Accountants for Limited Companies
As a hardworking company director, you deserve an accountant who cares about your business. The Smooth Accounting team understands the pressures you’re under and is dedicated to supporting small businesses like yours. From business advice to tax compliance, we’re here to help.
Limited Company Accounting for You
Life as a company director is demanding yet incredibly fulfilling. Every milestone and achievement is exciting, but let’s be honest, managing your financial records yourself can quickly drain all the pleasure out of the situation.
Here at SevenStars Accounting, we completely understand. Our dedicated team of limited company accountants exists to help motivated business owners like you eliminate the accounting stress. We are aware of the specific challenges and opportunities you encounter, and we are here to provide proactive accounting support to ensure your business remains stable and progresses forward.
Limited companies carry significant legal and financial responsibilities. Sometimes it’s hard enough just to stay on top of things, let alone dedicate any strategic focus to your finances. That is precisely where SevenStars Accounting can deliver real value.
In addition to managing the core accounting necessities like payroll and bookkeeping, we also offer strategic services such as specialized tax planning and management reporting. Our primary goals are consistently to boost efficiency, provide valuable insights, and maximize the profits of your limited company.
We are an accountancy firm fully committed to supporting small and medium-sized businesses. If you are determined to transform your company finances and strive for greater success, we are the ideal team for you. Message us today to begin.
What is a limited company?
Rule number one: there is no such thing as a foolish question in our perspective. If you initially started out as a sole trader, you may not have fully grasped the implications of operating as a limited company yet.
In legal terms, sole traders are regarded as the same legal entity as their business. They pay Income Tax on their revenue via self-assessment and retain all the company profits. While this is straightforward, if difficulties arise and money is owed, the debt must be paid from their personal funds.
In contrast, a limited company’s finances and liabilities are legally separate from those of its owners. This limited liability provides limited company directors with a degree of protection, as they are not personally responsible for repaying company debts in the majority of situations.
Limited companies must pay Corporation Tax on their earnings and are required to submit an annual company tax return to HMRC. The limited liability status functions both ways—the director’s personal assets are protected, but they cannot simply withdraw company profits at will. Profits can only be accessed by formally issuing dividends or via a director’s loan, which is governed by strict regulations.
Establishing a limited company offers several other benefits beyond limited liability. It can provide tax advantages, enhance the business’s professional credibility, and open doors to new opportunities.
What is the drawback? There is significantly more administrative work, unfortunately. Alongside their Corporation Tax obligations, limited companies must register with Companies House and are legally mandated to submit year-end accounts. However, with the support of a skilled accountant, the increased administration should not be a cause for concern.
Our Accounting Services for Limited Companies
SevenStars Accounting is here for all your accounting requirements, whether you need specific help with your bookkeeping, targeted tax advice, or a fully comprehensive service package.
Company Formation
Are you considering the launch of a limited company? We can advise you on the optimal timing to take this major step and manage the entire company formation process for you. We will register your new entity and help you understand your new legal and financial duties as a director. We will also provide guidance on selecting the best share structure for your business to minimize your tax liability.
Payroll
Managing a monthly payroll can be a significant diversion for an already overwhelmed business owner. At SevenStars Accounting, we provide a full payroll service, from accurately calculating salaries and necessary deductions to automatically enrolling your employees into a pension scheme. This approach ensures your business remains compliant, your employees stay satisfied, and you maintain your sanity.
Corporation Tax Return (Company Tax Return)
Our seasoned accountants will prepare your Corporation Tax Returns and submit them directly to HMRC on your behalf, guaranteeing you meet all critical deadlines and never receive a surprise tax penalty. We will also ensure you deduct every allowable company expense to effectively minimize your tax liability.
Annual Accounts
Submitting yearly accounts is a mandatory legal requirement for all limited companies. These accounts summarize your company’s financial activity over the year and must be filed with Companies House along with a detailed directors’ report. Our team will prepare your accounts, including your balance sheet and profit and loss statement, in full accordance with all relevant regulatory standards.
VAT Returns
Most limited companies are required to register for VAT, and many choose to register voluntarily before they reach the mandatory threshold. Registration can give your business increased professional credibility and allow you to reclaim VAT on eligible business purchases. If you are contemplating registration, we can assist with the entire process. We can also help compile and submit your VAT returns and ensure you reclaim every amount you are rightfully owed.
Frequently Asked Questions About Limited Company Accounts
What is the best accounting software for a limited company?
At SevenStars Accounting, we are strong advocates for Xero. In our professional opinion, there is no superior online accounting software available on the market; and we have thoroughly tested most of them.
Does a limited company have to be registered with Companies House?
You certainly do. To gain status as a limited company, you must register with Companies House and keep them updated with detailed information regarding your organization and its financial standing. This includes keeping the official register current with details like the company’s directors and shareholders and submitting annual accounts.
What is a limited company’s financial year?
The company’s financial year is the 12-month period for which it compiles its annual accounts, concluding on a pre-selected accounting reference date (ARD). A company’s accounting periods generally correspond directly with the financial year, which is used for preparing the required financial statements and submitting annual accounts to Companies House.
How long do you have to keep limited company accounting records?
You are legally required to keep limited company accounts and all other financial records, including all invoices, receipts, and bank statements, for a minimum of six years from the end of the financial year to which the records pertain.
How much are limited company accounts services?
Limited company accountants typically charge a fixed monthly fee for their services. At SevenStars Accounting, our package prices start at $£110$ per month—please refer to our pricing page for complete details.
Why choose us for your business bookkeeping services?
We're approachable — we understand that accounting can be intimidating and daunting, but our friendly team are always on hand to offer advice and peace of mind.
We're experienced — with many years of general practice experience, there's no query we can't handle.
We're cost effective — not only can we save you money, but we also believe in offering an excellent service at an excellent price.
Give yourself more time to spend on your business by letting us handle your bookkeeping efficiently and cost-effectively.
