Accountants for Limited Companies

Mollan & Co provides accountancy services for small, limited companies. Our forward-thinking services and cloud-based strategies can help your small business run your accounts and even identify growth opportunities.

Whether you need professional accounting services for managing taxes, paying employees, or a valuation to achieve a high ROI when selling your company, our team of accountants for small limited companies are ready to help.

Contact us today to book your free, no-obligation consultation.

How Important Are Limited Company Accountants?

Accountants for limited companies are very important as such businesses often have complex legal and reporting requirements compared to sole traders or partnerships.

Legal Requirements for Limited Companies

Unlike sole traders – where the business and owner are legally the same – limited companies are treated as separate legal entities. This subjects them to different requirements, including:

1. Fiduciary Duties: Directors must file annual accounts, Corporation Tax, and confirmation statements under the Companies Act. This involves carefully reviewing all data to ensure it is true and accurate before submission.
2. Statutory Responsibilities: Owners need to prepare statutory accounts and file them with Companies House and HMRC as part of their Company Tax Return. They must also disclose individuals who own or control more than 25% of the shares or voting rights. These individuals are known as People with Significant Control (PSCs).

Reporting for Limited Companies

Limited companies must prepare statutory financial statements in line with UK GAAP (Generally Accepted Accounting Practice). UK GAAP comprises a number of Financial Reporting Standards (FRS), including FRS 102 (for small companies), and FRS 105 (for micro-entities).

It’s vital to ensure the right financial data gets recorded, is maintained properly, and is reviewed regularly. This affects:

1. Bookkeeping: Limited companies must keep proper accounting records for at least 6 years, including income, expenses, assets, liabilities, and VAT (if registered). These records are increasingly required to be digital depending on the company’s annual turnover.
2. Payroll compliance: Limited companies must operate a PAYE scheme if it has employees or pays a director. Payslips, PAYE tax, NICs, and statutory payments like SMP and SSP must all be correctly calculated and reported.
3. VAT compliance: Limited companies that exceed the VAT threshold or that voluntarily register for VAT must complete quarterly VAT returns using Making Tax Digital-compliant software.

Read more about Making Tax Digital.

Ltd. Company Accounting Software

Limited companies often require more robust accounting software than sole traders and partnerships as limited company financial data is often more comprehensive.

Many businesses choose Xero for:

• Payroll
• Tax filing
• Statutory reporting

Our online accountants for limited companies know the Xero system inside and out, using it efficiently and effectively for clients.

Why Use Mollan & Co for Your Limited Company Accounting?

Mollan & Co’s accountants for small, limited companies bring you more than financial monitoring and reporting. Our focus is growing your business through:

• Accounting Expertise: An intricate knowledge of limited company accounting enables us to tackle Company Tax Returns, Corporation Tax, and Capital Gains Tax effectively.
• Tax Savings: We identify tax relief opportunities based on what’s available in the limited company sector, reducing outgoing expenses.
• Business Focus: While we handle your finances, you’re free to focus on making your business shine.
• Profitable Strategies: We uncover profitable opportunities to help you build a long-term success strategy.
• Financial Compliance: Safeguard against investigations with our in-depth knowledge of industry regulations. Ensure compliance and get the benefits of the latest financial operating systems.
• Dividend Planning: Ensure all after-tax profits are redistributed to shareholders as dividends.

Our Limited Company Accounting Services

Our expert online accountants for limited companies can support you across a range of accounting processes. We handle:

• Statutory Accounts Preparation: Organising statutory accounts coherently and transparently to ensure compliance with evolving industry standards.
• Management Accounts: Leveraging balance sheets and budget forecasts for expert insights that inform quick, effective decision-making.
• Bookkeeping: Digital data entry and reporting to reduce bookkeeping time.
• Tax Returns: Completing tax returns accurately and efficiently.
• VAT Registration & Returns: High-level guidance on Value Added Tax (VAT) returns, P60s, and compliance checks.
• Business Consultancy: Strategic business consulting to optimise business performance, uncover growth opportunities, and refine financial strategies for long-term success.
• Company Registration: Just got started with your business? We can ensure it gets registered properly.
• Growth: Build smart strategies and enter new markets by analysing cashflow trends and assessing financial risks.
• Payroll: Provide expert payroll services to ensure timely and accurate payments.
• Valuation: Ensure the best return on your investment when selling your business with accurate valuations.
• Self-Assessment Returns: Process and file accurate Self-Assessment Tax Returns when required.

Streamline Your Business with York-based Ltd Company Accountants

Mollan & Co offers extensive accounting for limited companies. Over 40 years of financial experience ensures a hassle-free accounting process that steers your business towards success.

Get in touch with us for a free consultation – no obligation, just solid advice. If you’re looking to change accountants, we ensure a smooth transition.