Limited Company
This is a separate entity registered at Companies House.
What is it?
Companies House is an official Government body that keeps the register of all limited companies. They require two reports each year - a confirmation statement which confirms the company ownership and contact details - and a set of accounts which reports the financial activity and status of the company.
When you set up a company, the company is a separate legal entity, you cannot just draw out funds as you wish because there is money in the bank, it needs to go through a registered payroll or recorded officially as dividends.
The company accounts are submitted to Companies House but also to HMRC for Corporation Tax. Limited company accounts and tax have no effect on your personal tax return, only the money you take as salary or dividends (also benefits and pensions) are recorded on your personal tax return.
The company year end can be any month of the year, it usually depends when you set the company up but can be moved if needed subject to certain restrictions.
The company pays Corporation Tax to HMRC in line with the company year end (within 9 months of the year end) this is separate to when you would pay your personal tax, unless your company year end just happens to coincide.
What You Need to Do
As the company is a separate legal entity, it needs its own bank account.
If you want to take money out of the company, then you should consider running a payroll and this needs to be reported to HMRC through an official process. Drawing money out as you need it, is not taking a salary, it is taking a loan from the company and has other tax consequences.
The company has separate deadlines to your own personal tax, if you are taking income from a company as a Director then you will need to register for self assessment and manage your own personal tax separately.