Limited Company Accountant

Are you a limited company offering construction services? Would you like a virtual finance team who specialises in working with construction businesses? Whether you’re thinking of registering as a limited company or are already registered, we can help.

What are the limited company accountancy services?

Limited company accountants provide a range of services, including tax planning advice, preparing your company tax return and calculating corporation tax, and ensuring compliance with HMRC and Companies House.

The expert team at Empowered by Cloud specialise in working with construction businesses and can help with all the accountancy services listed above.

We can also set up online accounting software and provide proactive advice to make your business more tax efficient.

Who can register as a limited company?

A limited company can be set up by a single individual who will be the sole company director or a group of individuals acting as directors and shareholders.

There are no size or turnover restrictions – small companies can register as a limited company, as can businesses who haven’t yet started trading.

Registering as a limited company can help with tax efficiency but has other benefits too, such as helping you protect personal assets should your business get into financial difficulty.

What is Companies House?

Companies House is the registrar of UK companies. To become a limited company, you must register with Companies House and file specific details, including details of all company directors.

You do not have to be VAT registered to be a limited company, and you do not have to be a new business. You can transition from sole trader to limited company.

Is it difficult to transition from sole trader to limited company?

It is not difficult to transition from sole trader to limited company, but you might have to change your bank account, and you will have to file company tax returns as well as personal tax returns each year. You will also have to pay corporation tax on your profits.

The way you pay yourself as a company director is slightly different from how you might be used to paying yourself as a sole trader. Self-employed sole traders take money from the business and record this on their tax returns. Company directors are technically employed by the company and can pay themselves a salary, dividends, or both.

A limited company accountant will help you understand the most tax efficient way to pay yourself.

What is corporation tax?

Corporation tax is a tax paid on taxable profits and only applies to limited companies. Each year you will file a tax return for your company that will include details of your limited company accounts, including trading profits, investments, and chargeable gains (selling assets for more than they cost).

This tax return will determine your corporation tax liability, and you will have to pay tax to HMRC by the specified due dates.

Do you need an accountant for a limited company in the UK?

Preparing company accounts is a legal requirement for limited companies, but there is no legal requirement to use a qualified accountant. You can manage your business accounts and prepare your company tax return yourself.

Although you can take care of your own accounts, working with an accountancy firm, such as Empowered by Cloud, has many benefits.

Limited companies have more reporting obligations than sole traders, and if you make a mistake on your returns, this can result in penalties. We will help you meet all your obligations with HMRC and Companies House.

We can also manage your limited company accounts, accounting software, bookkeeping records, and payroll. We will also prepare and submit your quarterly VAT returns and file your annual company tax return and self assessment tax return, saving you valuable time.

And because we specialise in working with construction businesses, we are experts in tax efficiency strategies and accounting software for construction businesses.

What problems may a limited company be facing?

Late or inaccurate tax filings can result in fines and penalties. Serious cases can lead to your company being struck off and you being disqualified as a director. You may even be subject to criminal proceedings if your mistakes are very serious.

Tax laws are constantly subject to change and are regularly updated or revised. It can be difficult for you to keep on top of all the changes while trying to manage your business.

At Empowered by Cloud, we keep abreast of all the latest regulatory and tax changes and understand how they impact construction businesses.

What is the best online accounting software for limited companies?

Using online accounting software is the best way to stay on top of your company accounts. At Empowered by Cloud, we recommend Xero.

Xero can be linked straight to your bank account, allowing you to track and reconcile business expenses with ease.

You can also submit your CIS and VAT tax returns directly from Xero, create and send invoices, and run financial reports to help you understand your financial position.

Xero is easy to use and is the best online accounting software for construction businesses.

What limited company accountancy services do Empowered by Cloud offer?

Our accountancy packages are tailored to your business and include all the standard accounting services plus much more.

Because we specialise in the construction industry, we are experts in tax efficiency for construction businesses and trades.

We look after your annual accounts, set you up with leading accountancy software, and prepare your company returns and annual self assessment. We also provide proactive expert advice to help you grow your business.

Why choose us as your limited company accountants

When you work with Empowered by Cloud, you get access to a team of finance experts. It’s far more cost effective for your business than hiring an entire in-house finance team to manage your annual accounts.

We specialise in working with construction firms which means we know the industry inside out and can help with all financial aspects of your business.

Our accounting services aren’t limited to preparing annual accounts and matching business expenses to bank accounts. Our accountancy services are designed to help ambitious businesses grow sustainably and profitably.

You’ll have a dedicated accountant who will provide expert advice on an ongoing basis. They’ll help you understand what your accounts are telling you so you can make better business decisions.

Our goal is to help you achieve yours.

Contact Empowered by Cloud today

Ready to find out more? Call us on 01592 800325 or email us at hello@empoweredbycloud.co.uk or fill out our handy online form to request a call back:

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