Limited Company

It can be a daunting task running your own company and it is important to prepare in advance to ensure that you are aware of the regulations and implications that come with it.

We offer a full range of accounts services and have been providing our tailored accounts service to satisfied clients for over 30 years. No matter what your business requirements, we are confident that we can provide you with a professional, friendly and reliable service.

We recommend a free consultation and we invite you in (or we can visit your premises) to discuss your needs. Following on from this we will advise on how we can best deliver our service so you can get the very most out of it.

The laws are constantly changing and it is vital that you stay up-to-date with the requirements for filing and submission. After the end of your financial year you will need to prepare statutory accounts and company tax return.

Timeframes to be aware of:

File first accounts with Companies House — 21 months after the date you registered with Companies House

File annual accounts with Companies House — 9 months after your company’s financial year ends.

Pay Corporation Tax — 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends

File a Company Tax Return — 12 months after your accounting period for Corporation Tax ends

What is a limited company?

A limited company is a type of legal structure for your business. Limited companies:

have a legal identity separate to that of its directors and shareholders (unlike sole traders)
are therefore able to take on more risk than sole traders, who are personally liable for business debts that build up when things go wrong
come with added paperwork and responsibilities, which can make them time-consuming to run (Tacconi Green can help with this aspect).

Why set up a limited company?

There are a number of benefits of being a limited company over a sole trader or partnership:

separate legal identity - this means the company is liable when things go wrong, not you personally. You’ll only lose what you put into the business.
more professional - some businesses might be seen as more professional by others in their industry when they operate as a limited company - it can make it easier to secure suppliers, investment, and eventually sell the business.
tax-efficiency - you pay corporation tax through your business and you can pay yourself in salary and dividends. Depending on your profits, this may be more tax-efficient than setting up as a sole trader or partnership.

How to set up a limited company?

Choose a name for your limited company using the HMRC name availability checker.
Choose your directors and how many you should have
Choose your shareholders and shareholdings (identify the PSCs - people with significant control).
Prepare a memorandum and articles of association (documents that say how you’re going to run your limited company.
Choose your year end and keep records (company, financial and accounting).
Incorporate your company

Our team have all the experience necessary in the preparation of year-end accounts for clients in a variety of sectors. We aim to build long-standing financial and personal relationships with every client offering professional, friendly and reliable advice that will help you and your business.