Services for Limited Companies
Companies Tax Returns
Who Needs to File a Company Tax Return and Why?
Every limited company registered in the UK is required to file a Corporation Tax Return with HMRC, even if the company has made no profit or is dormant. Filing a Corporation Tax Return is a legal obligation that ensures your business declares its income, expenses, and any tax due on profits made during the financial year.
Failure to file your Company Tax Return on time can lead to significant penalties and interest charges. Additionally, your business must also file annual accounts with Companies House, which provide a clear picture of your financial position to shareholders, investors, and regulatory authorities.
By complying with these requirements, your company remains in good standing and avoids unnecessary financial and legal complications. Our expert team is here to make the filing process smooth and straightforward, so you can focus on running your business with confidence.
LTD Company Accounts and Tax Services
Running a limited company involves meeting specific accounting and tax obligations, and our full-service offering ensures that your business remains compliant, efficient, and financially optimized. We provide a comprehensive range of services tailored to the needs of LTD companies, allowing you to focus on growing your business while we handle your accounting needs.
Our team specializes in preparing comprehensive and accurate year-end accounts using your financial records. We ensure that your annual financial statements are meticulously compiled, providing crucial insights into your company’s financial performance and position. These reports not only meet statutory requirements but also empower you to make informed, strategic decisions that can enhance your business’s profitability and efficiency.
Our Services for LTD Companies Include:
1. Annual Statutory Accounts Preparation: We prepare and file your annual accounts in compliance with Companies House and HMRC regulations, ensuring accuracy and timeliness to avoid penalties.
2. Corporation Tax Returns (CT600): Our team takes care of preparing and filing your Corporation Tax Return, optimizing your tax position and identifying any available reliefs or allowances.
3. Bookkeeping Services: We offer complete bookkeeping solutions to keep your financial records organized and up to date, giving you real-time insights into your company’s financial performance.
4. Company Secretarial Services: We manage the administrative aspects of your company, including filing confirmation statements, updating company records, and maintaining compliance with corporate governance requirements.
5. Tax Planning and Advisory: Our experienced accountants provide strategic tax planning to help minimize your tax liabilities and improve the financial efficiency of your company.
6. Dividend Planning: We advise on efficient dividend distribution, helping you maximize your income while remaining compliant with tax regulations.
7. Support for Business Growth: Whether you’re a startup or an established company, we offer advisory services to support your expansion, from financial forecasting to investment analysis.
Our dedicated team is always available to explain the numbers in simple terms, helping you understand your financial data and identify opportunities to boost your business’s performance. We are committed to supporting you in achieving your business goals by offering expert guidance every step of the way.
Dormant Company Accounts
For businesses classified as dormant, we provide Dormant Accounts Return services. This ensures that dormant companies meet their legal filing requirements efficiently and with minimal hassle.
CIS Returns
Limited Companies CIS Contractors and Subcontractors
If your business operates as a Limited Company in the construction sector, staying compliant with the Construction Industry Scheme (CIS) is essential. Our specialized CIS services are designed to help both contractors and subcontractors meet all obligations with accuracy and efficiency, preventing penalties and ensuring seamless business operations.
Who Needs to File a CIS Return and Why?
Under the Construction Industry Scheme (CIS), companies must file CIS returns if they act as contractors hiring subcontractors for construction work. This involves deducting CIS payments from subcontractors’ earnings and reporting them to HMRC, serving as advance payments toward tax and National Insurance contributions. Filing these returns ensures that HMRC has accurate records and can hold subcontractors accountable for their tax obligations.
For subcontractors, CIS deductions are made from payments received, and it’s crucial to keep track and claim any overpaid tax. Proper compliance with CIS regulations not only helps avoid hefty penalties but also protects against disputes and additional scrutiny from HMRC.
Our CIS Services for Limited Companies
We provide an extensive range of CIS-related services tailored for both CIS contractors and subcontractors:
Services for CIS Contractors:
• CIS Registration: Assisting with HMRC registration as a CIS contractor to ensure full compliance from the outset.
• Monthly CIS Returns: Accurate preparation and filing of monthly CIS returns, ensuring all payments and deductions are correctly reported on time.
• Subcontractor Verification: Verifying subcontractors with HMRC to establish the appropriate CIS deduction rates, reducing the risk of non-compliance.
• CIS Deduction Calculations: Calculating precise CIS deductions for each subcontractor, ensuring that the correct amounts are withheld.
• Payment Statements: Issuing comprehensive payment statements to subcontractors, detailing all deductions and payments under the scheme.
• Record-Keeping Assistance: Helping you maintain well-organized records of CIS payments and deductions, meeting HMRC requirements.
• Compliance Checks: Providing expert support and guidance if your business is selected for a CIS compliance review by HMRC.
Services for CIS Subcontractors:
• CIS Deduction Tracking: Monitoring CIS deductions made from contractor payments, maintaining accurate records for tax purposes.
• CIS Tax Refunds: Assisting with claiming tax refunds for any over-deductions, ensuring subcontractors reclaim excess payments promptly.
• Self Assessment Tax Returns: Preparing and filing Self Assessment tax returns, incorporating CIS deductions to minimize tax liabilities.
• Tax Planning and Advisory: Offering strategic tax planning to help subcontractors maximize earnings and minimize tax obligations.
• Business Setup and Registration: Providing guidance on setting up as a self-employed subcontractor or transitioning to a Limited Company for tax efficiency.
Our online accountancy firm is committed to taking the complexity out of CIS compliance for both contractors and subcontractors. From registration and monthly returns to tax refunds and strategic advice, we’ve got you covered. Focus on your construction projects with confidence, knowing that our team will handle your CIS requirements efficiently, saving you both time and money.
Directors Tax Returns
Director’s Tax Returns
As a company director, you have specific responsibilities when it comes to filing your personal tax returns. Our dedicated services ensure that your tax affairs are handled professionally, accurately, and on time, giving you peace of mind and the ability to focus on running your business.
Who Needs to File a Director’s Tax Return and Why?
If you are a director of a Limited Company, you are typically required to file a Self Assessment tax return with HMRC each year. This requirement applies even if you do not take a salary or if your only income comes from dividends. Filing a tax return is essential to report any income you’ve earned, whether from your company, investments, or other sources.
Directors must declare:
• Salary and Dividends: Income from the company, including any salary paid and dividends received.
• Benefits in Kind: Any non-monetary benefits provided by the company, such as a company car or private healthcare.
• Other Income: Income from rental properties, investments, or additional employment must also be included.
Filing your tax return on time ensures that you stay compliant with UK tax laws and avoid penalties. Late or inaccurate submissions can lead to financial consequences and further investigations from HMRC, so it’s important to get it right.
Our Director’s Tax Return Services
We offer a full suite of services tailored to meet the tax needs of company directors. Our expertise ensures that your tax return is prepared accurately and efficiently, with a focus on minimizing your tax liabilities while remaining compliant with HMRC regulations. Our services include:
• Tax Return Preparation: Compiling and preparing your Self Assessment tax return with all necessary details, including salary, dividends, and other income.
• Tax Planning: Offering strategic advice to optimize your tax position, helping you make the most of tax allowances and deductions available to directors.
• Benefits in Kind Reporting: Accurately reporting any benefits you receive from the company and calculating the tax due on these benefits.
• Dividend Tax Calculations: Calculating and reporting the correct amount of tax on dividends received, ensuring you pay the right amount.
• HMRC Liaison: Handling all communication with HMRC on your behalf, including dealing with any queries or potential compliance checks.
• Filing and Submission: Filing your Self Assessment tax return online with HMRC to ensure it is submitted before the deadline.
• Record-Keeping Assistance: Advising on how to maintain proper records of income and expenses to make future tax returns easier and more accurate.
We understand the complexities of tax obligations for directors and are committed to simplifying the process for you. Our proactive approach ensures that all aspects of your tax return are managed efficiently, minimizing stress and maximizing your time to focus on growing your business.
VAT Returns - Calculation ans Submission by expert tax accountants
Managing VAT can be a complex and time-consuming task for businesses, but our expert VAT services are here to make the process seamless and stress-free. We ensure that your VAT returns are prepared accurately and submitted on time, helping you stay compliant with HMRC regulations and avoid costly penalties.
Who Needs to File a VAT Return and Why?
If your business is VAT-registered, you are required to submit VAT returns to HMRC, typically every quarter. This applies to businesses with a taxable turnover above the VAT threshold, currently set at £90000 per year. Even if your business turnover falls below this threshold but you have voluntarily registered for VAT, you are still obligated to file returns.
A VAT return summarizes the amount of VAT you have charged on sales (output VAT) and the VAT you have paid on business-related purchases (input VAT). If the VAT you have charged exceeds the VAT you have paid, you must pay the difference to HMRC. Conversely, if you have paid more VAT than you charged, you can reclaim the difference.
Submitting accurate and timely VAT returns is crucial to avoid penalties, interest charges, and potential audits from HMRC. Furthermore, businesses must comply with the Making Tax Digital (MTD) ilegislation and accordingly must keep digital records and submit VAT returns using compatible software.
Our VAT Return Services
We provide comprehensive VAT services to ensure that your business stays compliant and that you get the most out of your VAT claims. Our expertise covers all aspects of VAT management, from registration to filing, making your VAT obligations as straightforward as possible. Our services include:
• VAT Registration: Assisting with registering your business for VAT and advising on the best VAT scheme for your specific needs, whether it be the Flat Rate Scheme, Cash Accounting, or Standard VAT.
• VAT Return Preparation and Filing: Preparing and submitting your VAT returns accurately and on time, ensuring compliance with HMRC’s requirements and minimizing the risk of errors.
• Making Tax Digital (MTD) Compliance: Helping your business become MTD compliant by setting up and using compatible digital accounting software for seamless VAT record-keeping and submissions.
• VAT Reclaims and Deductions: Identifying VAT you can reclaim on business expenses to optimize your cash flow and reduce your overall VAT liability.
• VAT Advice and Planning: Offering strategic advice to help manage and plan for your VAT obligations, including guidance on how VAT impacts cash flow and business transactions.
• HMRC Communication: Handling any communication or queries from HMRC regarding your VAT returns, including support in the event of an investigation or audit.
• VAT on International Trade: Providing guidance on VAT rules for imports, exports, and cross-border transactions to ensure compliance with international VAT regulations.
Our team is committed to simplifying the VAT process for your business, ensuring that you remain compliant while maximizing the benefits of efficient VAT management. Let us handle the complexities, so you can focus on growing your business with confidence.
Types of VAT We Manage
Our VAT expertise covers a wide range of VAT types, ensuring your business benefits from precise and compliant VAT management, regardless of your industry or specific needs:
• Standard Rate VAT: We handle VAT at the standard rate for most goods and services, ensuring accuracy for businesses in sectors such as retail, hospitality, professional services, and beyond.
• Reduced Rate VAT: Our team is experienced in managing reduced-rate VAT for applicable goods and services, such as energy supplies or certain home improvements, and can guide any business affected by these regulations.
• Zero-Rate VAT: We assist businesses in properly accounting for zero-rated items, whether it’s for healthcare products, food supplies, printed materials, or any other eligible goods or services.
• Exempt VAT: We ensure that businesses dealing with VAT-exempt items—such as financial services, education, or specific healthcare services—comply with VAT regulations and accurately report exempt transactions.
• Retail VAT Schemes: We provide support for businesses using the Retail VAT Scheme, which simplifies VAT calculations for retailers dealing with a high volume of small sales. We’ll advise on which scheme best suits your retail operation, whether it’s point-of-sale, apportionment, or direct calculation.
• Flat Rate and Cash Accounting Schemes: We guide businesses in selecting and managing the most suitable VAT schemes to improve cash flow and simplify VAT obligations, tailored to your business’s size and nature.
Our goal is to offer expert VAT support that is flexible and adaptable to businesses of all sizes and industries, from startups to established enterprises. No matter what type of goods or services you provide, we ensure your VAT obligations are met efficiently and in line with HMRC requirements.
Payroll - PAYE - Pull Payroll Services for you and your staff calculated and submitted to HMRC (RTI) by an Expert Accountant
Running payroll and managing PAYE (Pay As You Earn) obligations can be a complicated and time-consuming task for businesses. Our comprehensive PAYE services are designed to simplify payroll management, ensuring your employees are paid accurately and on time while keeping your business fully compliant with HMRC regulations.
Who Needs to Manage PAYE and Why?
PAYE is HMRC’s system for collecting Income Tax and National Insurance from employees’ salaries. If your business employs staff or pays directors a salary, you are required to operate PAYE as part of your payroll. PAYE ensures that tax and National Insurance contributions are deducted from employee pay at the correct rates and reported to HMRC.
Employers must calculate and deduct Income Tax and National Insurance contributions every time they pay their employees. These deductions, along with any additional obligations such as student loan repayments or workplace pension contributions, must be reported to HMRC through regular Real-Time Information (RTI) submissions.
Failing to manage PAYE obligations properly can result in penalties and fines from HMRC. Therefore, accurate and timely payroll processing is essential to maintain compliance and ensure your employees are paid correctly.
Our PAYE Services
We provide a full suite of PAYE and payroll services to handle all aspects of employee payments and HMRC reporting. Our services ensure that your payroll is managed efficiently and that your business remains compliant with all legal requirements. Here’s what we offer:
• PAYE Registration: Assisting with the registration of your business for PAYE with HMRC, ensuring you are set up correctly to manage payroll obligations from the start.
• Payroll Processing: Running payroll accurately and on schedule, including calculating gross and net wages, deductions, and contributions.
• RTI Submissions: Submitting Real-Time Information (RTI) reports to HMRC every time you pay your employees, as required by law.
• Tax and National Insurance Calculations: Calculating and deducting the correct amount of Income Tax and National Insurance contributions from employee wages.
• Employee Payslips: Generating and distributing detailed payslips for your employees, with a clear breakdown of their earnings and deductions.
• Year-End Reporting: Preparing and filing all necessary year-end payroll documents, including P60s for employees and P11Ds for reporting employee benefits and expenses.
• HMRC Correspondence: Handling all communication with HMRC on your behalf, including addressing any queries or issues related to PAYE.
• Workplace Pensions: Managing pension contributions and ensuring your business complies with automatic enrollment requirements.
• Director Payroll Services: Setting up and managing payroll for company directors, taking into account tax efficiency and compliance considerations.
• Employee Benefits Administration: Assisting with the administration of employee benefits, such as company cars, healthcare, and other taxable perks.
• Starter and Leaver Management: Managing payroll for new starters and leavers, including the provision of P45s and updating HMRC with new employee details.
Our expert team takes the stress out of payroll management, allowing you to focus on running your business while we handle all PAYE-related tasks with precision and care. From PAYE registration to ensuring your employees are paid accurately and keeping up with ever-changing regulations, we’ve got your payroll covered.