Accountants for Limited Companies

Accountants for Limited Companies.

Accountants for Limited Companies

What are the benefits of being a limited company?

  • Limited Liability: Shareholders’ liability is limited to the amount they invest in the company, protecting personal assets from business debts and liabilities.
  • Professional Image: Operating as a limited company often portrays a more professional image to clients, suppliers, and partners.
  • Tax Efficiency: Limited companies enjoy various tax advantages, including lower tax rates on profits and the ability to utilise tax-deductible expenses.
  • Access to Funding: Limited companies may find it easier to secure funding and investment compared to other business structures, as they can issue shares to raise capital.
  • Credibility: Being a limited company can enhance credibility and trustworthiness in the eyes of customers and stakeholders, potentially leading to increased business opportunities.
  • Separate Legal Entity: A limited company is a separate legal entity from its owners, providing added protection and structure for business operations.
  • Ownership and Control: Limited company structures offer flexibility in ownership and control, allowing for the distribution of shares and the appointment of directors.
  • Business Continuity: A limited company structure offers greater continuity and longevity, as the company can continue to exist even if shareholders or director’s change.
  • Employee Benefits: Limited companies can offer additional benefits to employees, such as pension schemes, share options, and bonuses, which can help attract and retain top talent.
  • Brand Protection: Registering your business as a limited company helps protect your brand name and identity, preventing others from using it without permission.

These benefits demonstrate why many entrepreneurs and businesses choose to operate as limited companies.

What is required of a limited company?

Limited companies have various requirements they must fulfil to comply with regulations and maintain their legal status. Here’s a list of some key requirements:

  • Company Formation: Limited companies must be registered with the appropriate government authority, such as Companies House in the UK, and follow all legal procedures for incorporation.
  • Annual Accounts: Companies are required to prepare and file annual accounts, which can include a balance sheet, profit and loss statement, and director’s report, with the relevant regulatory body within the specified time frame.
  • Annual Confirmation Statement: Limited companies must file an annual confirmation statement (previously known as an annual return) with Companies House to confirm essential company information, such as directors, shareholders, and registered office address.
  • Company Tax Returns: Companies must submit annual tax returns to the relevant tax authority, such as HM Revenue & Customs (HMRC) in the UK, reporting their income, expenses, and tax liabilities.
  • Corporation Tax: Limited companies are subject to corporation tax on their profits, and they must calculate and pay their corporation tax liabilities within the prescribed deadlines.
  • Statutory Registers: Companies are required to maintain statutory registers, including registers of members (shareholders), directors, and significant interests, and keep them up-to-date.
  • Annual General Meeting (AGM): While not always mandatory, companies may need to hold an annual general meeting to discuss important matters with shareholders and directors.
  • Compliance with Company Law: Limited companies must comply with company law regulations, including adhering to the company’s articles of association, following proper procedures for director appointments and resignations, and ensuring corporate governance standards are upheld.
  • Paying Dividends: If a company decides to distribute dividends to shareholders, it must follow legal procedures and ensure that dividends are paid out of distributable profits.
  • Maintaining Records: Companies must maintain accurate and up-to-date records of their financial transactions, including invoices, receipts, bank statements, and accounting records.
  • Filing Fees: Companies may be required to pay filing fees for various statutory filings, such as changes to company officers, registered office address, or share capital.
  • Compliance with Industry Regulations: Depending on the industry in which the company operates, there may be additional regulatory requirements and compliance obligations that must be met.

Ensuring compliance with these requirements is essential for limited companies to operate legally and maintain good standing with regulatory authorities.

Everything we do is for the benefit of our amazing clients…

As the owner of a small online business I soon realised that accounting and bookkeeping are better left for people who not only know what they are doing but also are able to help me not feel completely lost in those areas! The Orenda Collective are an absolute joy to work with. It’s so much more than just a service – they genuinely care about me and my business and go far and beyond of what I expected this to be and they understand running and online business, selling services and course really well! I would recommend working with them 100%. And besides, Abbie and the team are just lovely human beings!

Ola Kowalska

We are a tech-orientated accounting firm that operates virtually for your convenience and efficiency. 

We utilise Zoom for our meetings to provide convenience, flexibility, and efficiency to our clients. By leveraging Zoom, we offer the convenience of joining meetings from anywhere with an internet connection. This flexibility saves time and eliminates the need for travel, allowing for more frequent and productive discussions.

Our client portal offers secure access to all your financial data, including accounts and tax returns, from anywhere. It’s a convenient hub for sharing information, ensuring transparency and accessibility. With real-time updates and robust security measures, you can collaborate seamlessly with our team, knowing your data is protected.

Limited companies we work with