Limited Company Accounting Support & Company Registration

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Limited Company vs Sole Trader

While operating as a sole trader is a simple and cost-efficient way to start a business, there are significant advantages to running your own limited company.

A limited company is a separate legal entity from its owners. As such, you’re protected by limited liability. Should your company go into debt, you’re only legally responsible up to the extent of the nominal value of your shares.

Running a limited company offers a more tax-efficient way to operate. Relative to sole traders, you’re able to pay a lower rate of income tax and NICs, as well as claim a wider range of allowable business expenses.

Being registered as a limited company also lends credibility to your company. This could lead to increased business opportunities, particularly for contractors, as it isn’t uncommon for established organisations to specify that they’ll only work with freelancers operating through their own limited company.

You’ll also benefit from easier access to funding. As a separate legal entity, your company presents a lower risk to lenders—which increases your chances of obtaining external financing at a lower interest rate, compared to sole traders. Additionally, you have the option of raising funds through selling shares.

How do I transfer/ change a company name?

How do I transfer/ change a company name?

You can change the name of your limited company through a third party (such as a company formation service), or directly with Companies House.

If you're opting for the latter, you need to complete form NM01. There is a £10 fee payable to Companies House to file the form.

If you're trading as a limited liability partnership, you need to file form LL NM01. A £10 fee applies.

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What are the differences between Directors, Shareholders & Employees?

What are the differences between Directors, Shareholders & Employees?

Directors

  • Directors have the responsibility of running and managing a Limited company;
  • Directors are responsible for ensuring all company accounts are filed with HMRC and Companies House;
  • Directors must have board meetings to decide on company activities ‚- including taking a dividend.

Shareholders

  • Shareholders are not involved in the running and managing of the Limited company;
  • Shareholders are involved in some decisions, like the change of company name, however not day to day running;
  • Shareholders are entitled to take dividends from the company, as long as these can be justified from their role in the company.

Employees

  • Employees work for the Limited company and are employed. They will receive a monthly salary from the Limited company.
  • They are not part of any decision making process and do not have any rights to dividends.
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What are my Limited Company Directors Responsibilities?

What are my Limited Company Directors Responsibilities?

As the director of a limited company, your responsibilities include:

  • Your company must be registered at Companies House
  • Your company's annual accounts must be filed at Companies House
  • A Confirmation Statement must be submitted annually. This can be done online or via post. This is a filing requirement introduced in 2016 to replace the Annual Return (Form AR01).
  • Submit an annual Corporation Tax to HMRC. Any outstanding tax must be paid within nine months and one day of your company's year-end accounting.
  • Register for Self Assessment with HMRC, and submit your personal tax return each year.
  • If you have employees and are running the company payroll, you need to report your employees' payments and deductions to HMRC on or before your employees' payday. You need to pay what you owe to HMRC each month.
  • If your VAT taxable turnover exceeds the VAT threshold, you'll need to register for VAT and complete your VAT returns online at the end of every financial quarter.
  • Maintain proper company records.
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What do I need to do as a Company Director?

What do I need to do as a Company Director?

Your responsibilities as a limited company director include:

  • Your company must be registered at Companies House
  • Your company's annual accounts must be filed at Companies House
  • A Confirmation Statement must be submitted annually. This can be done online or via post. This is a filing requirement introduced in 2016 to replace the Annual Return (Form AR01).
  • Submit an annual Corporation Tax to HMRC. Any outstanding tax must be paid within nine months and one day of your company's year-end accounting.
  • Register for Self Assessment with HMRC, and submit your personal tax return each year.
  • If you have employees and are running the company payroll, you need to report your employees' payments and deductions to HMRC on or before your employees' payday. You need to pay what you owe to HMRC each month.
  • If your VAT taxable turnover exceeds the VAT threshold, you'll need to register for VAT and complete your VAT returns online at the end of every financial quarter.
  • Maintain proper company records
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What is a Limited Company?

What is a Limited Company?

A limited company is a type of business structure where the company has its own legal identity. The assets and liabilities of the company are separate from the personal finances of its owner.

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How to Register a Limited Company

Before you begin your registration process to set up a limited company, there are a few things you need to consider.

You need to choose the type of limited company you need (public limited company or private limited company), choose a company name and decide on how you’re going to set up your company. For the latter, you have the option of registering with Companies House or using a third-party service, like an accountant or company formation agent.

Once you’ve gotten these sorted out, you’ll be ready to begin the company formation process.

This involves completing documents like the Memorandum of Association, Articles of Association, Form 10 and Form 12, after which your application will be processed. Companies House will typically provide an update in the next working day, and mail out a hard copy of your articles of incorporation.

Now that you’ve registered your company, there are a few additional items to cross off your checklist.

You need to open a business bank account, ensure that you’ve received your company UTR number and complete your VAT registration (or if you were VAT-registered as a sole trader, you need to notify HMRC of your transition to a limited company structure).

You’ll also need to set up your payroll, update your company details on your website and business documents (such as your order forms and business letters), and get your accounts sorted out.

Registering a Limited Company Guide

Registering a Limited Company Guide

Registering a Limited Company Guide

  • What is a Limited Company
  • 10 step process for setting up a Limited Company
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Limited Company vs Sole Trader Calculator

Sole Trader vs Limited Company

Sole Trader vs Limited Company

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register for limited company guide

Key considerations when you register a Limited Company

Key considerations when you register a Limited Company

As a freelancer, contractor, or small business, it is typical to start with the simple structure of operating as a Sole Trader.

While taxes and other administrative work may be relatively easy when you are a Sole Trader, as your volume of business goes up, there are more and more reasons to take on the task of becoming a Limited Company.

For instance:

  • A Limited Company protects your personal assets. If you are found liable in a lawsuit, only your business assets are at risk.
  • A Limited Company is usually more tax efficient than being a Sole Trader.
  • Once you have your name chosen as a Limited Company registered through Companies House, no one else can take your company name.

Luckily, running a Limited Company doesn't have to be exceedingly complex, though following a set plan will help to keep the complexity to a minimum.

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3 ways to register a limited company

3 Ways to Register Your Company for Free

3 Ways to Register Your Company for Free

Registering a company is a one off cost of £12 and done through Companies House. However, there are a few different ways that you can get this fee waved with other business services that you need.

We'll walk you through how to register your company for free and the perks that you'll get with each.

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set up a limited company guide

How to set up a Limited Company

How to set up a Limited Company

When you set up a limited company, you'll enjoy many advantages you don't get as a sole trader. Not only is it a tax-efficient way to run your business, it's also a great way to limit your personal liability and increase your credibility with customers. Additionally, it could open new avenues of work that wouldn't be open to you if you were operating as a sole trader, especially some contractor roles.

One of the disadvantages of running a limited company is that it involves a lot of paperwork, but with the help of this guide, we'll clear away the jargon and tell you exactly what you need.

If you're unsure about whether a limited company is right for you, check out our handy article comparing the differences between Limited companies and Sole Traders to see which business entity is right for you.

If you've got more important things to do than dealing with extra admin, you can always take advantage of one of our accountancy packages and we'll do all the forms and applications for you.

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Limited Company Filing Deadlines

Being a limited company director comes with several legal responsibilities. In addition to your statutory duties, you’re also responsible for meeting your filing deadlines.

These include:

  • File your Self Assessment by 31st January following the end of the relevant tax year.
  • If you’re VAT-registered, you need to file your VAT returns 1 month and 7 days after your VAT quarter end date.
  • File your company accounts 9 months after your company year-end. If you’re in your first trading year, your first annual accounts are due 21 months after your date of incorporation
  • File your Confirmation Statement up to 14 days after the due date. The due date is 12 months after the date your company was incorporated, or 12 months after the date you filed your previous Confirmation Statement. 
  • File your company tax return 12 months after the end of the relevant tax year.
  • If you’ve just begun employing staff or using subcontractors for construction work, you need to register as an employer before an employee’s first payday. 
  • If you already have employees, there are a number of deadlines you need to meet for your payroll year end
  • Submit your final payroll report for the year before your employee’s final payday for the tax year ending 5th April. 
  • Provide your employees with the P60 by 31st May (following the end of the relevant tax year). 
  • File employee benefits and expenses using your payroll software, and submit your P11D and P11d(b) forms by 6th July.
  • In addition to the payroll year-end deadlines, you’re also required to:

Send the FPS on or before your employees’ payday. The FPS must be submitted each time you pay your employee. This means that if your employee is paid weekly, you’ll need to make 52 submissions across the year.

tax returns deadline guide

Company Filing & Deadlines: Self Assessment, VAT, Accounts, Tax & more

Company Filing & Deadlines: Self Assessment, VAT, Accounts, Tax & more

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deadline for tax return guide

Tax return and payment deadlines you need to know

Tax return and payment deadlines you need to know

Tax season can be stressful for small business owners.

You don't have the convenience of having an employer filing for you. While there are all kinds of tips and strategies for managing your taxes, the first order of business is to get key deadlines noted on your schedule, and determine how and when to make your payment.

Here's what you need to know:

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What are the deadlines for payment of PAYE taxes?

What are the deadlines for payment of PAYE taxes?

If you're paying salaries to employees or directors, you need to register for PAYE and pay your PAYE bill to HMRC.

  • Monthly payments: Your PAYE bill is due on the 22nd of the next tax month.
  • Quarterly payments: Your PAYE bill is due on the 22nd after the end of the quarter.

There are various ways to make your payment.

  • Same or next day payments: online or telephone banking, CHAPS
  • Payments processed in 3 working days: card payments (online), Bacs, cash or cheque payments at your bank or building society, Direct Debit, by cheque through the post
  • Payments processed in 5 working days: Direct Debit (if it's the first time you're setting up a Direct Debit payment)

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What are the late filing and payment penalties?

What are the late filing and payment penalties?

PAYE

RTI late filing will incur a monthly penalty of £100, depending on the number of employees you have.

Self Assessment

A late filing penalty of £100 is imposed if your tax return is up to three months late. The penalty increases if you're later than three months, or if you pay your tax bill late. Additionally, interest will be charged on late payments.

VAT

You may be required to pay a surcharge if you submit a late return. Surcharges for late payments or VAT return filings are indicated on the HMRC website.

Corporation Tax

HMRC's penalties are as follows:

  • 1 day late: £100
  • 3 months late: An additional £100
  • 6 months late: Your total corporation tax bill will be estimated, after which a penalty of 10% of unpaid tax will be imposed.
  • 12 months late: An additional penalty of 10% of unpaid tax will be imposed.

Company accounts

The following penalties for private limited companies will be imposed if you fail to file your accounts with Companies House on time:

  • Up to 1 month late: £150
  • 1 - 3 months late: £375
  • 3 - 6 months late: £750
  • More than 6 months late: £1,500


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What is your First Accounting Year End Date?

What is your First Accounting Year End Date?

The first accounting year end date for a new company is the last day of the month in which the first anniversary falls on. For example, if your company was incorporated on 15 January 2021, the first accounting year end date will be 31 January 2022.

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Key Things You Need When Starting a Limited Company

“What do I need to do after setting up a limited company?” is a question we’re often asked by users who’ve registered for our limited company accounting packages.

Here’s a brief overview of what you need to do:

  • Fulfill your responsibilities as a limited company director
  • Open a business bank account
  • Keep your stakeholders updated: If you’re transitioning from being a sole trader to a limited company structure, you’ll need to notify stakeholders—like your banks, debtors, landlords and insurers—of the change. With stakeholders like your suppliers and customers, you may need to review your contract, and transfer it to your new company. 
  • Get your VAT sorted out: You may need to register for VAT. And if you’re already VAT-registered, you may request for a transfer to be made to your new company, or cancel your VAT and complete a re-registration. 
  • Set up your payroll
  • Ensure that your company details are up-to-date: As a limited company, you need to meet specific requirements when it comes to displaying your company information. Your company name must be included on all company documents, letters and communication materials. In addition, your websites, business letters and order forms must show your company’s registered number, registered office address, where your company is incorporated and indicate that your company is a private limited company.  
  • Obtain business insurance: If you’re an employer, you’re legally required to obtain employer's liability insurance. Other types of business insurance you should consider getting include public liability insurance, professional indemnity insurance and business contents insurance. 
  • Get your books sorted: If you were already using an accounting package as a sole trader, you’ll need to create a new account and start anew. And even if you were managing your own accounts before, do note that the requirements of limited company accounting can be complicated—so you’ll benefit from using accounting  software, or from the expertise and advice of a specialist accountant.
Accountant Checklist Guide

Accountant Checklist Guide

Accountant Checklist Guide

  • Why you may need an accountant
  • Key areas an accountant can help
  • Questions to ask an accountant
  • Accountant checklist
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Small Business Accounting Guide

Small Business Accounting Guide

Small Business Accounting Guide

  • When and why you may want to register a Limited Company
  • Advantages and disadvantages of a Limited company
  • Limited company alternatives
  • When to register for VAT
  • Advantages and disadvantages of VAT
  • How to take money out of your company
  • Dividend tax rates
  • Limited company expenses & corporation tax
  • Annual accounts and deadlines
  • Confirmation statements and deadlines
  • Self Assessment tax returns
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small business bookkeeping guide

Beginner's Guide to Bookkeeping for Small Business

Beginner's Guide to Bookkeeping for Small Business

Starting a new business?

Bookkeeping requirements are unlikely to be at the forefront of your mind. At this stage there are more pressing things for you to think about.

However, once your business is taking shape, you will need to start thinking about keeping up-to-date and accurate accounting details of your income and expenses. But what kind of records do you need to keep?

More than just a legal requirement, basic bookkeeping is an essential part of your ability to manage your business effectively.

Every year, your business accounts will need to be completed. If your business is operating as a limited company, you will need to submit your company accounts to Companies House. If you are self-employed, your business accounts will be used to calculate your Self Assessment tax liability.

Your bookkeeping records will form the basis of these statutory financial statements. They should include information relating to your sales, your expenses, salaries of you and any employees, along with other bank transactions.

It might sound complicated, but take it one step at a time and it's actually quite manageable.

If you're really struggling to stay on top of it all, there are plenty of small business accountants and professional bookkeepers who will be happy to help. So, even if you're terrified of numbers, rest assured that there's a solution out there for you.

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bookkeeping vs accounting guide

Bookkeeping vs Accounting Differences

Bookkeeping vs Accounting Differences

As a small business owner, having a good grasp of your business financials is key-even if you've hired an accountant.

While you can delegate your accounting tasks, understanding the basics will place you in a better position when it comes to discussing your business finances with your team members, financial professionals or potential investors.

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Previously, we've explained about the top accounting terms and concepts you need to know. In today's post, we'll explain the differences between bookkeeping and accounting. While these two terms are often used interchangeably, they refer to two vastly distinct functions and roles.

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accounting mistakes guide

5 Common Small Business Accounting Mistakes & How to Fix Them

5 Common Small Business Accounting Mistakes & How to Fix Them

A broad swath of small business owners are tackling the myriad tasks required to pay bills, invoice customers, cut checks to employees and contend with past-due accounts, among other accounting tasks.

While that might work for very small businesses, it often opens the door for firms to make accounting mistakes that undermine their growth and siphon precious time and mental focus from other important areas of their business.

Here are five accounting mistakes that can derail growth for small businesses and how to avoid them.

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Limited Company Accounting Pricing

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