Owning a limited company involves a unique set of responsibilities and opportunities. Whether it's limited by shares or guarantee, compliance with HMRC's Limited Company tax rules is paramount. The advantage lies in its tax efficiency, offering higher take-home pay, tax planning opportunities, and, crucially, limited liability. This shields personal assets from the company's financial difficulties, instilling confidence in suppliers and creditors.

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Benefits of Working Through a Limited Company:

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• Higher Take-Home Pay: Enjoy a more rewarding financial outcome.

• Claim Business Expenses: A wide range of expenses can be claimed, optimising your financial position.

• Tax Planning Opportunities: Strategically plan your taxes for maximum efficiency.

• Limited Liability: Safeguard personal assets in case of financial challenges.

• Share Division: Ownership flexibility through the division of shares.

• Credibility with Suppliers and Creditors: Instil confidence by operating through a structured company.

 

Starting a New Company? 

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Before diving into the world of limited companies, deciding on a company name and structure is crucial. We assist in checking name availability and provide expert advice on the best structure for your business.

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Comprehensive Limited Company Accounting Services:

 

From incorporation to annual filings, we offer a range of services tailored to your limited company's needs:

• Incorporation of a limited company.

• Bookkeeping services.

• Assistance in opening a business bank account.

• Annual return filing with Companies House.

• Abbreviated yearly set of accounts submission.

• Complete set of accounts filing with HMRC.

• Company Corporation tax return (CT600) filing.

• VAT registration and quarterly returns (if applicable).

• PAYE system setup and real-time data payroll filing.

• Annual self-assessment tax return for company directors.

• Additional requirements such as P11D submission.

 

Record Keeping Essentials:

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Maintaining organised records is key:

• Purchase invoices and expenses.

• VAT records if registered.

• Business bank statements.

• Sale invoices.

• Employee and casual labour information.

• Business credit card statements (if any).

 

Directors and Their Responsibilities:

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Directors play a crucial role in ensuring accurate financial accounts and compliance. They are responsible for notifying Companies House of any structural changes and completing a Self-Assessment tax return annually. Structuring salary and dividends correctly is vital for tax efficiency.

 

PARTNERSHIPS

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For those seeking a more straightforward business structure, partnerships offer a collaborative approach to ownership and profit-sharing. Partnerships can be ideal for simplicity and flexibility, especially when adding or removing partners. Taxitta Ltd provides affordable monthly accounting and tax services tailored to partnership needs.

 

Registered Company Address:

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Understanding the importance of a registered company address is vital. It serves as the official address for legal entities and must be distinct from the actual business location. If you need to change the address, we can guide you through the process.

 

Closure of the Company:

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When closing a business, thorough financial reporting is essential. Taxitta Ltd helps prepare and submit all required reports, ensuring a smooth closure process with HM Revenue and Customs and other creditors.

 

Restoration of Dissolved Company:

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If your company was dissolved, restoration is possible within six years. We can guide you through the administrative restoration process, allowing you to continue running your business and using your bank account.

We're not just financial experts; we're partners in your success. Whether you're a limited company or a partnership, our services are tailored to your unique needs, ensuring financial health and compliance every step of the way.