Limited company concept was first introduced in 1600 under the royal charter.
A limited company is primarily an incorporated platform which facilitates to run a business under specific company rules. A company itself is responsible for all its operations owns all its income, expenses, assets and liabilities in its own right without any connection to its directors. After paying corporation tax on its profits it can then share the remaining profit with its shareholders.
A private or a family company owners are by law liable for its debts but only equivalent to the amount of capital they invested and their personal assets are considered completely distinct from company finances. A company can be limited by guarantee or limited by share.
Company law has greatly evolved over times in terms of corporate obligations, responsibilities and statutory reporting requirements. The law confers certain duties upon company director and/or shareholder to conduct the company operations. Such as:
- File Company accounts with HMRC and companies house
- Tax computations and payment of Corporation tax
- Keep record of all transaction according to the accepted accountancy practices
- Ensure statutory accounts are “true and fair view” of its company operations
- Maintain company register and report all changes to Authorities
- Conduct company operation as per articles of association
- Exercise skill & judgement in guarding shareholder’s interests
We can provide support to make sure your company meets all of the required administrational obligations and complies with the companies’ law.
Here at Accounttax, we understand that according to the strict businesses house terms and conditions, start-up of a new business must be completed. We know how to deal with all of these important requirements for you, so that if you have a startup business, just get ready to create a bank account and start trading without any stress.
Quick and easy company secretary services include registering your company name with Companies House, providing the Certificate of Incorporation, Memorandum and Articles of Association, share certificates and registering for PAYE and VAT.More
Solid advice and support is essential to improve your tax position. There are many mind-numbing issues around corporation tax all of which will halt your ability to move your business forward.
While dealing with the routine business taxation matters, regular strategic tax reviews and sensible corporate tax planning by identifying the tax opportunities specific to your business sector can result in lesser tax bill and potentially significant improvements in your bottom line profit.
Business is about knowing your figures and keeping the books may not be the most interesting of tasks, but it is imperative to have the snapshot of your business at any given time.
Book Keeping is sometimes considered a laborious job. We understand your business has its own needs and your book keeping administration will be different to others. We tailor our service to suit you and take the time to understand your business processes, advise if they can be streamlined and provide any ideas to help make your book keeping easier; whilst still achieving the information you require. We would be delighted to support your business and believe no job is too big or too small from simple record keeping to management accounts.
Are you responsible for Payroll? If you are, you will know that its accurate handling is of prime importance in terms of being proactive with its ever-changing dynamics but also to avoid any related costs or penalties that may follow if not dealt with properly.
Your employees expect their pay on time and taxes must be precise. Payroll takes a meticulous mind and tax details change often, which can make payroll demanding on your time. Especially the introduction of Real Time Information for the processing of payrolls has been a cause of extra complexity and compliance.
Businesses also need to provide work place pension opportunities to their staff by enrolling on Auto Enrolment Pension Scheme. They usually not fully prepared or do not have enough time and resources to tackle with this added compliance issue.
Accounttax can remove this stress and handle your payroll allowing you to focus on taking your business forward.
Our services are tailored to your needs and suitable for any business regardless of headcount. We can support your current requirements or remove the payroll burden completely whether your payroll is run weekly or monthly.
Vat is one of the most complex areas of tax regime where constantly changing rules or an occasional oversight can cost business huge tax bills and extra paperwork.
Vat rules are very specific for each business category and small businesses usually find it daunting to familiarise themselves with specific vat issues, such as
- VAT Categories
- Business and non-business supplies
- Partial Exemptions
- Reclaiming VAT
- Rules for invoices
- VAT on income
- Tax points
- Trading with EU countries
Businesses sometime may Have multiple income streams from local or foreign sources such as investments, trade, capital gains, rentals, savings, requiring careful tax planning using all available tools to make a significant difference to your tax liability.
Tax Planning is very important and helps keep control of your finances. We are finding tax is increasing in terms of complexity and responsibility has been imposed on the taxpayer. Professional advice and support is essential to improve your tax position.
Our team will support and advise you with the management on all your all tax related areas. We will plan the available options with you which will allow you to take full control of your financial situation.
We look to help you save tax by making sure you are utilising all available options to you.
Accounttax offer a wide range of accounting and taxation services to our clients, such as:
- Income tax
- Capital gains tax
- Inheritance tax
- Trusts and estates
- Non-domiciliary tax issues
Our support will provide you full control of your finances, save money and help plan ahead. Essentially, ensuring you are doing the best for your business.
There are many ways in which profits can be withdrawn from a business, each with their own tax ramifications. Accounttax are aware tax rules can change over time so the strategies that have worked for you in the past may not be best suited to you in the present.
The hustle and bustle of trying to keep your business alive and growing, can make it difficult to find time to consider what the best way to take the profits out of your company.
With there being several options available, Accounttax will advise you on those that suit you best. You may consider taking dividends instead of a salary, although they have undergone big changes in recently. We will explain to you the differences between salaries and dividends, such as; the latter can only be paid out of profits while you can continue to draw a salary during a loss-making period.
Your businesses success relies upon knowing your figures.
Continuous monitoring and control of the businesses financial performance is absolute. Keeping your eye on the ball and regular management information will be vital to its success. We believe every company has different requirements and work closely with businesses of all shapes and sizes, across many industries.
Implementing strong financial controls is crucial for the success of any company.
We will support you by producing either monthly or quarterly management accounts. We will spend quality time with you, review your requirements and provide you with bespoke information and constructive advice for managing resources, funds and help implement systems which will support and manage your growth.More
It is vital to you and your business to consider and prepare routine financial projections and cash flow forecasts. Financial forecasts aren’t just for large multinational corporations; these projections can provide invaluable information as to the future financial position of your business.
Having this information in the forefront of your mind and intricately planned will help you, in most cases, when applying for funding with banks and funding bodies.
Another powerful tool is cash flow projection. This depicts the inwards and outwards cash streams from all your business activities and how much initial or periodic investment your business may require. A cash flow forecast will help you seriously consider how much you are going to make in sales, plan how much you can expect to spend and propose when that cash will be expected back in.
Cash flow projection is very important to the running of your business. Cash is always the most important factor and armed with this knowledge you will be able to make important decisions.