Limited Company Accounts

Accountancy Services for a
Private Limited Company

Running a successful limited company typically involves a vast amount of administrative duties outlined by Companies House & HMRC. As the director you’ll also be responsible for ensuring the finances of the company are regulated and healthy. At Taxfile we can help you focus on growing your business and take car of all your accounting needs.

Your obligations as a Director can be 'taxing'.

In order to fulfil your obligations, after your limited company’s financial year comes to a close, it must prepare a set of full (‘statutory’) accounts and a company tax return.

The company’s ‘statutory accounts’ are prepared from the company’s financial records for the period that covers your company’s financial year and must include:

• a balance sheet showing the value of everything the company owns, owes and is owed on the last day of the financial year
• a profit and loss account showing the company’s sales against its running costs and highlighting the profit or loss it has made over the financial year
• notes about the accounts
• a director’s report (unless you’re a ‘micro-entity’)

You may also have to include an auditor’s report but this is dependent on the size of the company.

These set of accounts must either meet ‘International Financial Reporting Standards’ or ‘New UK Generally Accepted Accounting Practice’.

At Taxfile we can help deliver financial advice and support for small to medium businesses that require accountants to compile and file their full company accounts ready for the shareholders, people of significance to the company, Companies House, and HMRC as part of your company tax return.

We can assist you with the bookkeeping and bank reconciliation to ensure that your accounting records are complete and include:

all money received and spent by the company
details of assets owned by the company
debts the company owes or is owed
stock the company owns at the end of the financial year
all goods bought and sold

As the director you are solely responsible that your accounts and tax return meet the deadlines for filing with Companies House and HMRC. From the accounts you can also deduce how much Corporation Tax to pay. The dates you will need to remember:

File the first set of accounts with Companies House 21 months after the date you registered with Companies House
File annual accounts with Companies House 9 months after your company’s financial year ends
Pay Corporation Tax or tell HMRC that your limited company does not owe any 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
File a Company Tax Return 12 months after your accounting period for Corporation Tax ends
File a Confirmation Statement 12 months after: company incorporated, company accounts submitted, or last confirmation statement

At Taxfile we can compile and file your company’s tax return as well as calculating what is owed in Corporation Tax (if applicable).

When we file your tax return we calculate:

profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts)
Corporation Tax bill

Taxable profits for Corporation Tax include the money your company or association makes from:

doing business (‘trading profits’)
investments
selling assets for more than they cost (‘chargeable gains’)

Our SMB Private Limited Company accountancy services will take a lot of the strain away from being a company director, and allow you to focus on why you formed a limited company in the first place, to make a successful and expanding business. We can help you with all the necessary bookkeeping, computations and filings, as well as advising on other business taxes that may be required such as VAT, and also look after your payroll and expense claims when filing your P11D’s.

Our personable and knowledgable accountants are real people that you can talk to and meet in person, available to answer your questions and offer advice.

We offer services to businesses spanning the South London area, from Croydon through to Wandsworth. We are your local accountant for small to medium businesses.