Running a limited company in the UK can be extremely rewarding and offer clear tax advantages.
However, it also brings additional responsibilities and legal obligations that directors must carefully manage.
That is why many business owners seek support from experienced accountants when setting up and running a limited company.
Whether you are newly incorporated or reviewing your current setup, our guide to running a limited company will help break down your obligations so nothing is missed.
Our guide clearly explains:
- Directors’ responsibilities
- Setting up your limited company correctly
- Payroll, VAT and Corporation Tax requirements
- Personal tax responsibilities for directors
- Filing and reporting deadlines
- Choosing the right cloud accounting software
- How accountants can support limited companies
How can we help you?
Running a limited company brings many responsibilities in managing payroll, VAT, Corporation Tax, personal tax, reporting and statutory filings. Our role as accountants is to bring all of these areas together so that your company’s finances are compliant.
We help businesses:
- Set up payroll, invoicing and reporting systems
- Implement cloud-based accounting software compliant with Making Tax Digital
- Manage VAT returns, RTI payroll submissions, annual accounts, CT600s
- Plan director remuneration, including dividends, pensions, expenses and allowances
- Stay ahead of tax liabilities and avoid unexpected bills
- Manage HMRC enquiries and deadlines
Do you need further advice?
If you need further advice or support setting up or running your limited company, our expert accountants are here to help.
FAQs: Running a limited company
Why choose a limited company?
One of the main benefits of a limited company is that it keeps your business separate from your personal finances. You will become a separate legal entity, which means liability usually stays with the company instead of you.
Limited companies can also be tax efficient and present a more professional image to clients and suppliers.
Can anyone set up a limited company?
Almost anyone can set up a limited company in the UK. At a minimum, you need one shareholder and at least one director, who can be the same person.
You must be over 16 years old and be able to provide a company name, a registered office address, any details of directors and secretaries and information about shareholders and shareholdings to Companies House.
Do I need a company bank account?
While it is not legally required, having a separate business bank account is often a good choice. It can help keep your finances separate and simplify your bookkeeping by keeping everything all in one place.
Do I need to register my limited company for VAT?
If you can see that your taxable turnover is going to cross £90,000 in a 12-month period, you must register 30 days before this happens. If it happens unexpectedly, you will have to register within 30 days of the end of the month when it happened.
You might want to consider voluntary registration but double-check with a professional that it will benefit your business first.
How do I get started?
If you would like guidance on setting up and running a limited company, download our guide or contact our expert accountants for more information.