Limited Liability Company Accountant
Based in London
Consult Lesstax 4 U on all aspects of limited company formation and accounting throughout the UK. As limited company accountants, we provide a range of services for small businesses and operators. Whether you need advice on choosing a business limited by shares or by guarantee, or you want to make sure you’re complying with all regulations, our team in Woolwich, London, have got you covered. What’s more, our fees are payable either on a one-off basis or on a monthly Direct Debit or Standing Order basis. Get in touch today to request further details.
Limited By Shares
Companies that are limited by shares are usually businesses that make a profit. This means the company:
Limited By Shares
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Is Legally Separate from the People Who Run It
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Has Separate Finances from Your Personal Accounts
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Has Shares and Shareholders
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Can Keep Any Profits It Makes after Paying Tax
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Pay dividend to shareholders
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Shareholders pay tax on dividend
Limited By Guarantee
When a company is limited by guarantee, it is usually a non-profit organisation. This means the company:
Limited By Guarantee
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Is Legally Separate from the People Who Run It
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Has Separate Finances from Your Personal Accounts
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Has Guarantors and a ‘Guaranteed Amount’
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Invests All Profits Back into the Company
Limited Liability Company Services
As limited company accountants, our range of services includes:
Limited Liability Company Services
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Company Formation and Setup
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Year-End Financial Statements
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Corporation Tax Computation and Returns
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Bookkeeping
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VAT
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Payroll
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Personal Tax Returns for Directors and Individuals
Year-End Financial Statement
All UK registered company must prepare and file statutory annual accounts or year-end-financial statements 9 months after the company year-end date. It is the director’s responsibility to prepare and file the account on the due date or the filing deadline, whether the company is actively trading or dormant and failure will result in a late-filing penalty. Our accountants will support you in creating and filing the company statutory financial statements, accurately, correctly and on time to avoid the last mintue rush.
Benefits of having a Limited Liability Company
Limited Liability
If you run a limited company, you are personally protected should things go wrong. As a company director, you will not be personally liable for any financial losses made by the company.
A Separate Entity
A limited company is a legal entity in its own right. That means everything from bank accounts to assets is in the company’s name; they are owned by the company, not the directors or shareholders.
Professional Image
If you plan to do business with larger companies, it’s good for perception to work as a limited company, which gives off a more professional appearance.
Tax Liability
The company will pay corporation tax on profits after accounting for all allowable expenses. As a director and shareholder, you can elect to take the majority of your income in dividends, enabling you to manage your own tax liability and potentially save on National Insurance costs.
Protection
In addition to limited liability protection (see above), your company name is protected by law upon the successful completion of registration. Companies House has very stringent rules about the naming of companies, preventing anyone else from using your name or anything deemed too similar.
Ownership and Succession
If you are the sole shareholder in a business, you own that business. However, a limited liability company can easily transfer ownership of shares. Also, existing shareholders can sell a stake in the company to other parties at any time, though this may involve personal tax implications.