Accounting for Limited Companies

Limited company accounts & CT600

Limited company accounts are a popular way to trade, they work much the same as sole trader accounts. Under a limited company the director’s benefit from a limited liability status. This is one of the main reasons a business switches from sole trader status. Limited companies also benefit from some tax saving opportunities. As a limited company, all directors will still need to submit yearly self-assessment tax returns alongside the companies CT600 & Limited company accounts. If you are thinking about forming a limited company, please get in touch to see how we can help you.

CIS returns

If you are involved in the construction operations, you will need to register for CIS and submit monthly returns for your subcontractors. CIS deducts 20% from the gross pay of the subcontractor. The business then submits the CIS returns and pays the subcontractors tax across to HMRC. Get in contact today to see how we can help you.

VAT returns

The VAT threshold currently sits 85,000, which means if your turnover is expected to exceed 85,000 in any given 12 month rolling basis your business will need to register for VAT. VAT returns will need to be filed quarterly with both sales and purchases accounted for. If you believe your business needs to be VAT registered please get in contact today.