What is a Limited Company?
A limited company, commonly referred to as an "Ltd" or "Limited," is a type of business structure in which the company's liability is limited to its assets.
This means that the company's finances are separate from the personal finances of its shareholders.
It's a separate legal entity from its owner(s), known as shareholders, providing distinct advantages and legal protections.
If the company faces financial difficulties or legal issues, the shareholder's personal assets are protected; they are only liable up to the amount they have invested in the company. Limited companies can be private or public, each with its regulations and disclosure requirements.
If you are unsure if an accountant is right for you check this blog out.
GMS Accountants can support with Year End Accounts and Tax Returns, VAT returns, Payroll and Self-Assessments. Please see below for more detail, or get in touch.
" Graham helped us enormously in our first year of trading as a limited company. He was responsive with advice, and flexible when we needed to talk to ask questions, and this helped us to have confidence that we're doing the right things to manage the financial side of our business. "
Oliver, Director, Cambridge Technical Marketing
Year End Accounts and Tax Return
All business have to file annual accounts with companies house, and tax returns with HRMC.
Annual accounts show the performance of the business for that financial year, and can compare this performance to the previous financial year. They can use used for credit checks, or when applying for loans. It's important they are accurate and represent what has happened through the financial year.
The tax return will tell you how much profit is liable for tax, and how much tax you need to pay to HMRC. There are a number of factors which can influence this such as capital allowances.
GMS Accountants can produce and file both company accounts and tax returns on your behalf, please get in touch to see how we can support you.
VAT Returns
Companies with a VAT taxable turnover in excess of £90,000 need to register for VAT with HMRC. A company can also voluntarily register for VAT if it is beneficial to the business.
GMS Accountants can prepare and file VAT returns on your behalf, register your company for VAT, and deal with any complications.
Please get in touch to find out more, or you would like to learn more about VAT, you can read this blog.
Confirmation Statement
Each year your company will need to file a confirmation statement with companies house, it is used to verify that the information Companies House holds about your business is accurate and up to date.
