law. So it is not the same as being a trader or in a partnership under
self-assessment.
A Limited Company must file its Accounts with
Companies House - which means that the Accounts beome a public document - anyone can get a copy.
It is called "Limited" because the liability of the company owners - the shareholders - will only be their paid up value of their shares if the company gets in financial difficulties. The main exceptions to this are if the shareholders have acted illegally or have been negigent.
Identity Theft
You may have heard of Companies being stolen. This is where someone illegally changes the names of the directors and shareholdes which are registered with
Companies House. They are then in a position to divert the assets of the company.
Companies House say that there are 50 to 100 cases every month.
Companies House have provided means of reducing this risk - but you should continue to be watchful - because by their own admission it is not water tight.
Firstly, register with WebFiling to file many of your documents
online - but note you can still file by paper forms if you wish
Secondly, sign up for 'PROOF' - whereby you "Opt In" to only file online. However - here's where it is insecure - if someone files paper forms with an "Opt Out" from - then they will be accepted !!
Thirdly, sign up for 'Monitoring' - for £5 per month - so that you will receive an email everytime changes are registered
Recommendation: Keep your security and authentication codes very safe.