Limited Company Accountants
Consultax is a family-owned accountancy firm committed to helping local limited companies streamline their financial management, save valuable time, and enhance profitability. Our dedicated team brings together specialists in every aspect of limited company accounting- from bookkeeping and tax planning to management accounting. Working collaboratively, we focus on maximising your business’s efficiency, reducing costs, and ultimately growing your personal wealth.
Simplified Accounting For Limited Companies
Handling tax compliance, bookkeeping, and budgeting can divert your attention from driving business growth. Consultax manages the financial operations seamlessly, allowing you to focus on strategic goals without the stress of back-office tasks.
What Is A Limited Company?
A limited company is a distinct legal entity, separate from its owners, designed to offer business owners both flexibility and protection. In this structure, the company’s finances are independent from the personal finances of its shareholders, creating a clear line in the sand between business and personal liabilities. Shareholders in a limited company benefit from limited liability, meaning their personal assets are shielded from business debts – only their invested capital is at risk.
Limited companies can either be privately held (private limited company, or Ltd) or publicly traded (public limited company, or PLC). Private limited companies are typically smaller businesses, while public limited companies, subject to stricter regulations, can offer shares to the public and raise substantial capital. Operating as a limited company often enhances credibility, attracting both investors and clients by signalling a level of professionalism and stability. Additionally, this structure allows for strategic tax planning, giving owners options to increase tax efficiency and retain more profits within the business.
Limited companies are required to pay corporation tax on their profits and must submit an annual company tax return to HMRC. While the limited liability status provides valuable protection for directors – safeguarding their personal assets – it also means they can’t simply access company funds at will. To withdraw profits, directors must issue dividends or take a director’s loan, both of which are governed by strict rules and regulations. This structure ensures that company funds are kept separate from personal finances, providing a clear and responsible approach to financial management.
Our Helpful Services
As your trusted accountant, we offer a full spectrum of limited company accountancy services tailored to meet your unique accounting needs and support the growth of your limited company. With our expertise, we’ll help steer your business toward financial success, ensuring every aspect of your accounting is in good hands.
Company Formation
Are you ready to start your own limited company? We’re here to guide you every step of the way, ensuring you dive in at the perfect moment. From setting up your new company to navigating your responsibilities as a director, we’ll work with you to design an optimal share structure that keeps your tax burden as light as possible. Let us help you lay a rock-solid foundation so you can focus on building your business.
Payroll
Handling monthly payroll can be a real headache for business owners due to juggling a million other tasks. At Consultax Accounting, we offer comprehensive payroll service - from calculating salaries and deductions to auto-enrolling employees in a pension scheme. With us in your corner, your business stays fully compliant, your employees stay fully happy, and you get to keep your peace of mind.
Preparation Of Annual Accounts
When it comes to preparing your annual accounts, let Consultax Chartered Accountants take the weight off your shoulders. We’ll ensure your books are balanced, deadlines are met, and every figure adds up to a clear picture of your financial health. Our meticulous approach keeps you in HMRC’s good books and helps you see the road ahead with clarity so you can focus on steering your business to new heights.
Corporation Tax And Personal Tax Services
At Consultax Chartered Accountants, we make navigating the tax landscape as smooth as possible. Our expert team handles both corporation tax returns and personal tax matters, ensuring you stay compliant and pay the right amount of tax every year. From minimising your tax burden, we’ll take the hassle out of tax season, so you can focus on growing your business.
VAT Returns
Most limited companies opt to register for VAT before reaching the threshold. It’s a savvy move that can boost your business's credibility and allow you to reclaim VAT on eligible purchases. We’re here to make the VAT registration process seamless. We’ll handle everything from registration to compiling and submitting your VAT returns, ensuring you claim every penny owed. Let us help you keep your business in the taxman's good graces while keeping cash in your pocket.
Are You Ready To Get In Touch?
Frequently Asked Questions
-
Does A Limited Company Need An Accountant?
While it's not a legal requirement, having an accountant is invaluable for a limited company. However, going it alone risks costly penalties and missed opportunities for valuable tax savings that a professional could help you secure. An accountant ensures compliance, manages financial records, and offers strategic tax advice, allowing business owners to focus on growth.
-
Does a Limited Company Vital to Be Registered with Companies House?
Absolutely. To operate as a limited company, you must register with Companies House and keep them posted your company’s structure and financial work. This means regularly updating details like directors, shareholders, and submitting annual accounts. It’s all part of staying above board and ensuring your business meets its legal obligations.
-
How Much Tax Will I Pay As A Limited Company?
The tax you’ll pay depends on your business profits and how effectively you utilise expenses and tax reliefs. After calculating your tax liability, you’ll need to file a company tax return to inform HMRC of what’s due. Our expert accountants specialise in helping limited companies stay tax-efficient, ensuring you only pay what you owe while staying fully compliant so you can keep more of what you earn and stay on the right side of the taxman.
-
How Long Do I Have To Keep Accounting Records?
You’re required to maintain your limited company’s accounts and financial records - such as invoices, receipts, and bank statements for at least six years from the close of the financial year. Keeping these records well organised helping to stay on top and ready for any potential audits.
-
Who Can Sign Off Limited Company Accounts?
Generally, it’s the board of directors who approve the annual accounts for a limited company. Having a dedicated accountant in your corner can streamline the process, ensuring everything is done quickly and efficiently. Their expertise helps keep things running smoothly and on the right track.