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-- OAKSTONE - ACCOUNTANTS
Expert UK Accountants for Limited Companies

Limited Company Accounts

Registering as a Limited Company offers many benefits and is a natural next step once your business has outgrown sole trader status.

However, with a Limited Company comes extra administrative responsibilities, chiefly managing your company finances.

If you find Limited Company accounting time-consuming or stressful, don’t worry. Oakstone Accountants’ Limited Company Accounts service is here to help.

Why Choose Oakstone Accountants for Limited Company Accountancy Services?

  • An Accountancy Package For Everyone


    We understand that every limited company has unique needs and goals. That’s why we offer flexible packages at competitive prices, designed to suit any company type and budget. No matter your sector, profession, or turnover, you can be confident we have an affordable package tailored to your requirements.

  • Technology Driven


    The upcoming Making Tax Digital regulations, set for 2023, will require all limited companies to use online accounting software to report their business profits.
    Don’t worry—we’ve got you covered.
    As a digital accounting firm, Oakstone Accountants ensures your business stays fully compliant with these new rules. Plus, we already use award-winning accounting software for all our clients, keeping us ahead of the curve.

  • Dedicated Accountancy Team


    When you choose Oakstone Accountants for your accounting and tax needs, you’re assigned a dedicated accountancy team from day one. We understand the value of matching clients with accountants experienced in their industry. Over time, your team will get to know your business, allowing them to provide expert financial advice tailored specifically to your situation.

  • Complete Accountancy Packages


    Whether you need assistance with HMRC or Companies House registration, want expert advice on tax planning, or simply need someone to manage your company accounts, we’re here to help. Our comprehensive accounting and tax services are fully flexible, covering as much or as little as you need including VAT and payroll management.

  • Unlimited Support


    Whether you have questions about growing your business, choosing the right services for your company structure, or improving tax efficiency, our limited company accountants are here to help. You can reach your accountant anytime via email or phone for support and advice.

  • Hassle Free Support


    Getting started with Oakstone Accountants for limited company accounting is simple. We operate entirely online, so there’s no need for in-person meetings or upfront consultation fees. We know limited company directors are busy, which is why our service is designed to fit seamlessly into your schedule.

  • Reduce Your Responsibility


    Running a limited company comes with many responsibilities, and managing your transactions and accounts is a major one. With Oakstone Accountants, you can delegate all your financial tasks, including paying personal tax and National Insurance. All we need from you is proof of your business’s monthly income and expenses.

  • We'll Grow With You


    We’re experienced in supporting limited companies of all sizes. If you plan to grow your small business, we can adapt our services to provide continued support as you scale. Additionally, we can advise on strategies to help your company grow, including running your business in the most tax-efficient way.

What is a Limited Company?

A Limited Company is a business structure used by companies of all sizes. Simply put, it’s a legal structure where each shareholder’s liability is limited to their individual investment. For example, if you’ve set up a Limited Company and purchased a share for £1, that is your maximum liability. This “limited liability” is one of the main differences between operating as a sole trader and a Limited Company.

Limited Companies must submit annual accounts and a confirmation statement to Companies House, as well as accounts and a company tax return to HMRC. You also need to keep accurate records of all income and expenses in an HMRC-approved format, ready for Making Tax Digital compliance.

Because of the additional administrative responsibilities that come with running a Limited Company, we strongly recommend working with an accountant to manage it for you.

Who should trade through a Limited Company?

There’s no minimum size for a Limited Company, which is why many self-employed individuals, freelancers, contractors, and small business owners choose this structure.

A common misconception is that Limited Companies must be VAT registered—but that’s not the case. Even very small businesses can benefit from operating as a Limited Company.

Running your business through a Limited Company can make your company appear more established, which can help attract clients in the early stages. Additionally, some companies only work with Limited Companies, so this structure keeps all your options open.

Advantages of a Limited Company?

Operating your small business as a Limited Company comes with several advantages.

First, there’s limited liability, if the business goes bankrupt or faces legal action, it is the company, not you personally, that is liable.

Next is tax efficiency. While the benefits aren’t as pronounced as they were ten years ago, running a business through a Limited Company can still help you retain more of your income.

Finally, registering your company with Companies House legally protects your business name. Each name is unique in the UK, ensuring your brand is yours alone.

Disadvantages of a Limited Company?

The main drawback of operating as a Limited Company is the extra responsibilities it entails.

Limited Companies must complete additional reporting for Companies House and HMRC, and much of this work should be handled by an accountant to avoid costly mistakes.

Accountancy fees for a Limited Company are higher than for a sole trader, reflecting the extra work involved. However, these costs are usually outweighed by the benefits of running a Limited Company.

F.A.Q.s

Limited company accounting involves key financial duties, such as preparing year-end accounts and submitting your business’s income and expenses to Companies House for tax assessment.

Day-to-day responsibilities include:
  • Recording payments made and received
  • Collecting receipts
  • Tracking invoice payments

To ensure all this information is logged accurately before the end of the tax year, using accounting software is essential.

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

Yes, most accountants can set up a Limited Company for you. Our limited company accountants can register your business with Companies House at no extra cost when you sign up for our monthly service.

If you want the ease of having an accountant at your fingertips, Oakstone Accountants is perfect for you. We assign you a dedicated accountancy team to handle your bookkeeping behind the scenes, giving you more time to focus on running your business.

We understand that sole traders have busy lives, which is why we offer a flexible, low-hassle alternative to traditional accountancy firms. With a range of tailored solutions to suit every budget, you only pay for the services you need and there’s no requirement to learn accounting software, as our team takes care of it for you.

Yes, you will need to pay a Limited Company accountant to manage your business accounts. You’ll also need to pay an accountant to set up your company, either as a one-time fee or as part of a monthly accountancy package.

The deadline for submitting your return online and paying HMRC is usually the same: one calendar month and seven days after the end of your VAT period.

A major advantage of hiring expert accountants to handle your VAT return is the confidence that all your figures are accurate. This means you don’t need to worry about unexpected VAT inspections.