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Business Taxation - Limited Companies
Operating as a Limited Company is often seen as
the way to make your businesses credible. The compliance requirements
are relatively complex compared to a sole trader, and there are
restrictions about what you can do with the money you earn. Our
emphasis is on ensuring you comply with the numerous regulations
that exist, and assisting you to plan your activities to take advantage
on the tax planning opportunities that arise within a limited company.
We offer service for the smaller owner managed business up to the Audit threshold,
which is currently £6.4 million of turnover.
-Key Services
-Basis of Assessment
-Early Advice
 Key
Services
We offer a complete service including:
Incorporation issues
 "Get
you started" service for new Limited Companies.
Limited
Company Accounts.
Corporation
Tax Returns.
Directors
Payroll.
Profits
Distribution policy.
VAT
Returns.
Help
with planning and correcting your record keeping.
As well as these core services, our principle
can advise you on more commercial aspects of running your business,
such as cash flow planning, credit control and investment appraisal.
Starting fees for a small Limited Company begin
at £699+VAT for a small trading company. See our fees for
details.
A typical new client would perhaps come to use for advice on what form their business should take. If a limited company is appropriate we would then assist with the company formation, registering for VAT, directors PAYE and crucially equipping the new director with the knowledge of who to keep good accounting records and how to think about taking money our of the company in a controlled manner to minimise taxation. Ongoing we would generally assist with the quarterly VAT returns, annual directors PAYE and prepare the final accounts promptly to give early knowledge of the amount of corporation tax due to assist cash flow planning. We would also make ourselves available for questions and queries during the year, normally all included within our fixed fees.
We can of course do less or more depending on your specific needs. If you have a small Limited Company, please feel
free to get in contact, and have a free
consultation about your needs.
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Basis
of Assessment
The Limited Company is a separate legal entity
to the owners, and is taxed in its own right. Any money taken out
of the Company should be done so carefully and with advice to avoid
penalty.
Your first year end is by default 12 months from
the end of the month in which your incorporate. This may be varied.
Tax is calculated within the Company based on
the incomes earned less applicable business expenses. Expenses
may include salaries paid to director's, but do not include dividend
payments.
Companies are required to both file accounts with
Companies House and a separate tax return (the CT600) with the
HM Revenue & Customs.
Filing and payment of taxes are due 9 months from
the end of your company year end, with interim tax assessments
not required unless your Company profits exceed £1.5 million
per annum.
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Early
Advice
Although many people only seek advice toward the
end of their first financial year, if you have a new Limited Company
we strongly advise that you make contact at the outset. Time and
time again we see that new clients taken on toward or after their
year end have missed many opportunities to save tax, and have often
inadvertently incurred penalties by withdrawing too much money
from their business. The result is higher fees and more tax in
the long term.
To combat this issue we offer our "get you started" package specifically aimed at
the start up phase with a new Limited Company to help you avoid the common problem
areas. Due to the considerable benefits for both our clients and ourselves we now offer this option at half our normal charge out rates to make sure you get off to a good start with your company.
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