Accountants for Limited Companies

How We Help with Key Financial Obligations

Our accountancy team manages several crucial financial responsibilities for your limited company, including calculating your corporation tax liability. We handle tax calculations, ensure timely submissions, and maintain compliance with HMRC and Companies House requirements.

Managing Corporation Tax

Corporation Tax represents a significant financial obligation for your limited company. We calculate your tax liability accurately to ensure you pay corporation tax exactly what you owe—no more, no less.

Our team keeps track of filing deadlines to avoid late submission penalties. Your Corporation Tax Return must be submitted within 12 months after your company’s financial year ends.

We identify allowable business expenses and capital allowances to minimise your tax liability legally. This includes reviewing potential R&D tax credits or other relief programmes your business might qualify for.

Before finalising your return, we conduct thorough reviews to ensure all calculations are correct and supported by proper documentation. This reduces the risk of HMRC enquiries.

Navigating VAT Registration and Returns

We determine if your company needs to register for VAT based on your turnover threshold (currently £90,000). If registration is required, we handle the entire process with HMRC.

Our team prepares and submits your quarterly VAT returns, ensuring they’re accurate and timely. We can implement digital solutions that comply with Making Tax Digital requirements.

We help you choose the most appropriate VAT scheme for your business:

• Standard VAT scheme
• Flat Rate scheme
• Cash Accounting scheme
• Annual Accounting scheme

We reconcile your VAT accounts regularly to identify any discrepancies and maintain proper records for HMRC inspections. This proactive approach helps avoid unexpected VAT bills.

Overseeing Annual Accounts Submission

We prepare comprehensive annual accounts that comply with UK accounting standards, ensuring your company’s accounts provide a clear picture of your financial health.

Your company’s accounts must be filed with Companies House within 9 months of your financial year-end. We ensure these deadlines are met to avoid penalties that can range from £150 to £1,500 depending on the delay.

We also handle your Confirmation Statement (previously Annual Return), which must be submitted yearly to Companies House. This document confirms your company details remain accurate.

Before submission, we review all financial statements with you, explaining key figures and ratios in straightforward terms. This helps you understand your business performance and make informed decisions for the future.

Our Tax Efficiency and Compliance Expertise

We help limited companies navigate the complex UK tax landscape to ensure you meet all obligations, including the submission of corporation tax returns, while minimising your tax burden. Our team stays current with HMRC regulations to identify legitimate tax-saving opportunities for your business.

Strategies for Tax Efficiency

Limited companies can benefit from numerous tax-efficient strategies that sole traders cannot access. We help you structure your salary and dividends in the most advantageous way to reduce your overall tax liability. This often involves taking a smaller salary up to the National Insurance threshold and supplementing with dividends.

We identify allowable business expenses that many directors overlook. These might include:

• Home office allowances
• Pension contributions
• Electric vehicle schemes
• Research and development tax credits

Our team reviews your company structure regularly to ensure it remains optimal for your circumstances. We also advise on timing of purchases and investments to maximise capital allowances and tax relief opportunities.

Understanding Self Assessment and PAYE

As a limited company director, you have responsibilities under both PAYE and Self Assessment systems. We ensure your PAYE arrangements comply with HMRC requirements whilst being set up in the most tax-efficient manner possible.

Your annual Self Assessment tax return must include all income sources, not just your company earnings. We help you:

• Track and report dividend payments correctly
• Identify applicable tax reliefs and allowances
• Submit accurate returns well before HMRC deadlines
• Manage tax payment schedules to optimise cash flow

We also provide guidance on HMRC’s Making Tax Digital initiative and how it affects your reporting obligations. Our team handles communication with HMRC on your behalf, resolving queries promptly and professionally to prevent potential penalties or investigations.

Payroll and Expense Management

Managing payroll and expenses efficiently is crucial for limited companies to maintain compliance and maximise tax efficiency. Having a dedicated accountant ensures proper systems are in place, saving time and reducing errors while ensuring you meet all HMRC requirements.

Streamlining Payroll Processes

Setting up a structured payroll system is essential for limited companies with employees. You need to register as an employer with HMRC before your first payday. This enables you to obtain your PAYE reference number and employer PAYE reference.

Most accountancy services include payroll management in their packages, handling everything from calculating tax and National Insurance to submitting Real Time Information (RTI) to HMRC. This saves you from navigating complex payroll legislation.

For directors who take a salary, proper payroll processing ensures you benefit from the optimal tax-efficient salary level. Your accountant can advise on the most advantageous split between salary and dividends.

Consider these key payroll elements:

• Monthly or weekly processing
• Automated tax calculations
• Employee payslips
• P60s and P45s
• Pension contributions

Leveraging Accounting Software

Cloud-based accounting software has revolutionised expense and payroll management for limited companies. Solutions like Xero, QuickBooks, and FreeAgent connect directly with your bank accounts and streamline expense categorisation.

Most modern platforms offer:

• Receipt scanning via mobile apps
• Automatic bank transaction imports
• Payroll processing integration
• Real-time financial reporting
• VAT calculation and submission

Your accountant can recommend the best software for your specific needs and business size. Many accountancy packages include software access as part of their monthly fee.

Using digital tools allows you to collaborate with your accountant in real-time. They can review transactions, flag potential issues, and provide guidance without needing to visit your office.

The Making Tax Digital initiative makes digital record-keeping increasingly important for tax compliance. Getting comfortable with accounting software now prepares your business for future HMRC requirements.

Get expert support for your limited company. Let us take care of the numbers so you can focus on growing your business. Talk to us today.