Limited Company service

Limited Company – a company with limitation of liability

Limited Company service – (Full accountancy). Limited Company – a company with limitation of liability. In contrast to self – employment, responsibility does not concern private assets but assets brought to the company.

This is the most prestigious way of running a business. It allows saving money on taxes with high level of trade. If you do not know whether this form is suitable for you, please contact us.

One of the many ways of running a business in the UK is a company with limitation of liability – Limited Company. In contrast to self – employment, directors do not take responsibility for actions of their company with all their wealth.

Limited Company is separate entity (different body) and given company is responsible for any obligations arisen from running a business as per transferred assets. Capital contribution is not required in Limited Companies in the UK, therefore there are no regulations concerning its acquirement and maintenance. Limited Company registration process is more complicated than for example self – employment, so it should be done by accounting offices to avoid possible problems connected with incorrect form filling.

Limited Companies must pay income Corporation Tax and also are obligated to operate in Pay As You Earn (PAYE) system in order to charge for their employees and directors income tax and insurance (National Insurance Contribution). Every employee in the UK Ltd. company has guaranteed tax allowance, which is £11,500 in 2017/18 on a yearly basis. Limited Companies are also obliged to register in Value Added Tax (VAT) system when gross income runs over £85,000 within the last 12 months. Additionally, in case you think you will exceed VAT registration threshold, you should register yourself in this system.

Moreover, there is a possibility to register in VAT system voluntarily in order to improve general image of the company. In case a company pays VAT, you can ask for VAT refund for all the purchases made by the company. We are committed to do tax settlements every three months. Whereas Limited Companies which carry out construction services (CIS) and employ subcontractors have to do monthly declarations to the revenue in which are to declare how much did a given subcontractor earn and how much tax has been paid. It is very important to do a free consultation with our office before you decide to start up your own Limited Company, just to make sure it is the best way of running your own business. To sum up it is great choice for companies having large turnovers, however not only. Is allows to save some money on taxes.

Advena accountant office in London.

For more information please call 0203 4902 919 or 07716 161 381