Ltd_company

Your responsibilities

Limited companies are businesses with a separate legal entity to that of its shareholders, owner and management. Even if you are the only shareholder, owner and manager, the business – now company – is separate from you.
Crucially, this means a distinction between your personal assets and those of the company. This is where the concept of ‘limited’ comes in. Your liability for the debt of the company is limited by its new legal status as an individual financial entity. Lots of sole traders, business partnerships and freelancers find this a very appealing prospect.
It means that whatever is earned by the company belongs to the company. Shareholders and directors can’t just take money out of the company bank account.

As a limited company you have to initially register with Companies House and file an annual Confirmation Statement alongside your accounts with them.
You also start to pay Corporation Tax, which means keeping accurate records and filing a Corporation Tax return with HMRC every year. Each individual director is also required to file a self assessment tax return with HMRC to pay their individual income tax and National Insurance Contributions.
You need at least 1 director for your board of directors and 1 shareholder to form a limited company. This can be 1 person – you! Each role comes with a specific set of responsibilities, which are clearly detailed by HMRC here. But they start with the basics of your name and registered UK business address that will then be on the public register.

Why choose us to produce your accounts?

We'll complete comprehensive financial accounts for your business.

Accurate financial reporting

Completing accounts is a complex task, so we’re here to simplify the process for you! The accurate figures we produce will enable you to make insightful business decisions.

Profitability recommendations

After completing your accounts, we will analyse them and provide recommendations to help your business operate in the profitable way possible.

Reduce the chance of penalties

Our automated email reminders will keep you out of the cross hairs of HMRC, by helping to ensure you never miss the deadline for submitting your accounts and any tax returns.

Ready to switch accountant?

We know change can be stressful, but moving from one accountancy firm to another doesn’t have to be.

We will not tire you

As your new accountant we’ll take care of the entire changeover from your previous accountant or bookkeeper. We will start by contacting them to request all the information we need to correspond with HMRC and act on your behalf. Being a ltd company doesn’t mean you’re alone!.

What is a Ltd Company?