If you are a director or business owner of a UK Limited Company vehicle, then our services cover the compliance through to advanced tax planning for you.
what types of limited company?
Limited by Shares (LTD)
This is a Limited Company that is owned by shareholders (can be one or multiple). It is a separate legal entity to all shareholders and affords them ‘Limited Liability’. In the event things go wrong, shareholders are only liable to the extent of their investment in the company.
Limited by Guarantee (LBG)
Limited by Guarantee is often for social enterprises, charities and not for profit making organisations.
Limited Liability Partnership (LLP)
A Limited Liability Partnership acts like a hybrid between a conventional Limited Company and a traditional partnership. An LLP can have multiple partners, all of whom have limited liability to the extent of their investment in the LLP and are not liable for fellow partners misconduct or negligence.
more about our limited company accountancy services
As a business owner and/or director of a UK Limited Company, you have statutory responsibilities to fulfill. One of the most important obligations is to ensure your business has the accurate and timely accounting for your limited company completed. Failure to do so will result in punitive fines and penalties, and at worse director disqualification.
The list below highlights just a few director obligations:
- Prepare and submit the company annual statutory accounts and business tax (CT600) return to both Companies House and HMRC, accurately and on time.
- Company Secretarial duties
- Confirmation statement (CS01)
- Payroll (PAYE) payslips and submissions to HMRC.
- VAT Returns (if applicable) calculations and MTD submissions.
- Completing accurate and material error free bookkeeping
FAQ's on Accounting for Limited Company
Getting your UK Limited Company formed is the first step. It is relatively straightforward and quick to do. Once the company is formed, there are various registrations that need to happen. You can form your company seamlessly by contacting us.
Remember, a director is responsible for the management of the company and shareholders are owners of the company. A director can be a shareholder too and vice versa, or quite commonly in medium to large companies, shareholders and directors are different people/entities.
You do not need £000’s in capital to create and start a new UK Limited Company. In fact, you can start a company with just £1 nominal capital. If you choose to inject more funds into the start up, that is your choice. This is known as equity capital.
A company UTR (Unique Tax Reference) is obtainable from HMRC. It is similar to an individual tax payers UTR, except it relates to the legal entity of your company. A UTR is needed to make submissions and communicate with HMRC on behalf of your company.
Your new Limited Company must have a registered office address. This address cannot be a PO Box and must be a physical address in the UK. The registered office address will show on the public registrar. You can use your accountants for limited company office address.
Limited Companies in the UK are subject to UK corporation tax on their profits only. This is levied at 19% (as at the current date) and is one of the most competitive rates across the world. Corporation tax is payable 9 months after the end of the company year.