Limited Company Accounts

One of the several ways in which a new business can be structured is the Limited Company. If compared to other types of business, the main difference is represented by its legal entity distinction from its directors and shareholders. In order to create a limited company, it must be registered at Companies House, that will inform HMRC of the creation (they will immediately assign you a Unique Taxpayer Reference, UTR).

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Limited Company Accounts

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Financial Accounting

HMRC and Companies House will require annual statutory accounts. Target business accountants can help you following GAAP standards and this will allow you to present a true view of your limited company’s financial affairs. Our specialists will help you with a variety of duties. You will have to deal with filing dates, profit/loss accounts, balance sheets, auditor’s reports, director’s reports and other sector terms.

Company Tax Accounting

After each accounting period, a company tax return is needed (CT600 form and a copy of your company accounts and tax computations). Filing is compulsory even in case of no profits. You will have to file the return when you receive a notice CT603. Delays lead to penalties.

Requirements

There are several requirements the company has to fulfill:

  • Companies House registration
  • Annual accounts filing
  • Annual Return (Form AR01)
  • Every year HMRC must be informed in detail about the company’s profits and taxable income
  • Annual corporation tax return
  • Employee income tax payment