Limited Company Accounting
Whether you’re looking to set up a new limited company or switch accountants, we have the tools and expertise to assist. Our account managers will help you build and manage your own bespoke service to ensure that you have the right services for your business needs.
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- Personal account manager who handles everything
- All inclusive services from start to finish
- Guaranteed we’ll never miss a deadline
- We take away the pain off dealing with HMRC
Focus on your business. And we’ll focus on the numbers.
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Dot the i’s, cross the t’s and we’ll take care of the rest.
Frequently asked questions
What is a private limited company?
A private limited company is an individual legal entity which is separate from that of its officers. A limited company has its own assets and liabilities, profits and losses. Any liabilities are limited to the Company. In other words, the officers are protected from financial liability should the company encounter any difficulties. This differs from those of a sole trader or partnership, where the assets and liabilities of the business belong to the individuals.
If your unsure about whether a limited company is the right structure for you get in touch so our account managers can guide you through the different options available to you.
What are the advantages of trading as a limited company?
Perhaps the most attractive benefit of trading as a limited company is the aspect of limited liability. Essentially this protects the personal assets of the officers should the company run into financial difficulties.
Many of the costs and administrative requirements associated with running a limited company are now not much more than those of a sole trader or partnership. Limited companies also instil added confidence in suppliers and creditors; many large organisations will only conduct business with limited companies.
Finally tax rates can be lower than other structures. Speak to one of our account managers to learn about what structure could be best for you.
What needs to be filed and when?
Your Company Tax Return (CT600) contains how much Corporation Tax your company must pay HMRC. The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline. There’s also a separate deadline to pay your Corporation Tax bill which is usually 9 months and one day after the end of the accounting period.
Your Annual Accounts (aka Statutory Accounts) typically contains your Income Statement, Balance Sheet, and Footnotes such as information on transactions between your company and its directors. The annual accounts usually need to be submitted to Companies House 9 months and one day after the end of the accounting period.
We understand this can be confusing so speak to one of our rockstars to ensure you never miss a deadline.
Do you need an accountant to submit limited company accounts?
There is no legal requirement to have your accounts prepared by an accountant unless your Limited Company is large enough to require an audit. This equates to a turnover of more than £10.2m, more than 50 employees and a balance sheet with more than £5.1m of net assets.
But, working with us at Clear the decks Accounting will make your life much easier. We’ll submit your financial year end in faster, freeing you up to concentrate on your business.
What is a private limited company?
A private limited company is an individual legal entity which is separate from that of its officers. A limited company has its own assets and liabilities, profits and losses. Any liabilities are limited to the Company. In other words, the officers are protected from financial liability should the company encounter any difficulties. This differs from those of a sole trader or partnership, where the assets and liabilities of the business belong to the individuals.
If your unsure about whether a limited company is the right structure for you get in touch so our account managers can guide you through the different options available to you.
What are the advantages of trading as a limited company?
Perhaps the most attractive benefit of trading as a limited company is the aspect of limited liability. Essentially this protects the personal assets of the officers should the company run into financial difficulties.
Many of the costs and administrative requirements associated with running a limited company are now not much more than those of a sole trader or partnership. Limited companies also instil added confidence in suppliers and creditors; many large organisations will only conduct business with limited companies.
Finally tax rates can be lower than other structures. Speak to one of our account managers to learn about what structure could be best for you.
What needs to be filed and when?
Your Company Tax Return (CT600) contains how much Corporation Tax your company must pay HMRC. The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline. There’s also a separate deadline to pay your Corporation Tax bill which is usually 9 months and one day after the end of the accounting period.
Your Annual Accounts (aka Statutory Accounts) typically contains your Income Statement, Balance Sheet, and Footnotes such as information on transactions between your company and its directors. The annual accounts usually need to be submitted to Companies House 9 months and one day after the end of the accounting period.
We understand this can be confusing so speak to one of our rockstars to ensure you never miss a deadline.
Do you need an accountant to submit limited company accounts?
There is no legal requirement to have your accounts prepared by an accountant unless your Limited Company is large enough to require an audit. This equates to a turnover of more than £10.2m, more than 50 employees and a balance sheet with more than £5.1m of net assets.
But, working with us at Clear the decks Accounting will make your life much easier. We’ll submit your financial year end in faster, freeing you up to concentrate on your business.
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