Limited Company

Limited Company

A limited company is an organisation that is set up to run a business, it is responsible in its own right for everything it does and its finances are separate to your personal finances. Any profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits with its shareholders.

Ownership

Every limited company has ‘members’ – the people or organisations who own shares in the company. Directors are responsible for running the company. These directors often own shares, but they don’t have to.

Legal responsibilities

We can help you to set out the articles of association, keep company records and report changes to Companies House, as well as registering with HMRC on your behalf. We can also help you put in place any additional documentation you might require such as Shareholder Agreements and Directors Service Contracts.

Tax responsibilities

Every financial year, on behalf of the company, we can:

  • prepare the statutory accounts.
  • send Companies House a confirmation statement.
  • prepare and send HMRC a Company Tax Return.
  • register your business for VAT if you expect its takings to be more than £83,000 a year and prepare and send your quarterly VAT returns.
  • help you with employing staff for the first time, set up PAYE, calculate tax and National Insurance that you will need to pay and manage your payroll for your employees.

For directors of a company, we will:

  • Complete your Self Assessment tax return every year.
  • Calculate your tax and National Insurance through the PAYE system, if the company pays you a salary.
  • Prepare and file all necessary paperwork in respect of dividends

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