Accounting Services for Limited Companies

By Pauline Healey

Accountancy for Limited Companies and Community Interest Companies

Running a business is demanding, and often confusing.  Our team will be your finance business partner, producing the right information to ensure that you understand how your business decisions impact your cash and profits.

Be satisfied that your company resources are performing effectively,  to drive profitability, to support the lifestyle that you desire. 

We take care of your finance requirements, along with quarterly reviews so you can concentrate on your core business.   We will set you up on Xero accounting software, at the level required for your business, and provide training and full year support as required.

Your quarterly review will ensure that Xero is up to date, provide summary management accounts and will also include a planning session with various topics to choose which could include;

  • Are you being tax efficient?
  • Cashflow forecast and cost review
  • Business efficiencies and automation overview
  • Becoming VAT registered
  • Performance reporting

Benefits of our Limited Company and Community Interest Company support packages with Xero software;

Benefits of our Limited Company and Community Interest Company support packages with Xero software;

·        Have access to chartered accountancy support throughout the year as your business partner

·        Know how your current finance performance BEFORE year end and work with your finance support to forecast future months activities to maximise tax benefits, profit and opportunities

·        Manage your accounts from your phone, tablet or laptop at anytime, anywhere

·        Capture expenses on the go with photo capture and item recognition

·        Send professional invoices, have automatic reminders and quickly allocate payments

·        Have your key business financial data on the app, see you cash flow in real time, on the go

·        Quarterly planning sessions to progress your company growth, providing you with enhanced financial support to maximise your profits and cash potential 

 

·        Dividend and payroll support as required throughout the year

 

Packages start from £150 per month.
Contact us today to discover the start of your financial freedom.

My Top Tax Tips for Business Owners and Directors

Can I pay my corporation tax early?

Yes you can. For example, if your accounting period starts 1st January 2020, ending 31st December 2020, you can gain interest from paying Corporation Tax anytime between 13th June 2020 (using an estimate as your accounts are not closed), until 1st October 2021 being HMRC’s deadline for your payment. You can pay at any time between these dates and earn interest against your payment. HMRC pays interest, known as ‘credit interest’ for paying your Corporation Tax early, currently at a rate of 0.5% (as at 1st April 2021).

Can I claim back my start-up costs?

Yes, you can claim relevant start up business expenses for up to 7 years BEFORE your business began trading. Many people start on their business journey well before they start trading – do you remember that course you eagerly booked to start up your business but then did nothing for many years….. The expenses could include expenditure such as training, domain names, travel to industry, or professional relevant events, to name a few items. Or did you have equipment that was then brought into your business to trade such as computers, tools, cameras? 📽💻

Can I give myself tax-free gifts?

Yes. You can gift yourself trivial benefits.Trivial benefits are allowable to your employees at a cap of £50 each and to directors at a limit of £300 (£50 max per transaction), per tax year. These benefits cannot be a cash gift, not in anyone’s contract as a given, and not a reward for performance. And they cannot be a penny over £50! You need to be a director of a closed company (5 or fewer directors) for trivial benefits, if you’re not sure what you can claim, that's what i'm here for!

Can I claim medical expenses through my business?

Yes. Do you need glasses to carry out your role? Eye tests can be expensed along with glasses if your prescription is with regards to your job. Medical check-up or health screening, once a year is allowed. BUT private medical insurance or medical treatment is considered a "benefit in kind" for an employee or director or non-business expense for a sole trader. Additionally, if you need a physio session and it is £50 or less, and you’re a director, you have trivial benefits… this could pay for your treatment.