Limited Company Accounts
Expert UK Accountants for Limited Companies
Registering as a Limited Company has lots of benefits and is the next logical step when your company has outgrown sole trader status.
With Limited Company growth comes additional administrative responsibilities – the biggest of which is managing your Limited Company finances.
If you are finding Limited Company finances time-consuming and a real headache, don’t worry, Mazuma’s Limited Company Accounts service can help.
Why Choose Mazuma For Limited Company Accountancy Services?
An Accountancy Package For Everyone
We know that each limited company we work with has its own needs and goals. That’s why we offer flexible packages at flexible prices, aiming to suit every limited company type and budget. Regardless of your sector, profession or turnover, be certain we offer an affordable and ideal package for your requirements.
Technology-Driven
The new Making Tax Digital regulations, set to be introduced in 2023, will require all
limited companies to use online accounting software to report their business profits.
Don’t let this intimidate you.
Being a digital accounting company, Mazuma can ensure your business is compliant with the upcoming regulations. Besides, we already use award-winning accounting software for all our clients, so we’re ahead of the competition.
Dedicated Accountancy Team
When you choose Mazuma for accounting and tax services you have a dedicated accountancy team from the very start. We know the importance of pairing our clients with accountants who have experience in their industry. Your team of accountants will get to know your business over time, enabling them to offer expert financial advice tailored to your exact situation.
Complete Accountancy Packages
Whether you need help registering on HMRC and Companies House, you want to discuss tax planning strategies with an expert, or you just need someone to manage your company accounts, we’re here for you. Our comprehensive accounting and tax services can cover as little or as much as you’d like us to handle, including VAT and payroll services.
Unlimited Support
Whether you have questions about growing your business, you’re unsure about the best services for your business structure or want to become tax efficient; our limited company accountants are here to help. In fact, you can contact your accountant via email or phone anytime you require support or advice.
Hassle-Free Setup
Getting started with Mazuma for limited company accountancy couldn’t be simpler. We’re based solely online, and we won’t ask you to meet us in person or pay for an initial consultation before working with you. We understand you’re hard-pressed as a limited company director, so we’ve moulded our service to fit into your busy lifestyle.
Reduce Your Responsibility
Setting up a limited company means taking on many responsibilities, and managing your business transactions and limited company accounts is a big part of it. When you work with Mazuma, you can choose to hand over all your financial duties, including paying personal tax and National Insurance. All we require from you is proof of your business’s monthly income and expenses.
We'll Grow With You
We’re qualified and experienced in working with limited companies of all sizes. If you’re looking to grow your small business in the next few years, we can adapt our service to ensure we continue to offer the highest level of support as you scale. On top of this, we can also guide you on factors that will support your company growth, like running your business in the most tax-efficient way.
Should you be a Ltd Company or a Sole Trader?
Get Ongoing Expert Support With Mazuma's Limited Company Accounting Services
There are many cases in which the limited company model makes the most sense. But running a limited company can prove challenging, as you have to take on a significant role in managing your company accounts.
At Mazuma, we can help you with every aspect of your limited company’s accounts and finances, from setting up your business on Companies House to keeping accurate monthly bookkeeping records and submitting your year-end accounts.
We understand that even the process of registering on Companies House can be daunting for new business owners. As a limited company director, you must be responsible for accurately inputting company information online. And this doesn’t end when you’ve registered.
Limited companies must maintain accurate accounting records and submit their annual accounts with time to spare. Any outstanding tax liabilities need to be settled according to your annual corporation tax return.
On top of managing your limited company accounts, as the owner of your small business, you need to submit and pay your self-assessment tax bill at the end of the financial year. However, how much tax you pay depends on your company’s annual turnover and your focus on tax efficiency.
What’s more, you have other legal responsibilities to uphold as a limited company director, too. For example, you need to inform HMRC of any changes made to your business and follow your company’s rules, as outlined in its Articles of Association.
That’s on top of the day-to-day responsibilities of running your business, such as sourcing or manufacturing stock, paying staff, paying yourself (which is more challenging than you might think, as yourself and your business are a separate legal entity), dealing with customers, and so on.
Many limited company directors find they simply can’t manage all responsibilities alone. Even if your company has multiple directors, and you each take on a different job role, you may find it difficult to keep up with your duties. And if you’re untrained in the more challenging aspects of accounting, you’ll probably end up doing something wrong.
To avoid HM Revenue penalties and free up their time to focus on other elements of their job role, most limited company directors in the UK choose to outsource their financial admin to a dedicated team of accountants.
A Flexible, Affordable Accounting Service For Limited Companies
Working with Mazuma’s limited company accountants, you don’t only benefit from having more time in the day for more pleasant (and productive) tasks. But, you’re also paired with an expert who can help you run your company with tax efficiency to ensure you’re only paying money where it needs to be paid.
We pride ourselves on offering a flexible and affordable service for all limited companies, from smaller startups to national and even multinational corporations. Simply request a free quote here and let us know what you’re looking for. Hands-down, we can provide you with a solution that perfectly suits your situation, whatever that may be.
We understand that the limited company business structure can make it more difficult to operate smoothly. At Mazuma, we aim to take away the hassle of juggling your bookkeeping, corporation tax returns, and other accounting duties.
There’s no need to figure out how to use online accounting software either; a member of your limited company accountancy team will submit your information on your behalf, using our own award-winning accounting software.
From you, we need proof of your monthly income and expenses. You can choose to send your receipts and invoices in the post, which is free-of-charge, or email them. Alternatively, you can scan your documents on MazApp, our web platform.
Your limited company accountant will manage your bookkeeping behind the scenes, and you’ll be able to keep track of your monthly income and expenses via our virtual envelopes system.
When you become a Mazuma customer, you can benefit from the following services:
- Monthly management accounts
- Monthly reviews of your bookkeeping data
- Preparation of financial statements
- Advice for tax planning and tax efficiency
- Corporation tax return
- Self-assessment tax return
- Quarterly VAT returns, if applicable
- Employee payroll duties
- Record checks for HMRC
- Invoicing assistance
- Reminders for payment deadlines
- Use of a Making Tax Digital-compliant accounting software
We know that if you’re looking for a limited company accounting service, you expect your accountants to offer the highest level of support throughout the financial year.
At Mazuma, we don’t cut corners. Instead, we offer a comprehensive, all-inclusive service for limited companies, covering everything from submitting corporation tax returns to help with minimising tax liability, becoming VAT registered, setting up a company bank account, and more.
It’s quick and easy to get a free quote for our limited company accountancy service. Click here to get started today.
What is a Limited Company?
A Limited Company is a form of business structure used by businesses both large and small. Very simply, it is a legal structure for a business where the liability of each shareholder is limited to their individual investment. If you’ve ever set up a Limited Company and ‘purchased’ a share for £1 – then that is the liability. This is known as limited liability and is one of the biggest differentiators between structuring your business as sole trader and a Limited Company.
A Limited Company has to submit accounts and a confirmation statement to Companies House each year, as well as submitting accounts and a company tax return to HMRC. You’ll also need to keep accurate records of all of your income and expenses – making sure that it’s in an HMRC approved format ready for Making Tax Digital.
The additional admin associated with running a Limited Company means that we highly recommend getting an Accountant to deal with it for you!
Who should trade through a Limited Company?
There is no minimum size limit for limited companies, so many people who are self employed, run smaller businesses or are freelancers or contractors choose to run through a Limited Company for a variety of reasons.
A common misconception is that Limited Companies have to be VAT registered, but that isn’t true! So even if you just run a very small business, a Limited Company might be a good choice for you.
Operating through a Limited Company can give a new business the impression of being more established than they are – which can help with winning work in those early days.
Some companies will also only trade with Limited Companies, so operating through one keeps all of your options open.
Advantages of a Limited Company
There are several advantages to operating your small business through a Limited Company.
The first is limited liability – if the business goes bust, or someone takes legal action against you, then it is the company (not you personally) that bears the liability.
Then there is tax efficiency. Although not as attractive as it was ten years ago, operating through a Limited Company can still afford a small business opportunities to keep more of your income.
Registering your company at Companies House will legally protect the name of your business. There can only ever be one company in the UK with each name – so your business name will be unique just to you.
Disdvantages of a Limited Company
The main disadvantages of operating through a Limited Company are the additional responsibilities it brings.
Limited Companies have a range of extra reporting to do for Companies House and HMRC, and most of it should be undertaken by an Accountant to avoid costly mistakes.
The Accountancy fees for a Limited Company are higher than those for a sole trader to reflect all of the additional work required. However, they should be more than covered by the advantages of become a Limited Company.
FAQs
What Is Limited Company Accounting?
Limited company accounting involves several financial duties, including preparing year-end accounts and submitting your business’ expenses and income to Companies House to assess your tax position.
The day-to-day responsibilities of limited company accounting include:
- Documenting payments made and received by your business
- Gathering receipts
- Keeping track of invoice payments
To log this information before the end of the tax year, accounting software is required.
What Does an Accountant Do for a Limited Company?
All of the above, and more! Expect limited company accountants to:
- Manage your limited company finances
- Offer expert financial advice
- Keep track of your business expenses
- Help you apply for a business bank account
- Ensure you pay tax on time
- Support you in getting VAT registered
- Organise your bank statements
Can Accountants Set Up Limited Companies?
Yes, most accountants can set up a limited company on your behalf. Our limited company accountants can register your business on Companies House for free if you choose to pay for our monthly service.
Do You Have to Pay an Accountant for a Limited Company?
The answer is positive. You will need to pay a limited company to manage your business accounts. Additionally, you need to pay an accountant to set up your company on your behalf, whether as a one-time payment or as part of a monthly accountancy package too.
What Is the VAT Deadline for Submitting My Return Online?
The deadline for submitting the return online and paying HMRC is usually the same. It’s one calendar month and 7 days after the end of your VAT period.
What if I Get a VAT Inspection?
A massive bonus of hiring a team of expert accountants to take care of your VAT return is that you can be confident all the figures are correct. In this way, you don’t have to worry about unexpected VAT inspections.
What Happens if I Sign Up for Mazuma’s Limited Company Accounting Service Part-Way Through the Year?
If you sign up with us part-way through your financial year, our accountants will likely need to play catch-up, ensuring your bookkeeping is up to date. For example, if you sign up with Mazuma in July, your first payment to us will be 4 times our monthly price to cover April, May, June and July. Don’t worry, though. You can split your catch-up payment over the first three months of your contract if you like!
Once you’re up to date, you pay your fixed monthly price. To complete your tax return, we only ask that you have been a client of Mazuma for one year or have made the equivalent of 12 monthly payments.
Why Should I Choose Mazuma Instead of a Local Accountancy Firm?
If you’re a limited company registered in the UK, you can choose between a traditional, local accountancy firm and an online accountant for accountancy services. Ultimately, the choice is yours, but it’s worth considering that some local companies may not offer the flexibility you require for potential growth as a new business.
You can generally get a much more affordable, flexible service from an online accountant for startup businesses, like Mazuma. Our chartered certified accountants offer a fully online service, the most convenient option for a business owner with a hectic schedule who doesn’t have the time for in-person meetings.
How Is My Quote Calculated?
The quote you’ll receive depends on how much work you’d like us to carry out on your behalf. For instance, you may only need a limited company accountant to manage your monthly accounts. However, we also offer services such as VAT returns, additional payslips and payroll. We will use your information to determine the average number of bookkeeping transactions per month and calculate your quote.
Our expert financial advice is free, no matter how much you pay every month for our service. And our accounting technicians also offer a free phone consultation before you commit to our paid service.
When you’re ready to get started with Mazuma’s limited company accountancy service, click here to get a quote. It costs nothing and takes less than 2 minutes to generate.