Trusted by Hundreds of Contractors & Consultants
Are you a contractor looking for reliable and affordable contractor accounting services? Look no further! GoForma is here to provide top-notch contractor accountancy services tailored to your unique needs. Our team of experienced contractor accountants specializes in assisting contractors with their financial management, ensuring compliance, and maximizing tax savings. With our expertise, you can focus on what you do best while we care for your contractor accounting needs.
Handling the financial landscape of a limited company can be overwhelming, but with the right support, it becomes a journey of growth and prosperity. That's where limited company accountants come in. At GoForma, we specialize in providing tailored accounting solutions designed to simplify your financial journey and unlock the full potential of your business. Whether you're a startup, freelancer, contractor or an established company, our dedicated team is here to guide you every step of the way. Trust GoForma for expert assistance and watch your business thrive.
What is a Limited Company?
A limited company is a distinct legal entity that separates the business from its owners, offering limited liability to shareholders. This structure safeguards personal assets and provides various benefits, making it a popular choice for businesses in the UK. Forming a limited company in London provides numerous advantages, including credibility, limited liability protection, tax efficiency, and access to funding opportunities.
Why Form a Limited Company?
Forming a limited company offers several advantages that make it an attractive option for entrepreneurs and business owners. Here are some key reasons why individuals choose to establish a limited company:
- Limited Liability: One of the primary benefits is limited liability protection. Shareholders' personal assets are generally protected from the company's debts and liabilities. In the event of financial difficulties or legal issues, shareholders' losses are typically limited to the amount invested in the company.
- Professional Image: Operating as a limited company can enhance the professional image of your business. It may be perceived as more credible and established, potentially leading to increased trust from customers, suppliers, and partners.
- Tax Efficiency: Limited companies may benefit from more favorable tax treatment compared to other business structures. They often have access to various tax allowances, deductions, and opportunities to optimize their tax liability.
- Access to Capital: Limited companies can attract investment more easily by issuing shares. This makes it easier to raise capital for business expansion, development, or other strategic initiatives. Investors may be more willing to invest in a company structure that provides clear ownership and governance.
- Perpetual Existence: A limited company has perpetual existence, meaning it continues to exist even if the original founders or shareholders change. This provides stability and continuity for the business, making it easier to plan for the long term.
- Separation of Personal and Business Finances: Operating as a limited company requires maintaining a clear separation between personal and business finances. This distinction can simplify accounting and financial management, making it easier to track business transactions and comply with regulatory requirements.
- Ownership and Control: Limited companies allow for the distribution of ownership through shares. This can facilitate the transfer of ownership, bring in new partners, or accommodate changes in leadership while maintaining a clear structure of control.
- Legal Protection: The legal structure of a limited company provides a level of formality and structure that can protect the business and its stakeholders. This includes clear rules for decision-making, dispute resolution, and compliance with legal and regulatory requirements.
Why Do Limited Companies Need Accountants?
Limited companies require specialized accounting services to ensure compliance with legal obligations and optimize financial performance. Here's why partnering with skilled accountants is essential:
- Legal Compliance: Limited companies have legal obligations to prepare and file various financial documents with HMRC and Companies House, such as annual accounts, corporation tax returns, and confirmation statements. Accountants for limited companies ensure that these documents are prepared accurately and submitted on time, helping the company remain compliant with the law.
- Tax Efficiency: Limited company accountants help optimize the company's tax position by identifying tax deductions, credits, and reliefs available to the business. They can advise on tax planning strategies to minimize the company's tax liabilities while ensuring compliance with tax laws and regulations.
- Financial Management: Accountants for limited companies provide valuable insights into the company's financial performance by preparing financial statements, such as profit and loss accounts and balance sheets. They analyze the financial data to help the company make informed decisions about budgeting, forecasting, and resource allocation.
- Business Advice: Limited company tax accountants often serve as trusted advisors to limited company owners, offering guidance on various financial and business matters. They can advise on issues such as cash flow management, financing options, business expansion, and risk mitigation strategies.
- Cost Savings: While hiring a limited company accountant involves expenses, their expertise can often lead to cost savings in the long run. By maximizing tax deductions, avoiding penalties for non-compliance, and providing financial insights that help improve efficiency and profitability, accountants can contribute to the company's bottom line.
What Expenses Can Limited Companies Claim?
You can claim below limited company expenses to reduce the taxable income, including:
- Business Travel Expenses
- Office and Equipment Costs
- Training and Professional Development
- Marketing and Advertising
- Pension Contributions
- Salaries and Bonuses
- Business Insurance
- Charitable Donations
Why Choose GoForma to Hire Limited Company Accountants?
When considering who to trust with your limited company's financial needs, GoForma stands out for several compelling reasons:
- Dedicated Accountant: At GoForma, you'll have a dedicated accountant committed to understanding your unique business needs and providing personalized financial guidance.
- Partnership with Freeagent Accounting Software: Our partnership with Freeagent accounting software ensures seamless integration and efficient management of your finances, allowing for greater accuracy and efficiency in your accounting processes.
- Regular Deadline Reminders: Never miss an important deadline again. Tax advisors for limited companies at GoForma ensure you stay on track with timely reminders for submissions and filings, minimizing the risk of compliance issues.
- Wide Range of Accounting Services: From bookkeeping to payroll management, GoForma offers a comprehensive suite of accounting services tailored to meet the diverse needs of limited companies.
- Tax Planning and Advice: Our team of expert ltd company accountants provides strategic tax planning and advice to minimize liabilities and maximize savings, ensuring your limited company remains financially healthy and compliant.
- Competitive Pricing Packages: We understand the importance of cost-effectiveness for limited companies. That's why GoForma offers competitive pricing packages designed to provide maximum value without compromising on quality.
- Certified Accountants: Rest assured, your finances are in good hands with our team of certified accountants, ensuring accuracy, reliability, and compliance with industry standards and regulations.
What Do Our Limited Company Accounting Services Include?
We streamline the company registration process, ensuring ensuring compliance with all legal requirements with a smooth and efficient start to your business journey.
Our expert team of limited company tax accountants meticulously manages your financial records, providing accurate and up-to-date bookkeeping services.
Business Bank Account Set Up
GoForma assists in setting up your business bank account, simplifying financial transactions and ensuring compliance with banking requirements.
VAT Registration & Submission of Quarterly VAT Returns
Annual Accounts and Corporation Tax
We prepare and submit annual accounts and corporation tax returns, ensuring accuracy and compliance with statutory requirements.
Preparation & Submission of P11d
We handle the preparation and submission of P11d forms, ensuring accurate reporting of employee benefits to HMRC.
Preparation of One Self-Assessment Tax Return
We assist with the preparation of one self-assessment tax return, ensuring that your personal tax obligations are met accurately and on time.
Quarterly Review of Your Bookkeeping Data
We conduct regular reviews of your bookkeeping data to identify any discrepancies or areas for improvement, ensuring the integrity of your financial records.
GoForma manages payroll submissions on your behalf, ensuring that your employees are paid accurately and on time
Assistance with HMRC Records Checks
At the time of an HMRC records check, we provide comprehensive assistance and support, ensuring that all required documentation is readily available and accurate.
Preparation of Companies House Confirmation Statements
We handle the preparation and submission of Companies House confirmation statements, maintaining your company's legal standing.
Unlimited Support and Guidance
At GoForma, we offer unlimited support and guidance through email, WhatsApp or phone call to address any questions or concerns you may have regarding your financial matters, providing peace of mind and assurance every step of the way.
Switching Limited Company Accountants?
Switching accountants to GoForma is a seamless process designed to minimize disruptions and maximize efficiency. We understand that transitioning your financial management responsibilities can seem daunting, but with our dedicated support and streamlined procedures, the switch becomes remarkably straightforward.
Firstly, our experienced team will conduct a thorough assessment of your current accounting setup, identifying any existing challenges or areas for improvement. This allows us to tailor our approach to meet your specific needs and ensure a smooth transition.
Next, we'll work closely with you to gather all necessary documentation and information required for the transfer process. Our goal is to minimize the burden on your end, handling the paperwork with precision and care.
Once we have all the required information, our team will communicate with your previous accountants to facilitate a seamless handover of financial records and systems. We'll ensure that nothing falls through the cracks, maintaining open lines of communication throughout the process to address any questions or concerns that may arise.
Throughout the transition period, you can rely on our dedicated support team to provide guidance and assistance every step of the way. Whether you have questions about the transfer process or need clarification on our services, we're here to help, ensuring a stress-free experience from start to finish.
Once the transition is complete, you'll benefit from our comprehensive suite of accounting services, tailored to meet the unique needs of your limited company. From bookkeeping and payroll management to tax planning and compliance, we'll handle all aspects of your financial management with precision and expertise, allowing you to focus on what you do best – running your business.
Trust GoForma for Your Limited Company Accounting Needs
In the competitive business landscape, effective financial management is crucial for success. By partnering with GoForma, you gain access to a team of dedicated professionals committed to simplifying your financial journey. With our dedicated team of experts, comprehensive suite of services, and commitment to excellence, we're here to support your business every step of the way. For those seeking assurance of our quality service, we request you to check our Google and Trustpilot reviews, where satisfied clients attest to our reliability, professionalism, and exceptional results. Join the businesses who have experienced the difference with GoForma, and let us be your trusted partner in navigating the complexities of limited company accounting.
Frequently Asked Questions on Limited Company Accountant
How much does it cost to hire accountants in London?
The cost of hiring accountants in London can vary depending on factors such as the complexity of your financial needs, the size of your business, and the specific services required. Generally, accountants in London may charge monthly fees ranging from £75 to £500.
Do I need an accountant for a Limited Company?
While it's not mandatory to hire an accountant for a limited company, it's highly recommended for several reasons. Accountants can help ensure compliance with tax and regulatory requirements, provide valuable financial insights, optimize tax efficiency, and handle complex financial tasks, allowing you to focus on running your business effectively. Their expertise can ultimately save you time, money, and stress in the long run.
Do Limited Companies pay dividends?
Yes, limited companies can pay dividends to their shareholders. Dividends are payments made to shareholders out of the company's profits after taxes. However, dividends can only be paid if the company has sufficient distributable profits available. The decision to pay dividends is typically made by the company's directors and must comply with legal requirements and the company's articles of association.
What tax do I pay as a Limited Company?
As a limited company, you may be subject to several taxes:
- Corporation Tax: Paid on company profits.
- VAT: If turnover exceeds threshold, charge VAT on sales.
- Employer's NICs: Paid on employee salaries.
- Dividend Tax: Tax on dividends received.
- Other Taxes: Business rates, capital gains tax, etc., depending on activities and circumstances.
When are Limited Company accounts due in the UK?
Limited company accounts are typically due to be filed with Companies House within nine months of the company's financial year-end. Additionally, corporation tax must be paid to HMRC within nine months and one day of the company's accounting period end.
Does accounting software help the limited company?
Yes, accounting software like Freeagent can be incredibly beneficial for limited companies. It streamlines financial record-keeping, automates processes like invoicing and expense tracking, provides real-time insights into financial performance, and facilitates compliance with tax and regulatory requirements. Additionally, it can save time and reduce the risk of errors compared to manual bookkeeping methods.
What is the VAT threshold for a limited company?
The VAT threshold for a limited company in 2024 is £85,000 of taxable turnover over a 12-month period.