As you may be aware, there are various types of limited companies such as private unlimited company, public limited company, limited by shares and limited by guarantee.
In UK, most of the people prefer limited company by shares. Once you decide that you want to start your venture under Limited Company, then the next step is that it has to be registered with the company’s house.
After incorporation, our first step is to have the knowledge of your business thoroughly so that we get a clear insight to guide you according to your business requirements. After gaining knowledge of your business, we start explaining each and every aspect of the accounts in depth so you can distinguish all the figures and their impact on the business. We also make sure that the Limited Company Accountants are in consent with all the Companies House and Inland Revenue regulations.
What to do when you have a Limited Company?
Mandatory to file Company’s Annual Return to Companies house every year.
File concise set of accounts to company’s house every year.
Pay any Corporation Tax within 9 months and one day after the year end date.
Mandatory to file full set of Accounts to HMRC every year.
Mandatory to file Company Corporation tax return to HMRC- CT600.
Register on a voluntary basis your Business for VAT if turnover is above the VAT threshold.
If you are VAT registered, file VAT return usually quarterly.
In case you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
In terms of PAYE Scheme, file monthly payroll under real time information.
If you taking salary or dividends from the company file Self-assessment tax return every year – Being a director of the company.
Filing P11D depends on individual circumstances
Boundless face to face meetings
Incorporation of a limited company*
Guide you to open a business bank account – where needed
Preparation & filing of concise accounts to Companies house
Construction and filing of full set of accounts to HM Revenue & Customs – IXBRL format.
Construction & Filing of Company tax return(CT600) to HM Revenue & Customs
Help you how the tax system works in UK- Tax, N.I rates etc.
Help you how to keep good records
Help you if your business needs to be registered for VAT, Explain you about available VAT schemes
Present your list of possible allowable expenses
Counsel you about the tax liability & dates
Represent as an agent on your behalf and deal with HM Revenue & Customs
Boundless – Email and telephone support throughout the year
Skatax – Bookkeeping software
Keep records of :
Purchase invoices/ Expenses
VAT – if registered
Business bank statement
Employees & casual labor
Business credit card statements if any