What Swindon Accountants Do for Limited Companies
Limited companies – the financial & legal obligations of running a limited company.
Filing at Companies House
The confirmation statement and accounts need to be submitted to Companies House every year. We can deal with the submission of these documents on your behalf to ensure that they are submitted in time and in the correct manner to avoid any penalties or the company being struck off.
Corporation Tax Returns
The return for Corporation Tax is required to be submitted to HMRC within 12 months of the accounting year end for a limited company, with the tax itself becoming due 9 months and 1 day after the year end. As with other returns an accountant can calculate the tax liability, claim reliefs and complete and submit the return.
Director Pay and Dividends
As a director of a limited company, you can pay yourself a salary and draw dividends on top. This is often the most tax efficient way for owner directors to take money from their company, as long as the work has been done properly and the dividends are paid correctly with sufficient retained earnings in the company.
VAT Registration and Returns
VAT returns must be completed on a quarterly basis and once your business is near to the VAT threshold your business will need to register for VAT. Owners of limited companies can make use of an accountant to file your returns and to choose the correct scheme to use such as the flat rate scheme or the cash accounting scheme.
Allowable Expenses
Claiming allowable expenses such as home office space, travel, fuel, stationary, equipment and even cars can reduce a director’s taxable profits. However, there are specific rules on what can be claimed as an expense and what cannot. An accountant can identify all of the relevant expenses that can be claimed by a director and ensure that the correct amount is claimed each time to avoid any over-claiming of expenses.
There is more on Swindon Accountants at https://www.randall-payne.co.uk/services/accountancy/swindon-accountants.
Getting things right from the start will save you a lot of time, money and stress in the long run.
