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Limited Companies


Limited Business – some major points:-

  • Having a Limited Company means you will have to adhere to strict Company Law legislation;
  • The accounts must be prepared under the Companies Act; including financial statements and reports;
  • Companies may have greater borrowing potential;
  • At the end of the financial year, you will have to pay Corporation Tax on your companies NET PROFIT;
  • No National Insurance Contributions need to made from this profit;
  • NI contributions are payable on salaries from the Company to Directors and employees.

Limited Business – what you need to do:-

  • Keep full and accurate records from the start;
  • Register the company with Companies House;
  • Open a business bank account and keep your personal finances separate;
  • Register the company for PAYE if there are employees;
  • File company annual return on time;
  • File company accounts on time;
  • Pay corporation tax and PAYE on time.

What Whittaker & Co can do for you:-

  • We will help with the set up of your Ltd Company;
  • Register your Limited Company for you;
  • Provide an advisory service to guide you through the process of working through a Ltd Company;
  • Register the company for PAYE if required;
  • Help keep full and accurate records from the start;
  • Submit the company annual return on time;
  • Submit the company accounts on time;
  • Advise you when your Corporation Tax and PAYE need to be paid.

Expenses you could offset against tax – Limited Business:-

  • Travel & Accommodation expenses;
  • Telephone and Internet for business use;
  • Percentage of household utility costs for using a room as an office;
  • Mileage (if you use your mileage you cannot claim any other vehicle related expenses);
  • Travel costs, fuel, train, flights, taxi. Etc.;
  • Subsistence;
  • Protective clothing;
  • Accountancy Fees/Professional Fees;
  • Office Equipment;
  • Specialist Equipment.

Please get in contact with Whittaker & Co and let us advise you on your business set-up – click here…

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