Limited Company (LTD)
Limited company, apart from sole traders, is a most popular business structure in the UK. The liability of company directors is ‘limited’ in that the company’s finances are separate from personal finances, which is not the case for sole traders.
Limited company shareholders are not responsible for any debts run up by the business. There is no minimum capital requirement to set up a limited company in the UK.
There are various legal requirements which limited company must fulfill ranging from preparation of financial reports, tax returns as welll as paying taxes and national insurance contributions from salaries paid to employees.
We provide a complete service for limited company starting from registration, creating company documentation, taking care of accounting and tax side as welll as every day support for the company.
Becoming a sole trader is the simplest way to get your new business off the ground.
Once you have told HMRC of your intention to become self-employed, you can start trading immediately, subject to any industry-specific licenses you might need.
If you run your business as a sole trader, no distinction is made between your personal and business finances. As a sole trader, you will have complete control over your business and finances. You are also responsible for paying your taxes and national insurance contribution.
Our complete service for a sole trader is designed to help you to focus on your work rather than your paperwork.
Normally if you work for someone as an employee, they will deduct tax every month from your salary and pay National Insurance contributions on your behalf. You don’t need to contact HMRC or send tax returns to them if you have just this one source of income.
There are some circumstances when you might need to contact HMRC in order to have your tax matters right: when you have additional source of income or overpaid your tax.
If you feel like you might be paying too much tax or you wish to review you tax liabilities having various sources of income, we have a specialist advice service in place so that you can take a maximum advantage from all available tax planning opportunities within a scope of existing tax laws.
When you register a Limited company or as a Sole trader, this does not automatically mean that you are registered for VAT.
You will have to register for VAT if your business turnover reaches the certain lomit during any 12 month period, or if you expect it to do so in the coming 12 months. You can also register voluntarily if this is required by a type of business - for example trading within EU countries when you want to use 0% VAT rate.
On certain conditions, you can apply for a flat rate scheme where VAT rate is lower depending on type of your business and it is decided individually by HMRC.
VAT is more complex subject and in some circumstances you may be better off to be VAT registered business. Therefore it is always better to consult your accountant on VAT matters.
Employing people means that you need to be registered in HMRC as an Employer (PAYE), prepare your payroll on a regular basis, calculate tax and National Insurance contribution and send that information accurately and timely to HMRC.
Construction Industry Scheme (CIS)
CIS is a special system set up by HMRC which sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry.
Monitoring and controlling financial condition of your business is very important and regular access to high quality business information is necessary for a success in any business.
Depending on client’s needs we can prepare financial documentation and reports, provide interpretation of financial results of your company and/or prepare alternative scenarios for the future, aimed to increase profits and develop your business further.
We create business plans for our clients introducing new products, applying for additional finance or standing into a bid for new business. If you have great business idea, we can check its financial viability.
Our data processing skills allow us to prepare comprehensive data analysis and cost savings models as efficient tools for decision making in any size of the business.
Stress free acounting and tax services beyond normal compliance
We concentrate all our efforts to provide accounting and tax support that meets highest standard of customer care. Any qualified accountant will ensure the compliance with existing accounting and tax laws but we do much more by helping to start the business in the most efficient and cost effective way, showing examples how to save money when running your own business, explaining to our clients difference between tax evasion and tax avoidance and offering everyday phone/mail support always with the same person.
If you think about new business and don't know where to start or just review your current business condition, please explore our services below and feel free to contact us for free no obligation consultation.