If you own a limited company, whether it’s limited by shares or limited by guarantee. You have to follow the limited company tax rules of HMRC. Additionally, you should submit a limited company tax return for every financial year on time.
In the UK, the preference of the majority of the people is to have a limited company by shares. After deciding on the type of venture you want to get started with. However, the next step is to register it with Companies House.
Account and Tax Consultancy
SK Accountants and Tax Consultants Ltd. can help you in the formation of your venture. Once the company is incorporated. We collect all the essential information about your business. We have a clear insight into your enterprise. The most reputable organizations trust our advisory services. Skatax proposes the solutions as per a business’s requirements.
Things To Do
- What to do when you have a Limited Company?
- Mandatory to file the Limited Company Tax Return to Companies house every year.
- File a concise set of accounts to the company’s house every year.
- Pay any Corporation Tax within 9 months and one day after the year-end date.
- to file a full set of investment property Accounts to HMRC every year.
- Mandatory to file Limited Company Tax return to HMRC- CT600.
- Register your business voluntarily for VAT if turnover is above the VAT threshold.
- If you are VAT registered, file VAT returns quarterly.
- In case you have employees. You should set up a PAYE system to collect income tax and National Insurance contributions.
- In terms of the PAYE Scheme, monthly file payroll under real-time information.
- Likewise, if you are taking salary or dividends from the company file a Self-assessment. You should tax return every year – Being a director of the company.
- Filing P11D depends on individual circumstances
We Offer Following Services:
- 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 a full set of accounts to HM Revenue & Customs – IXBRL format.
- Construction & Filing of Company tax return(CT600) to HM Revenue & Customs.
- Guide you about how the tax system works in UK- Tax, N.I rates, etc.
- Help you how to keep good records
- Assist you in registering your business for VAT, also explain to 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, as well as deal with HM Revenue & Customs.
- Boundless – Email and telephone support throughout the year
- Skatax – Bookkeeping software
- Tax planning
Keep records of :
- Purchase invoices/ Expenses
- VAT – if registered
- Business bank statement Sale invoices Employees & also casual labor Relevant information. Additionally, business credit card statements- if any.