How to manage a Limited Company ongoing
As a Limited Company director, there are a number of legal requirements and responsibilities you need to perform throughout the year, some of which are ongoing and some required on an annual basis.
This administration can be time-consuming, however as your chosen accountant, we can take care of all of your returns and manage all correspondence with Companies House and the HMRC on your behalf – freeing up your time to focus on your business.
- Record keeping – it is a legal requirement for all businesses to ensure accurate records are kept of all invoices and business expenses. These can be maintained and kept up to date through a simple update each month (or as often as you like) in OpenBooks, the online accounting tool that we provide to you as part of our comprehensive package. You can link your bank account feeds to your OpenBooks account to minimise the amount of administration required and we will assist you with any queries you may have on an ongoing basis.
- Monthly invoicing – you will need to invoice your clients for any work completed each month; this can also be managed very simply via the OpenBooks online platform.
- Monthly payroll– this needs to be administered each month and the company must pay any PAYE and national insurance due to HMRC. As part of our comprehensive packages, we will manage your payroll requirements on your behalf each month.
- Correspondence – as part of our comprehensive packages, we will manage all correspondence and paperwork from HMRC and Companies House.
Quarterly requirements & returns:
- Quarterly submission of Accounts – in order to calculate an accurate tax payment and VAT return, you will need to submit your up to date income and expenses incurred each quarter. We will use this information to prepare your VAT returns and also ensure you are maximising your tax advantages and getting the most take-home pay each month.
- VAT returns – we will prepare and submit your VAT returns quarterly.
- Complete and file Annual Accounts at Companies House.
- Complete and file an Annual Return at Companies House.
- Complete the HMRC Corporation Tax return and inform HMRC of the Company’s profit each year.
All the above returns are included in our comprehensive Personalised Package for a fee from £105 per month (+ vat).
Finally, all Directors and employees must submit an annual Personal Tax Return to HMRC. We can also complete and submit any Personal Tax Returns for you and your other shareholders (for an additional charge).
If you would like to discuss your options in more detail, please contact us today on 020 8108 0090 for a complimentary no-obligation meeting – this will allow us to explain how we can assist you with all your accounting needs.