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Accountants Dunfermline: OnTax | Ltd Co Tax Return

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Typical Ltd Co Accounting Fees

Ltd Co

From £15 PM
  • Meetings & Support
  • No Vat Return Req'd
  • Dormant Ac/s & Tax

Ltd Co

From £70 PM
  • Meetings & Support
  • Book-Keeping
  • No Vat Return Req'd
  • Company Ac/s & Tax
  • Personal Tax Return

Ltd Co

From £100 PM
  • Meetings & Support
  • Book-Keeping
  • Vat Returns
  • Company Ac/s & Tax
  • Personal Tax Return

Ltd Co

From £150 PM
  • Meetings & Support
  • Book-Keeping
  • Vat Returns
  • Company Ac/s & Tax
  • Personal Tax Return



OnTax Accountants Dunfermline Limited Company Tax Return

Get Help With Your Limited Company Tax Return At A Price That is Right For You

Here’s How We Can Help…

The Dream Of Running Your Own Limited Company

Do you want to start up your own business?  Are put off by the risk involved in starting your own business? An option you might not have thought about would be to form your own limited company.

Making The Leap

Are you are fed up of working the typical nine to five job, five days a week? Perhaps you are fed up of working for someone else and doing the work they tell you to, doing it the way they would prefer you to and when they tell you to?

Wouldn’t it be a dream come true if you could choose your own working hours, choose what jobs you do and even how you do them? Having your own company can assist you in doing exactly that.

You might have heard the phrase ‘one man limited company’ but are unsure exactly what this refers to, well this phrase refers to the fact that you can set up a limited company even if you are the only person associated with the company.

Companies who do this are knows as one man limited companies. You can work for yourself with the security that if anything was to go wrong financially you are not held personally liable, the company is liable.

As the company is liable for any debts your personal assets are protected. You can choose what hours you are going to work on a day to day basis. This flexibility will allow you to make sure you have time for all the important things in life, the things that matter to you.

How Is A Limited Company Registered?

You maybe like the idea of being a limited company but you are put off by the thought of actually having to form your limited company from scratch? If this is the case then we have you covered, we will form your limited company on your behalf so that you don’t have to worry about the stress of doing this.

All you need to do is provide us with some personal details and let us know what you would like to name your company and providing your chosen name is available then we are good to go. Once your company has been set up by us we will then email over all of the relevant documents to you. You can then begin to operate your company, stress free!

We will register your company online at companies’ house, once the registration has been approved by companies’ house they will send out confirmation to you in the post.

Once your company is all set up we will then register you online for corporation tax with HMRC. When this application has been processed by HMRC you will receive your company UTR in the mail.

You should pass this number onto us. Your company UTR is used for corporation tax purposes and we will require this when it comes to submitting your company tax return.

As you will be the director of your company we will register you personally for self-assessment with HMRC, they will then send you out a personal UTR.

You should forward this onto us as we will need this when we submit your personal tax return. As a director you are required to submit a personal tax return even if you did not receive and salary from the company.

What Commitments Does A Limited Company Have?

Once you have your company set up, as a director you are responsible for ensuring that your company files all of the relevant documentation with the relevant bodies by the correct deadlines. However, don’t let this put you off because at OnTax Accountants Ltd we are here to lend a helping hand to ensure that you meet your deadlines.

As a limited company you are required to submit statutory accounts once a year to companies house, a company tax return once a year to HMRC, a confirmation statement once a year to companies house and lastly as director you should submit a personal tax return once a year to HMRC.

You may have also heard that as a company you need a separate bank account and you think this will be a hassle, rest assured the process is pretty simple. Depending on which bank you would like to open your account with we can refer you to one of our contacts in the bank and they will take it from there.  As you are operating as a business you need a business bank account to show the business income and expenses for tax purposes.

Once you have your company formed it is your responsibility to ensure that you register for taxes when you should. You will need to register for VAT if you meet the vat threshold.

If you are planning on employing people or taking a salary for yourself from the business then you should let us know as you will be required to register as an employer with HMRC. If you are going to require a payroll then we will register you as an employer with HMRC and set up your payroll.

The Tax Savings Of Being A Limited Company

As a limited company you have the advantage of being able to split your income from the business over salary and dividends, this will reduce your personal tax bill. You don’t have this advantage when you are a sole trader as you have to declare all income in the year in which it was received and then you will be taxed on all profits made.

As a limited company you can also leave money in the business, you don’t have to take all money out in the same year it was made, keeping it in the business means that you don’t pay any tax on it for that tax year.

Being a limited company can be tax efficient.

The Advantages Of Trading Via A Limited Company

You might have heard people saying you should convert to a limited company because it has lots of benefits. Maybe you are still wondering what benefits you will see if you do decide to start your own company.

Firstly, one of the main benefits of starting your own company compared to becoming a sole trader or partnership is the protection you have if you were to have any financial troubles. When you are a sole trader/partnership you are liable for any debts your business has and your personal possessions can be taken in order to pay off your debts.

When you trade as a limited company you do not have this risk. This is because when you operate as a limited company you have created a separate legal entity, your company. This means that if your business gets into any financial trouble then it is the company’s liability to settle it and not yours personally.  This should help you sleep better at night knowing all of your personal assets are safe.

Perhaps you are afraid that running a limited company is going to be too costly? Well, being a limited company can actually be tax efficient and you could actually save money in tax as a limited company in a way you could not as a sole trader or partnership. When you are a limited company you can split the money you take from your business through your salary and though dividends which can save you money in tax.

You can also claim a lot of expenses as business expenses when you are a limited company therefore reducing your net profit which as a result can reduce your company tax bill.

Are There Any Dis-Advantages In Trading As A Limited Company?

After hearing all that being a limited company has to offer you might still be unsure about taking the leap and maybe you reckon there must be some disadvantage to having a company.

With everything, there are going to be factors which are less appealing. When you trade as a limited company as a director your information will be on public record, which anyone can access.

As the director you are the one responsible for ensuring that all required documents are filed on time and to the correct people.

However, with that being said at OnTax Accountants Ltd we are here to lend a helping hand in ensuring you have everything filed that you are required to. We will file these online for you, all you need to do is provide us with your paperwork.

The Pro's & Cons Of Trading As A Limited Company

You can see from the points above that becoming a limited company can open so many doors for you. Its allows you flexibility and freedom by working for yourself with the peace of mind that you personally are protected if anything was to go financially wrong, so you know that your belongings are safe. You can also see that becoming a limited company can turn out to save you tax as well, which is always a good thing.

We will also help you as much as we can to ensure that you carry out your responsibilities of filing your tax returns, statutory accounts and confirmation statement on time so you should not worry too much about the responsibility you have once you set your company up.

So, if you are ready for a change and ready to make your dream a reality let us know and we will be more than happy to assist you in your new adventure.

Frequently Asked Questions

How Is A Ltd Co Registered?

When A Limited Company is registered with Companies House, the name is registered as well as the subscribers, registered office, share capital and suchlike. In order to make sure you can get your money out of the company in the most tax efficient way as possible, please consider getting a professional (i.e us) to register the company and its most tax efficient structure.

How Long Does It Take To Form A Ltd Co?

Companies can be formed same day but normally we quote 48 hours as the maximum time required. The company can start trading straight away.

Must A Ltd Co Be Vat Registered?

A Limited Company can either be vat registered or not registered for vat. Whether to register for vat is down to many factors, please consult us for more advice.

What Are The Advantages To Trading As A Limited Company?

Perhaps the most attractive benefit of trading as a limited company is the aspect of limited liability. Essentially this protects the personal assets of the officers should the company run into financial difficulties.

Many of the costs and administrative requirements associated with running a limited company are now not much more than those of a sole trader or partnership. Limited companies also instil added confidence in suppliers and creditors; many large organisations will only conduct business with limited companies.

Finally, the ownership of a limited company can easily be divided up through the sale of shares. The shares can be further used as a means of generating capital.

What Is The Difference Between Shareholders And Directors

Shareholders and directors have two completely different roles in a company. The shareholders own the company by owning its shares whereas the directors manage it. Unless the articles say so a director does not need to be a shareholder and a shareholder has no right to be a director.

Do I Need A Company Secretary?

There is no longer a legal requirement for limited companies to have a company secretary, unless the articles states otherwise. ... If you do not remove this clause, you will be required legally to have an appointed secretary at all times.

What Are The Memorandum & Articles of Association?

Both a memorandum of association and articles of association are required for a company formed in the UK under the Companies Act 2006 and previous Companies Acts. The memorandum of association is the document that sets up the company and the articles of association set out how the company is run, governed and owned

What Are Shares And How Do They Affect A Limited Company?

Shares are a way of putting capital into your company. They also determine the level of control the shareholders (share owners) have over its operations through voting power.

Deciding how you divide the shares is vitally important; you need over 50% of the shares in order to fully control the company.

From October 2009 all companies will provide a statement of capital on incorporation. The statement of capital sets out the nominal value of the shares, the currency and the aggregate value of issued capital and sums paid. The percentage of the issued share capital owned by each shareholder determines their interest in the company. If you would prefer a controlling interest in the company you must own over 50% of the shares in issue.

What Is A Registered Office?

A registered office is the legally recognised address where a company can be contacted and legal documents served. Every company is required to have one by law. This address can be your home address, a solicitors office or you can even rent, fairly cheaply, an address to use as a registered office.

What Kind Of Accounts And Records Must A Company Maintain?

A private limited company must keep the following business records, where applicable:

  • Register of members (shareholders or guarantors)
  • Register of company directors
  • Directors’ service contracts
  • Register of Secretaries
  • Register of "People With Significant Control"
  • Records of resolutions and minutes of meetings
  • Directors’ indemnities – security against liability claims or legal costs
  • Contracts relating to purchase of own shares
  • Documents relating to redemption or purchase of own shares out of capital by private company
  • Register of debenture holders
  • Instruments creating charges and register of charges – i.e. mortgages or secured loans
You should keep any records and documents that you have
received, or have prepared, that will be used to complete entries
in your Self Assessment or Company Tax Return, or your claim
form if you’re claiming benefits or allowances. Most of these
records will be from the tax year or accounting period to which
they relate, or soon afterwards.