Limited company accounts
Limited Companies trading in the UK are required to prepare limited company accounts and submit corporation tax returns each year. It is wise to use a tax professional to prepare these as you need to comply with relevant accountancy and tax rules.
The accounts include a balance sheet and this is something that most business owners will need help with. There are also special rules to apply if you are the Director or owner and you take money out of the business. You need to know if the money is classed as salary, dividend, expenses, loan repayment, or loan advance.
Getting it wrong can be expensive so it is a good investment for you to get the right advice beforehand. Simply Additions Accounts and Corporation Tax Management service provides you with the expertise to deal with the complexities so you can be free to concentrate on developing your business. We’ll open the brown envelopes, prepare your accounts, work out your tax, talk to the taxman, and save you time and money.
Setting up a limited company
If you decide to trade through a limited company we can provide a full company formation service to ensure that its done correctly. You may be aware that it is possible to set up your own company, either directly with Companies House, or through one of the many companies on the internet and the price is normally less than £50. However, you may only get the incorporation certificate and perhaps a call from one of the major banks but you probably will not receive the rest of the documentation that you need to complete the process. You will need these other documents if you begin to trade and want to safeguard tax planning strategies such as a dividend/salary policy.
Although it is fairly easy to set up a limited company, the decision should not be taken lightly and you should take professional advice before you proceed. The law treats the limited company as a separate legal entity but directors have corporate responsibility so you need to understand pros and cons of operating through a limited company.
Invest £250 in our Company Formation Service and you will receive the following benefits:
- Advice on directors and shareholders.
- Advice on how many shares to create and who should hold them.
- Advice on the suitability of the company name you have chosen.
- Advice on your registered office address.
- Printed and email copy of Incorporation certificate.
- Share certificates.
- Accountant certificate to support your bank account application.
- Memorandum and articles of association.
- Statutory registers (as required by the Companies Act).
- Assistance to prepare your first board minutes.
- Advice on VAT registration.
- Advice on PAYE registration.
- 12 months email and telephone support to help you with your questions relating to your new company.
- Advice on how to record your income and expenditures.
- Advice on how to record transactions with directors and shareholders.
- Advice on salary and dividend policy.
- Links to our hand picked supplier database so you can get the right quality and price for services and goods you need.
- Advice on additional agreements you may need if you have more than one director or shareholder.
We can provide payroll services as an add-on to your other services so that you can have all your services in one place.
We can set up your new PAYE scheme, guide you on what information you need and how to take on your new employee, provide you with a new starter form, and help you to check that you are compliant with minimum wage regulations. We can also help you with holiday entitlement calculations and point you in the right direction to help you with employment contracts. Using a professional to run your payroll can help you to meet HMRC requirements and help you to avoid penalties.
You will need to use software to process your payroll and you will need to understand the rules for payroll processing. You will also need to understand how to deal with maternity pay, paternity pay, sick pay, P45 info, tax codes depending upon your payroll requirements. We have the expertise to look after this for you as part of your accountancy service and we can help you to file your information on time to HMRC so you can avoid penalties.
When employees start or leave your business you will need to deal with P45 forms and P46 forms. We can help you to prepare the forms, file them with HRMC and to print copies for your records and to hand to your employees.
If you stop employing people or you close down your business, you will need to de-register your PAYE scheme. We can help you through the process of preparing your final pay run, issuing P45’s, balancing your account with HRMC and closing your scheme. It must be closed properly to avoid penalties.
We can meet with HMRC, handle the visit, deal with requests for information, and handle negotiations for tax demands.
We can provide assistance with your VAT returns as part of your accountancy package with us, including:
We can advise you when you need to register for VAT and submit your applications for you. You may also want to register on a voluntary basis to operate on a similar basis to your customers or competitors. We can advise what issues may arise once your application has been submitted. Our fee includes our support service to deal with correspondence requesting additional information if your application is subject to further checks.
The most popular schemes for start-ups and small businesses are the cash basis and the flat rate scheme. There are lots of rules but the schemes can be very useful when you are just starting out, enabling you to pay less VAT or to minimise your cash outlay.
Most VAT returns are submitted on a quarterly basis. We use software to calculate the amount of VAT due in accordance with your VAT scheme. We can submit your VAT return online to HMRC, advise you how much is due and when the payment is due
If your turnover reduces to below the de-registration limit, you may decide that you no longer wish to be VAT registered. We can prepare the HMRC de-registration form and advise what to do with VAT on assets and stock.
Closing a limited company
If you have ceased trading and have settled all of your debts, we can help you to close your limited company in the correct manner and keep your reputation as a director in good order. There are certain procedures that need to be followed to ensure that any assets are dealt with correctly and that any money belonging to shareholders is released in a tax-efficient manner. It is also important to involve multiple HMRC departments in the process so that your request for closure is not delayed or refused. We can prepare the forms and letters for you to ensure it runs smoothly.
Straight honest words can only best describe Simply Additions: Knowledgeable Helpful Receptive Understanding Reliable Keen Patient Simple Additions made setting up the business accounts feel like a walk in park…Read more
Lorraine and her team are just incredible. Lorraine is an absolute wizard, and clearly takes great pleasure in helping business owners to get to grips with their accounts. She always…Read more
Lorraine and her team were instrumental in setting up and supporting my current company from its start-up in 2013 until my retirement this year. Simply Additions has also been involved…Read more