Our all-inclusive Limited Service
We offer end-to-end accountancy service, backed by our reputation for reliability, top class advice and innovative technology. We help you from the formation of a company to managing its’ day-to-day affairs.
Why is a Limited Company necessary?
All UK limited companies must be registered at Companies House whose main purpose is to maintain the records of registered companies and make this information available to the public. They also hold some discretionary powers on behalf of the Secretary of State, particularly with regard to the naming of companies. You can find more information on their website.
Shareholders own a limited company but its run by its directors. If you have your own limited company you are both a director and a shareholder.
Its own articles of association govern your company. These are the internal rules by which the company will be managed. Every company must have articles by law and all members of the company must adhere to these rules.
It is a legal entity in its own right with its own legal rights and obligations. That means any profits and losses belong to the company; so the business itself can continue regardless of the death, resignation or bankruptcy of the shareholders or directors.
A limited company is so called as it offers limited liability. This means the company (as its own legal entity) is liable for its debts. The shareholders and directors are not personally liable. Their liability is limited to paying to the company what they have agreed to pay for their shares. This is very different for example, to a Sole Trader, who is held personally responsible for any debts in the business. In the case of a sole trader, any outstanding debts must be met from personal assets.
Once you register your limited company at Companies House you take on a degree of responsibility. If you are still considering the best way to run your business, Consultax Chartered Accountants will guide you through the decision-making process to ensure you make the correct choice which will structure your financial affairs in the most efficient way.
Running your own limited company can sometimes appear daunting, but it’s also an exciting challenge and investment in your future. You should be careful to choose an accountancy partner who can help through each of the stages, from setting up your business to helping with the ongoing administration
The information we provide here focuses on key elements of running a Private Limited Company.
Being the director of a limited company carries considerable responsibility. These responsibilities cover submitting an Annual Return, Changes to the Companies Act 2006, employment status in the form of IR35, payroll legislation and changes known as RTI which you will encounter.
Claiming Business Expenses
Claiming your business expenses is a fundamental part of running your company. They are one of the main elements to be offset again your company income in the form of Direct Expenses, and personal income as Reimbursed Expenses.
Your company faces an obligation to comply with HMRC rules regarding a range of tax regimes. With most small to medium businesses, your business will deal with Corporation Tax Capital Allowances, National Insurance (NIC) and Pay As You Earn (PAYE), Value Added Tax (VAT) and the Flat Rate for VAT Scheme. We also address issues that have implications for your company’s tax position; Directors Fees and the Construction Industry Scheme (CIS). At Consultax Chartered Accountants we will always be on your side with this ever burdening tax regime to ensure you don’t fall foul of non-compliance.
There are many issues around personal taxes. Key is understanding how the income you earn personally is taxed through Self-Assessment, how Dividends from your company work and what other tax and tax relief elements can affect your tax situation. We will structure your personal tax affairs in the most efficient way to ensure you make the most of the tax reliefs that are available.
Concerned by paying too much tax? Why don’t you get in touch with us and we can walk you through tax savings which you and your business may be eligible for.
Consultax Chartered Accountants Limited believes that our business partners can contribute significantly to your success. Why don’t you judge it for yourself and the difference we can bring to your business?
Still have a question?
If you require further information on any of these topics, please feel free to call one of our specialist advisors on: 020 7537 2565 or leave a message