Limited Company Accounts
Accounting services for Limited Companies in UK
Certainly, everyone desires to run a successful and thriving limited company. And why one should not, having a successful company has its perks but as its rightly said with great power comes great responsibilities, being your own boss is lucrative enough for everyone to desire for it but achieving it is a different game altogether, initially you will have to struggle, juggle between different roles, from marketing to client management, Human resource to administration but most important of all is handling of finances.
One of the most tax efficient ways of trading is operating as a limited company and it has become a popular choice for most of the businesses as it significantly reduces the tax that you are required to pay. There is only so much that one can do and being able to manage all the task with complete justification to each and every task is challenging even for the brightest of the minds. Thus, selecting an accountancy service provider for your limited companies in UK becomes a very important and impactful decision. Here we come into picture, we can help you handle your finances in compliance with all the rules and regulations of the government.
Few of the service that we provide as the accountants for limited companies in the UK are:
- A dedicated accountant, tailoring to your accountancy need.
- Calculation and completion of your year-end accounts.
- Bookkeeping services
- Payroll
- Capital gain tax and corporation tax services.
- Simple and efficient Accountancy Software
- Cloud accounting etc
The Actions a limited companies must take post commencement.
- Limited company accounts (first) must be filed with Companies House.
- Annual accounts of your company must also be filed with the Companies House.
- Payment of corporation tax with HMRC or informing them that you limited company does not own any.
- Filing of a Company Tax Return.
The Deadlines a limited companies must meet post commencement.
- Post 21 months of your registration with Company house you are required to file a first account.
- After 9 months from the financial year ending of your company annual accounts is to be filed with the Companies House.
- Corporation tax is to be paid 9 months and 1 day after your accounting period ends.
- Company tax return is to be filed post 12 months after accounting period of your company ends.
What is a Limited Company and why choose us as a Limited Company Accounts service provider?
A business structure where the company has a legal identity of its own is called as a limited company, separate from its owners (shareholders) and managers (directors). A company is a separate legal entity even if it has only one individual who is the only owner / director / shareholder of the company. This legal separation means money earned by the company from sales belongs to the company and not to the individuals, thus the directors and shareholders of a limited company cannot take money out of the company as and when required for the personal motives.
Season Associate is the best choice for you as an accounting service provider to your limited companies in the UK because of the following reason:
- Incorporation of your Limited Company.
- Simple and Efficient bookkeeping Software.
- Efficient Tax reviews.
- Deadline reminders and fulfilment.
- Unlimited and quality expert’s advice and guidance.
- Filing of all returns for your limited company will be our responsibility.
- A personal touch as we provide you with a dedicated accountant specifically for your company.
Limited Companies Accounting
The Limited Companies accounting is broadly categorised into four accounts each having a different purpose and format.
Financial accounts:
To show the financial position of a business and demonstrate how it has performed over a specific period at a particular point in time is the purpose of financial accounting. Two statements that helps serve this purpose are a) the Statement of Income and Retained Earnings b) A Financial Position Statement. The financial statement shows the assets and the liabilities of the business for a particular period. Whereas a perspective on a longer time-period is provided by the Statement of Income and Retained Earnings.
The new accounting framework of year Ends accounts:
This give companies a provision of reducing their financial disclosure if they are a small company. The number of notes that is to be provided in statuary account is been reduced by the legislation. It is an obligation for you to mention the transition date in your company accounting policies, the transition day is the first day of your accounting period post the changes has taken place.
Year-end Accounts:
A formal set of accounts is to be prepared by a company once every year under the Companies Act. They must be in a specified format complying with the format given in the Companies Act, these accounts are to be submitted to the companies House and should be made available in public domain. They also act as a supportive paperwork when a tax return is filed with HMRC. They also include the financial statements both the Financial Position Statement and the Statement of Income and Retained Earnings as an additional note.
Management accounts:
These accounts are not available in public domain and are responsible for providing reports to people inside the business entity and information to employees, managers, owner-managers and auditors. Primary purpose of management account is to serve as a basis on which the business should be run. The cumulative calculations that is they’re on your invoice statement during the month, reflects upon your management accounts.
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We provide complete accounting service from head to toe for limited companies across the UK. Relief yourselves from accounting burden and focus on your business. Join hand with us and together we can take your company to new heights.
Avail all this at a very affordable and fixed price. Get instant quote from us now and take first step towards achieving your goal.
Frequently Asked Questions
There are four types of companies:-
- - Private company limited by shares.
- - Private company limited by guarantee.
- - Private unlimited company.
- - Public limited company.
Any individual can register for a limited company provided the following conditions are met
- - Should not be bankrupt
- - No court order restraining them.
- - UK government restrictions should not be on them.
The Director is responsible for the day to day chores of the company whereas a shareholder only invests its money in the company and in returns hold a percentage of share in the company.
