A limited company is its own legal entity. That brings advantages, but also duties a sole trader never faces. Statutory accounts have to be filed at Companies House, a Corporation Tax return goes to HMRC, and as a director you have filings of your own. We handle the full cycle, so each obligation is met correctly and on time.
What limited company accounts involve
Every trading limited company has to prepare annual accounts in line with the Companies Act, file them at Companies House, send HMRC a company tax return with its Corporation Tax computation, and file an annual confirmation statement. Directors usually need to think about their own Self Assessment as well. Miss a deadline and penalties follow automatically.
We map out all of these dates for your company and work to them, preparing each filing from your records and checking it before submission. You approve the accounts; we deal with the rest.
What we prepare and file
Statutory accounts
Full or abridged accounts prepared under the applicable financial reporting standards.
Companies House filing
Your accounts and annual confirmation statement submitted on your behalf.
Corporation Tax return
The CT600 and tax computation prepared and filed with HMRC.
Director's tax
Your personal return and an efficient salary and dividend mix considered together.
Dividend paperwork
Proper board minutes and vouchers, so dividends are drawn correctly.
Director support
Guidance on director's loans, expenses and your duties as an officer of the company.
How should a director pay themselves?
One of the real benefits of trading through a company is the flexibility in how you take your income. A common approach is a modest salary topped up with dividends, though the right balance depends on your profits, your other income and the current rates. The dividend allowance, the slice of dividend income taxed at 0%, is £500. Dividend and income tax rates and allowances change, so we plan your pay to the figures for the relevant tax year and confirm them against GOV.UK before you act.
Who needs limited company accounts
These accounts are the backbone of our wider accountancy services, and the work suits anyone who trades through a limited company, or is about to:
- Company directors, Owner-managers who want company and personal tax looked at together.
- Contractors and consultants, Working through a personal company and wanting it run efficiently.
- Growing businesses, Firms that have outgrown sole trader status and incorporated.
- New companies, Recently formed companies that want everything set up correctly from the first year.
How the year runs
Records to accounts
We take your bookkeeping, settle any queries and prepare the statutory accounts for your approval.
Tax and filing
We calculate the Corporation Tax, prepare the CT600 and file both the accounts and the return to their deadlines.
Plan ahead
We review your pay, dividends and any reliefs, so next year is more efficient rather than simply compliant.
Limited company accountants in Newcastle
From contractor companies in the city centre to established firms across Gateshead, Sunderland and the wider North East, we look after companies of many shapes and sizes. If you are only now setting up, our company formation service gets the structure right, and Corporation Tax and tax planning keep it efficient as you grow.