Small businesses increasingly use limited companies as their trading vehicle because they offer two key advantages. Firstly, limited companies pay less tax and National Insurance. Secondly, they are a separate legal entity from the business owner(s), so if the company goes bust, or gets sued and loses, it is not the owner’s personal assets that are at risk. For the differences between being self-employed and a limited company click here.
However, there is more administration involved with a limited company, and this can be overwhelming for busy business owners. So we give you an annual quotation which includes everything necessary to fulfil your company’s legal and administrative requirements. See here for prices guideline.
The all-inclusive quotation will include:
- Preparation of statutory financial statements and accounts
- Review of your expenses to ensure you are claiming everything you are entitled to
- Detailed review to minimise any tax charge
- Written calculation of the company’s corporation tax
- Completion of the company’s corporation tax return
- Send drafts of these to you for your approval
- Submission of all documentation to HMRC and monitoring online
- Submission of your accounts (this is a shortform or ‘abbreviated’ version) to Companies House and monitoring online
- Sending you confirmations that the documents have been received, properly processed and accepted
- Preparation and submission of the company’s Annual Return to Companies House
- Preparation of the personal tax return for the company director. (There may be a small additional charge if the personal return is not straightforward or there is more than one director)
- Submit the monthly and annual PAYE returns for the director if he is on the minimum salary scheme.
You won’t be charged for any of the above work until you have authorised the work and the final stage has been completed.
For how much we charge see prices
What’s included in the price
We complete all the above stages. Additionally, we provide unlimited telephone support. If you have any questions or want some advice then the dreaded clock doesn’t keep ticking.
Currently there is no VAT added to any of our fees.
What’s not included in the price
For any work additional to the annual quotation we will provide you with a separate written quotation before we start any work. The most common examples are:
- Bookkeeping (other than for the preparation of the annual accounts)
- Completion/submission of quarterly VAT returns
- PAYE (other than for one director of a limited company)
- Construction Industry Scheme returns
- Personal tax returns (if more than one director).
The small print
The quotation assumes that you will provide us with a straightforward summary of your trading transactions for the period.
To guarantee we have sufficient time to prepare your accounts and returns by the deadline date (this is usually 9 months after the company’s year-end) we need to receive all relevant information at least two months before this. We cannot be liable for any HMRC penalties or fines arising for late returns if the information is received after this date.
We may occasionally sub-contract work to external third-parties.
Our business relationship may be cancelled immediately by either party.
Generally prices increase by an average of 3%pa for inflation