Running a limited company is no small task. From managing taxes and payroll to keeping your books in order, the workload can be overwhelming. That’s where we step in. Our expert limited company accountants specialise in handling the financial side of your business, so you can focus on growing it.
We simplify complex accounting tasks, ensure compliance with HMRC regulations, and help you save time and money. With us by your side, you can confidently handle the financial challenges of running a limited company.
Whether you’re just starting out or looking to streamline your current accounting process, our limited company accounting expertise can make all the difference. Partner with us for a stress-free approach to managing your limited company’s finances.
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.
The term “limited” refers to the liability of the company’s owners. Shareholders’ financial responsibility is limited to the value of the shares they own but have not fully paid for. In simple terms, their personal assets are protected if the company faces financial difficulties, as long as there is no personal guarantee or wrongful trading involved.
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?
Setting up a limited company offers several advantages that make it an attractive option for entrepreneurs and business owners. It provides a professional structure, financial benefits, and legal protections that can help your business thrive. If you’re deciding between different business structures, here’s why forming a limited company might be the right choice for you:
- 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?
Running a limited company involves more than just making a profit. It requires careful management of finances, compliance with laws, and efficient tax planning. While it’s possible to handle some tasks on your own, hiring a professional accountant for limited company can make a significant difference. Here’s why limited companies need accountants:
- To Stay Compliant with Legal Requirements: Limited companies in the UK must meet specific legal obligations 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.
- To Maximise Tax Efficiency: Limited company accountants understand the complexities of tax laws and identify ways to save money. They can advise on tax-deductible expenses, optimise your salary and dividends, and ensure you’re taking full advantage of available tax reliefs and allowances.
- Financial Management: Chartered 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 analyse the financial data to help the company make informed decisions about budgeting, forecasting, and resource allocation.
- To Provide Expert 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 provide insights into improving cash flow, cutting unnecessary costs, and planning for future growth. Their expertise can help you make better decisions for the long-term success of your company.
- To Help During Audits or Inspections: If HMRC or another authority audits your company, an accountant will guide you through the process. They’ll ensure your records are accurate and complete, reducing the risk of disputes or penalties.
- To Support Growth and Expansion: As your company grows, financial management becomes more complex. LTD company accountants help you secure funding, manage larger budgets, and develop strategies for sustainable growth.
What Expenses Can Limited Companies Claim?
One of the key benefits of running a limited company is the ability to claim certain limited company expenses. These claims can reduce your taxable profits, meaning you pay less corporation tax. Below is the list of business expenses you can claim.
- Employee Salaries and Benefits
- Working from Home Expenses
- Business Travel Expenses
- Office and Equipment Costs
- Training and Professional Development
- Marketing and Advertising
- Pension Contributions
- Professional Fees
- Business Insurance
- Charitable Donations
Why Choose GoForma as Your Limited Company Accountants?
When considering who to trust with your limited company's financial needs, GoForma stands out for several compelling reason. Here’s why you should choose us as your trusted accountants for limited company:
Expertise in Limited Company Accounting
We specialise in limited company accounting and understand the unique challenges that come with it. Our extensive knowledge of UK tax laws and HMRC regulations means your company is always in safe hands.
Dedicated Ltd Company Accountant
When you work with us, you get a dedicated accountant who knows your business inside out. They’ll provide personalised advice and handle your accounts with care, ensuring everything is accurate and up to date.
Tailored Services
Every business is unique, so we don’t believe in a one-size-fits-all approach. We tailor our services to suit your company’s specific requirements, helping you save time, money, and effort.
Tax Efficiency
Our accountants for limited companies are experts in tax planning. We’ll help you maximise your tax savings by identifying deductible expenses, optimising your salary and dividends, and ensuring you benefit from all available tax reliefs.
Certified Accountants
You’ll work with certified and experienced accountants who bring years of expertise to the table. We stay up-to-date with the latest accounting practices and regulations to deliver accurate, reliable results.
FreeAgent Accounting Software Included
We provide FreeAgent accounting software as part of our accounting package. This user-friendly tool simplifies invoicing, expense tracking, and financial reporting, giving you more control over your finances.
Dedicated Support
Questions about your accounts? Need advice? Our friendly support team is always here to help. Whether you need assistance with bookkeeping, payroll, or financial planning, we’re just a call, WhatsApp or email away.
Affordable Pricing
Our services are designed to provide exceptional value for money. We offer transparent, competitive pricing with no hidden fees, ensuring you get expert support at a cost that fits your budget.
What Do Our Limited Company Accounting Services Include?
We provide comprehensive accounting and business services to meet all your limited company needs:
Company Registration
Starting a new business? We simplify the process of registering your limited company with Companies House, ensuring your business is set up correctly and fully compliant with Companies House and HMRC regulations.
Preparation of Companies House Confirmation Statements
Your company must file an annual confirmation statement with Companies House. Our CPA for limited companies will prepare and submit this for you, keeping your business records updated and compliant.
Business Bank Account Set-Up
We assist in setting up a dedicated business bank account to keep your personal and company finances separate, helping you manage cash flow efficiently.
Bookkeeping (Using FreeAgent)
Our bookkeeping services use FreeAgent, a powerful accounting software we provide for free. From recording transactions to tracking expenses and invoicing, our limited company tax accountants ensure your financial records are accurate and up to date.
Company Accounts Preparation
Our online accountants for limited companies prepare your annual company accounts with precision, ensuring they meet the requirements of Companies House and HMRC.
Corporation Tax Returns
Avoid the stress of corporation tax compliance. We’ll calculate your company’s tax liability, identify potential savings, and submit your CT600 tax return on time to HMRC.
VAT Registration and Returns
If your business needs to register for VAT, we’ll handle the process for you. We’ll also prepare and submit your VAT returns, ensuring you stay compliant while managing your VAT obligations efficiently.
Preparation & Submission of P11D
If your company provides benefits or expenses to employees, you’ll need to file a P11D. We’ll prepare and submit these forms to HMRC, ensuring accurate reporting of all benefits in kind.
Preparation of One Self-Assessment Tax Return
If you’re a director or shareholder, filing a self-assessment tax return is necessary. We’ll handle the preparation and submission, ensuring all personal and company-related income is declared correctly.
Payroll Services
Our payroll services ensure your employees are paid accurately and on time. We manage payslips, tax deductions, and pension contributions seamlessly.
Business Advisory Services
Get expert advice on business growth, financial planning, and tax efficiency. Our tailored guidance helps you make informed decisions and achieve your goals.
Switch Limited Company Accountants to GoForma
Are you dissatisfied with your current accountant’s services, facing delays, or looking for more value? Switch to GoForma. Switching accountants is easier than you think. Here’s how we make the process simple:
Step 1: Contact Us
Schedule a free consultation with our limited company accountant and let us know you’d like to switch. He’ll discuss your current accounting situation and understand your needs.
Step 2: We Inform Your Current Accountant
Once you’ve decided to switch, we’ll handle all communication with your current accountant. This includes requesting the transfer of your financial records and other necessary information.
Step 3: Transfer Your Records
Your existing accountant is required by law to share all necessary records with us. We’ll liaise with them to ensure a smooth handover of your accounts and financial documents.
Step 4: Get Started
Once the transfer is complete, we’ll start managing your accounts, ensuring everything is accurate and up to date. You’ll have a dedicated accountant ready to answer your questions and provide ongoing support.
Partner with UK's Best Accountants for Limited Companies
Running a successful business starts with having the right financial partner. Join hundreds of UK businesses that trust us to handle their accounting with expertise and care. Whether it’s saving on taxes, staying compliant, or streamlining your processes, we’ll ensure your limited company is set up for success.
For those seeking assurance of our quality service, we request you to check our Google and Trustpilot reviews, where satisfied clients vouch for our reliability, professionalism, and exceptional results.
Don’t let accounting challenges hold your business back. Start your journey towards better financial management today. Partner with us and experience the difference expert accounting can make!
FAQs 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 for 2024/25 is £90,000 of taxable turnover over a 12-month period.
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