Key areas we advice on includes
Limited Company Accounts
1. Statutory Accounts
We believe in a personal, tailored approach and will work closely with you to identify the accountancy services you need. You will have a dedicated point of contact who will know your financial affairs inside out and will always be on hand to answer your questions.
We will discuss and complete and submit your statutory accounts to Companies House, HMRC. After the end of its financial year, your private limited Company must prepare statutory accounts and corporation tax return. You will have to pay penalties up to £1,500 if you do not file your accounts with Companies House by the deadline.
II. Corporation tax planning
Our main priority is of regular tax efficiency reviews to reduce your corporation tax liability and continuous assessment, whether trading as a limited company would tax efficient for your business. We will advise how to reduce the corporation tax throughout the year taking benefits from payroll, capital allowances, entertainment and calculate your corporation tax liabilities to submit the return to HMRC. In some instances, we would claim corporation tax refunds from HMRC.
III. Bookkeeping and VAT
We will assist you with bookkeeping, including VAT returns. We will advise you whether you should be VAT registered and which scheme is suitable for your Company. We will then prepare, complete and submit all your VAT returns to HMRC.
IV. Payroll
We will assist you with take advantage of payroll schemes and claim annual employment allowance of £5,000 against your national insurance liabilities.
V. Company secretarial
We manage all company secretarial services, including completing confirmation statements, taking board and AGM minutes, and submitting all filings to Companies House and HMRC.
VI. Management accounts
We will provide you with financial and performance information quarterly basis. This real-time information will ensure you are making the right financial decisions for your business.
VII. Little more things you should know about limited companies
A private limited company is the most common form of UK company incorporation for small and medium businesses due to its tax efficiency. It has separate legal entity to its directors – the Company has its own rights. The income belongs to the Company, and the directors pay income tax on dividends and salary. If directors have not drawdown salary or dividend from the Company; the income tax liability is zero subject to total income from other sources are less than £12,570 in the tax year. We will closely work with you advising how to drawdown the company profit with the most tax benefit approach. In addition to this, you will have to pay penalties up to £200 if you do not file your Company Tax Return by the deadline and you will pay up to 10% of late payment penalties on unpaid corporation tax.
VIII. Our Fees
The fees start from £90 per month for the companies with a turnover of less than £85,000.
The package includes followings:
Accounting services for statutory accounts
Corporation tax services
Company secretarial services
Payroll services
Income tax services
The fees start from £195 per month for the companies with turnover exceeds £85,000.
The package includes followings:
Accounting services for statutory accounts
Corporation tax services
Bookkeeping and VAT services
Company secretarial services
Payroll services
Income tax services