We offer a full service for most Private Limited Companies. This will include the following:
1) Advice on how to keep proper records (It should not normally be necessary to purchase expensive accounting software for this process). This will also include what you can and cannot claim in relation to the business.
2) Production of the Limited Company Accounts in readiness for the Corporation Tax liability calculation.
3) Registration of the Company with Companies House and ensuring that the documentation is issued.
3) Registration of The Limited Company on line with HMRC.
4) After agreement, submission of the annual accounts to HMRC.
5) Registration of Directors self assessment and Tax Returns.
One annual fee is set and agreed with you payable after completion of the work.
You will receive a letter of engagement fully detailing the work to be carried out by us which will include a fixed rate fee for the year.
The initial face to face consultation will be free of charge and is recommended in order to gauge your individual requirements and to give advice.
Letters, certifications of income, references and other types of correspondence to other business entities will be charge separately at £40. Reasonable emails requesting information or general phone enquiroies will be free of charge
The Annual Fee for a Limited Company including the Directors tax return should generally be in the region of £800 to £1000 depending on the level of transactions and other variable factors. This also assumes that there is only one Director.
Running a limited company
As a director of a limited company, the law says you must:
- try to make the company a success, using your skills, experience and judgment
- follow the company’s rules, shown in its articles of association
- make decisions for the benefit of the company, not yourself
- tell other shareholders if you might personally benefit from a transaction the company makes
- keep company records and report changes to Companies House and HM Revenue & Customs
- make sure the company’s accounts are a ‘true and fair view’ of the business’ finances
- register for Self Assessment and send a personal Self Assessment tax return every year
You can ask other people to manage some of these things day-to-day. For example, an accountant can manage your accounts for you – but you’re still legally responsible for them.
Accounting Records You Must Keep
You must keep accounting records that include:
- all money received and spent by the company
- details of assets owned by the company
- debts the company owes or is owed
- stock the company owns at the end of the financial year
- the stocktakings you used to work out the stock figure
- all goods bought and sold
- who you bought and sold them to and from (unless you run a retail business)
You must also keep any other financial records, information and calculations you need to complete your Company Tax Return.
If you don’t keep accounting records, you can be fined £3,000 by HM Revenue & Customs (HMRC) or disqualified as a company director.
How Long To Keep Records
You must normally keep records for at least 6 years from the end of the last company financial year they relate to.
You may need to keep records longer if:
- they show a transaction that covers more than 1 of the company’s accounting period
- the company has bought something that it expects to last more than 6 years, like equipment or machinery
- you sent your Company Tax Return late
- HMRC have started a compliance check into your Company Tax Return
You must send Companies House a company annual return every year, within 28 days of the anniversary of the company’s incorporation.
If you miss the deadline, Companies House can close down your company or prosecute you. You could also be disqualified from being a company director.
Accounts and tax returns for private Limited Companies
At the end of its financial year, your limited company must prepare full (‘statutory’) annual accounts.
You then use this information to:
- send accounts to Companies House
- send a Company Tax Return to HM Revenue & Customs (HMRC)
- pay Corporation Tax – or tell HMRC that your limited company doesn’t owe any