Limited Company Accountants
Limited company accountants providing tailored services to businesses and individuals alike. Helping you stay compliant, produce a healthy cashflow, and grow your business through proper tax planning and management.
Highly Experienced Limited Company Accountants
Operating as a LTD entity opens up access to a variety of different tax elements and strategies which a limited company accountant can take advantage of. It also provides your business with a limited liability status that protects its directors. All liabilities are that of the companies and not directors or shareholders. There are many advantages and disadvantages, as there are with any legal entity, and what you decide to structure your business as will largely depend on its operations.
Our unique experience and highly skilled team allow us to help make that decision for you. We will start by understanding how your business operates, and how you see it moving forward, then use this data to discuss what company structure is best for you.
Testimonials
Our business prides itself on customer satisfaction and is proud of the reputation we have built over the last 35 years. We help clients with a variety of tax-related services and appreciate every review and kind word we receive in return. You can check out some of our reviews yourself that our clients have left online.
Why Do I Need a Limited Company Accountant?
Choosing which legal entity your business operates as is no easy decision. There are many advantages and disadvantages to almost any route your business takes, which is why it’s important for your accountant to run an assessment to determine which course of action will benefit your business and its growth the most.
A LTD entity often comes with a large amount of responsibility, including marketing, client management, payroll duties and, most importantly, managing your finances. You’ll also need to prepare tax returns and file annual accounts. Having a dedicated accountant on your side will mean you get the most out of your business without having to worry about compliance. As with any legal requirement or obligation, there are a plethora of ever-changing regulations that you need to keep up to date with to ensure you are maximising the possibility of tax reduction.
At JMC accountants, we have over 35 years of experience working with ltd operations all across the country, providing us with valuable knowledge on the legal entity. Whether you’re just starting up or you’re already a fully established business, we can help walk you through your options and discuss what’s best for your business. Every service we offer is completely tailored to our clients’ needs. We never charge for services you don’t need and always have your best interests at heart.
Tax Efficiency
Over a certain level of income, operating as a ltd entity is much more tax efficient. It also allows for tax planning opportunities that can work for the business’s future. You can also operate a payroll scheme, which means you can take home more pay and minimise your National Insurance contributions throughout the tax year.
Limited Liability
Your business is classed as a separate legal entity from its directors and the people running it. This means any debt that you incur, stays within the business. No directors outside of your business are liable for any debt, meaning their personal assets are safe.
Established Status
A limited company often gives your business more credibility. Customers, and even suppliers, can see your business as an established brand. However, they are often monitored more so than those who are self-employed. They have the obligations of annual accounts & financial statements which show as public records. This means you are totally transparent.
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Accountancy Services For Limited Companies
Using Future Proof Software
You will have full access to your software backups when required so you can keep an eye on your books. We will also provide you with any necessary reports regularly. Our software is MTD ready if you are VAT registered, allowing us to submit prepared VAT returns and avoid unnecessary penalties.
Choosing the right path
As we mentioned above, choosing the right legal entity for your business is not an easy decision by any means. While it can be beneficial for one business, it can be the complete opposite for another. We love to sit down with all of our clients in their initial free consultation to get to know how it operates. You'll sit down with one our experts for a free 30 minutes. The more we know and understand about your business the more informed decisions we can make, providing your business with the most tax-efficient route setting up, planning and strategizing.
Can I Do Limited Company Accounts Myself?
Years Experience
Regulated
Established In
Benefits of a Limited Company Accountant
Can Claim Expenses
A good accountant can assess your business and understand what expenses you can claim. Operating as a ltd entity gives you a wider range of expenses to capitalize on, which our team knows inside and out; helping you reduce your corporation tax bill when the time comes.
Easy Set Up
Our team has experience setting up, and filing the correct legal documents to form your limited entity. We make sure that your process is quick and easy using our in-house ltd experts that have vast experience dealing with such matters; including Corporation Tax, VAT registration, and running payroll.
Peace Of Mind
When signing up as our client, it's our duty to look after your financial affairs; which include monitoring any deadlines, registering for necessary tax services, and filing your returns. This gives you complete peace of mind, knowing that an experienced team has your back. No longer will you need to worry about preparing or filing your returns.
What is a limited company?
A limited company is one of several types of structures a business may operate as. It is a separate legal entity that is limited by shares or by guarantee; and must be incorporated with Companies House.
A company that is limited by shares is one that intends to make a profit within their operations. One that is limited by guarantee is a “not for profit” entity.
How much does a limited company accountant cost?
The cost of both setting up a limited company and preparing & filing its returns, will often depend on a number of factors; including how much work you would like your accountant to do, and the size of your business.
The more complicate your business is, the longer it will take an accountant to ensure its obligations are met, thus increasing the costs. To provide an accurate quote for your business, we recommend sitting down with a qualified expert, so they can understand how your business operates and what obligations it needs to meet.
How much tax does a limited company pay?
The current rate of Corporation Tax for 2022/23 is 19%. This is a percentage that you pay on your total profits less expenses for your business. If you run a payroll scheme you will also have to pay Pay As You Earn (PAYE) tax & National Insurance.
How do I take money out of my limited company?
You can take money out of your limited company in the form of dividends. This has a separate rate depending on the taxpayer bracket you are in. It may also be more tax efficient for you to withdraw money through a payroll scheme rather than taking dividends. This all depends on your situation and you should talk to an accountant before making any decisions.
Do limited companies need an accountant?
No, not by legal requirement. Anyone can complete their own legal obligations, such as completing an annual set of accounts or producing a corporation tax return.
Whilst there may be no legal requirement to use an accountant, it will be far more beneficial for a limited company to do so. This is because a limited company accountant is equipped with specialist knowledge and experience that allows them ensure any expenses are claimed to reduce your liability where possible. It’s also important that the strict guidelines set by HMRC and Companies House are followed to ensure your business is compliant.
How much does an accountant cost for a small limited company?
The cost of an accountant for a small limited company will often vary on the work that is required of the accountant. The more complicated your business is, the higher your fees will be. It will also take your accountant longer to prepare your returns if you have a large amount of transactions and expenses.
Does a limited company need a business bank account?
Yes, if you operate as a limited company, you will need your own business bank account. This is because you are operating as a separate legal entity and so should separate its own finances from those of a director. You must not use a personal bank account for your transactions.
Should I set up a limited company?
Whether or not you should set up a limited company will largely depend on what’s right for your business. There are several structures a business can choose to operate as, as the most efficient for one, can be inefficient for another.
Sitting down with an accountant will help you understand what route is best for you, and how each structure can benefit your business.
Future Proof Accountancy Software
Preparing and producing your returns using up-to-date, cloud accessible, and making tax digital compatible accounting software to help manage your business with ease. Our software takes regular backups to keep your records safe and secure and allows us to provide your business with easy-to-understand reporting.
Quickbooks
Online accounting software that can help your business manage its finances and keep track of its records.
Sage
Award-winning accounting software to manage your businesses accounting, payroll, forecasts, and much more.
Iris
The UK’s leading provider for personal tax returns and year-end accounts.
Years Experience
Regulated
Established In
