Trading through a limited company can be tax-efficient and give you legal protection as it is s a separate legal entity from yourself personally.
Your company would pay corporation tax on profits and you would be liable to personal tax on the money you tax out of your company. (in the form of salary and dividends).
At Gloucester Chartered Certified Accountants, we can help to minimise the amount of tax you pay through your company and personally through careful tax planning.
Many owner managed businesses trade through a Limited company. We cater for both new and established Limited companies. We off a wide range of packages at a price to suit you from just £60 a month. If you would like a one off set of accounts completed each year or a fully inclusive monthly package with continuous help and support we can take care it all for you. We are Gloucester Chartered Certified Accountants specialising in owner managed businesses.
Accounts:
We will prepare your Limited accounts for you and explain them to you jargon-free. You have 9 months after the year-end for your accounts to produced, approved and submitted. We can produce your accounts from a variety of records such as Xero, QuickBooks or spreadsheets and bank statements.
If your annual turnover is over £85,000 then software such as Xero will be required due to making tax digital requirements.
Corporation tax:
We will prepare your corporation tax return for you which is completed alongside your annual accounts.
We will ensure all relevant tax breaks and allowances are applied for. We will inform you of the tax liability and explain to you jargon-free. We can speak to HMRC on your behalf so you don’t have to.
Payroll:
We recommend Limited company directors have a payroll scheme running to ensure you use up your tax-free personal allowance which will go through your Limited company as an expense.
We will prepare monthly payroll, send you payslips and submit relevant reports to HMRC on your behalf.
Pension auto-enrolment:
Automatic pension enrolment for employees became a legal requirement in 2018 unless employees decided to opt out. We can advise you of your staging date and let you know which employees are eligible.
We can help set up your pension scheme.
Management accounts:
We can provide you with monthly or quarterly management accounts to give you the right information in a timely fashion to ensure you make the right decisions using up to date information.
Preparing management accounts can help save money by identifying tax opportunities such as capital allowances and the areas of concern and promise.
Company secretarial support:
We ensure your company complies with all legal obligations such as year-end filing requirements and filing of the confirmation statement.
V.A.T:
If your annual turnover is £85,000 your company will need to be registered for VAT which we can set up for you.
This will require monthly or quarterly VAT returns.
We would recommend the best course of action regarding software and the VAT scheme.
If you already have an accountant but looking to move
we can make it stress-free for you by directly contacting
your existing accountant and moving you to the cloud if
you are not already using Xero or another software.
