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Limited Companies

The Basics Of Limited Companies

Limited companies represent arguably the most profitable type of self-employment. Although in some cases setting up as a sole trader is best for some individuals, having a limited company will often give you more tax efficiency while enabling you to maximise the amount of pay you take home. Furthermore, it also gives your business even more authority and credibility within its target market.

The majority of small companies in the UK will be set up as private limited companies (LTDs) however all businesses are different. Some business owners feel that their company would be stronger as a PLC (Public Limited Company). Whichever you choose, you can be confident that the primary benefit of setting up as a limited company is that it will give you even more financial protection as you will not be liable personally for any potential losses made by your company.

Limited company owners only have financial responsibility for the money that they have personally invested in the business and, therefore, this makes setting up as a limited company the ideal solution for entity who are keen to make their business larger or more professional.

The Benefits Of Hiring A Limited Company Accountant

Many limited companies decide to hire an accountant to help them with the initial process of setting up their business and also to oversee all of the company’s accounting and tax affairs on an ongoing basis. Although it may appear to be an additional expense that you could do without, in fact it can help to save you time, effort and money in the long run as your accountant will work on your behalf, freeing you up to focus on making your limited company a success.

Setting Up Your Limited Company

One of the greatest benefits of hiring an accountant for your limited company is that they can navigate the setting up procedure on your behalf.

Once you’ve determine that this is the direction you wish to take, your accountant can get your business up and running in only a few hours, handling all Companies House registration matters for you and ensuring that all of the essential paperwork has been properly completed.

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What Can Accountants For Limited Companies Do?

An accountant can offer many beneficial services to those who run limited companies. These include:

Initial setting up of the limited company at Companies House
Establishing and running your payroll system
Preparing VAT returns for your company on a quarterly basis
All bookkeeping requirements.
Handling all of the initial company tax registration forms including those for VAT and Corporation Tax while also registering the company as an employer for payroll
Completion of all payroll-related HMRC forms
Completion of Company and Personal Tax Returns
Provision of tenancy or mortgage references
Dealing with all ongoing correspondence with HMRC
Submitting the annual Confirmation Statement
Setting up a bank account for your limited company

Benefiting from working with an Accountant

As you can see, having a limited companies accountancy specialist on board can be indispensable for the success of your business and thanks to their in-depth knowledge and expertise in the finance industry they will be able to steer your company on the path to profitability.

If you’re ready to find out more about how hiring an accountant for your limited company could benefit you, contact our team today. As specialists in the field of small business accountancy, we are your number one choice for all your financial and accountancy needs. We’re looking forward to hearing from you and working with you to ensure your limited company is a great success.

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01603 627963

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