Limited Companies and Corporation Tax Return
There are different types of limited companies such as limited by shares, limited by guarantee, private unlimited company and public limited company. Most of the people in UK operate under limited company by shares. Before you start your business under Limited Company it has to be registered with the company’s house. Our job is to explain each and every aspect of the accounts in detail so you can understand all the figures and their impact on the business. We also make sure that the Limited Company Accountants are in compliance with all the Companies House and HMRC regulations
Annual Accounts
Annual Accounts, also referred to as Year End, Statutory or Company Accounts, are a requirement for every UK registered company by HMRC and Companies House. You are obligated to file a set of Annual Accounts after every 12 months from the date you incorporated (formed) your company. You then have nine months to file a set of Annual Accounts with Companies House and twelve months to file your Annual Accounts and Corporation Tax with HMRC .
What to do when you have a Limited Company?
- File Company’s Annual Return to Companies house every year. ( To be filed every year, within 28 days from the anniversary date of the company).
- File Abbreviated Set of accounts to company’s house every year. ( Within 9 months after the year end date)
- Pay any Corporation Tax due, within 9 months and one day after the year end date.
- File full set of Accounts to HMRC every year. ( To be filed within 12 months after the year end date)
- File Company Corporation tax return to HMRC- CT600 ( to be filed within 12 months after the year end date).
- Register your Business for VAT if turnover is above the VAT threshold or you can register on a voluntary basis.
- File VAT return usually quarterly – only if you are VAT registered.
- If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
- File monthly payroll under real time information. Only when you have a PAYE scheme in place.
- File Self-assessment tax return every year – Being a director of the company. ( Only when you take a salary or dividends from the company)
- Other Requirements, depends on individual circumstances such as filing P11D etc
- Unlimited face to face meetings
- Incorporation of a limited company
- Help you to open a business bank account – where needed
- Preparation & filing of abbreviated accounts to Companies house
- Preparation and filing of full set of accounts to HM Revenue & Customs – IXBRL format.
- Preparation & Filing of Company tax return(CT600) to HM Revenue & Customs
- Guide you how the tax system works in UK- Tax, N.I rates etc.
- Guide you how to keep good records
- Guide you if your business needs to be registered for VAT, Explain you about available VAT schemes
- Provide your list of possible allowable expenses
- Advise you about the tax liability & dates
- Act as an agent on your behalf and deal with HM Revenue & Customs
- Unlimited – Email and telephone support throughout the year
