A Limited Company has various legal responsibilities, which attract hefty fines for getting it wrong. It can often be daunting for business owners to keep on top of the companies tax and accounting requirements.
We will take care of your limited company tax and accounting duties, giving you more time to focus on growing your business - for as little as £65 (plus VAT) a month.
What is a Limited Company?
Put simply, a limited company is a legal structure for a business in which the liability of each shareholder is limited to their individual investment – this is known as limited liability. Limited Liability means that should your business take a turn for the worst your home and personal possessions are protected.
A Limited Company is usually the most tax efficient way to run your business.
There are three types of Limited Companies. The most common in the UK is Private & limited by shares (LTD).
Limited Company tax responsibilities
As a limited company director, you have a duty to file all the required returns to both companies house and HMRC. Responsibilities of Limited Company Directors:
File annual confirmation statement
Prepare and submit annual accounts
Submit CT600 form
Pay Corporation Tax on any Company Profit
Submit quarterly VAT returns (if you have voluntary registered or your turnover breaks the compulsory registation threshold)
File a Self Assessment for Directors
Pay Income Tax and National Insurance on Income received from your business