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Limited Company

If you are running a limited company, keeping track of all your finances can take up a lot of time and prove complicated to deal with. Suffolk-based Orwell Accountants are the solution to this problem. We provide expert accountancy services for companies in the Ipswich area, including tax, payroll and book-keeping. 

The main advantage of setting up a limited company is that you can ensure that your own private finances are kept separate from those of your business. This means that your liability is limited, so that if in future the business can’t meet its debts you are not personally liable. You will only be liable for the money you have invested in the company and for any personal guarantees you have given in raising finance. Limited companies are also taxed separately from their individual directors. 

Responsibilities of Limited Companies

When running a limited company, you have a number of responsibilities and regulations which you need to comply with. These include:

  • Registration

    Private limited companies need to be registered with Companies House, something which can often be done online. You need to provide information including details of your shares and directors and rules for the running of the company. After registering, you will be issued with a certificate.

  • Annual Accounts and Returns

    Annual accounts need to be filed with Companies House by a set deadline, and they have to meet standards for accounting. Also needed is an annual company return, which gives statutory information about directors, shareholders and your registered office. If your company is above a certain size, you must ensure the accounts are audited.

  • Record Keeping

    More detailed records need to be kept for limited companies than for sole traders or partnerships. These include information about the company and its running, and any votes or resolutions, in addition to financial records.

  • Corporation Tax and VAT

    Limited companies have to register for Corporation Tax, which is payable on profits. You have to file a company tax return to work out how much corporation tax is due, and payments need to be made by a deadline. You also need to submit VAT returns if your turnover is above a set figure.

Limited Company Accountant

There are also other requirements and regulations which limited companies must conform with, and legal requirements governing directors, such as following the company’s rules and registering for self-assessment. As a director, you are also responsible for ensuring accounts are “true and fair” and that company records are kept.

Our Services for Limited Companies

Setting Up a Limited Company

When you start up your company, we can help you through the process, including registering with Companies House, and ensure that you complete all the correct formalities. We can also help you to decide whether a limited company is suitable for your business.

Corporation Tax and VAT Returns

We are highly experienced in all areas of taxation and can help limited companies by preparing corporation tax computations and filing returns, as well as VAT and self-assessment returns.

Preparing Annual Accounts

Our proactive approach means we ensure that limited company accounts are prepared in good time and all relevant paperwork is filed with Companies House, HMRC and any other authorities as needed.

Corporate Finance and Tax Planning

Many limited companies will need to apply for finance at some time. We can help you to make effective applications, by drawing up business plans which include all the relevant figures and projections. Our services also include tax planning, ensuring that budgeting is carried out ahead to eliminate unexpected bills.

Payroll

Whatever the size of your limited company in Suffolk, our accountancy services can include a full payroll solution, with payslips, PAYE returns filed to HMRC and all other necessary paperwork.

Management Accounts and Financial Reporting

As well as preparing annual accounts, we can also keep records of cashflow and company finances on an ongoing basis, preparing regular management accounts. Reports can be provided monthly, quarterly or annually.