One of the biggest concerns we find people have about becoming a limited company, is the extra hassle entailed with being a company director. This doesn’t have to be the case. The truth is, if you’re a company shareholder, you’ll have limited liability for any losses or debts, which is a major advantage of this type of business structure. Of course, while company directors do take on a number of responsibilities, the majority of any “hassle” can be taken care of by your accountant.
At Chippendale and Clark, we work with limited companies to manage their corporation tax, file their company tax returns, set up and run company payroll, take care of company-related correspondence, provide bookkeeping, and more. When it comes to your company tax return, we’ll keep track of your accounting period to ensure that your accounts are returned by the appointed dates and with all relevant information included, so you avoid any financial penalties. And if you’d prefer to pay your corporation tax at a time of year that suits you best, we can arrange this for you too.
Contractors offered attractive packages
As of April 2017, responsibility for deciding whether IR35 applies to individuals working through their own company in the public sector, now falls to the employer, third party or agency, not the individual.
It means that for those projects determined to be subject to IR35, all tax due will be paid at source, so any payment received will already be net of PAYE. For more details on how this could affect your business, and how best to manage these changes, you can read more in our blog.
Paying yourself and others in your business is a crucial element of your company accounts, yet it can also be a bit of a minefield. As a limited company, your company is a separate legal entity to you, so your salary needs to be paid from your business (the employer) to you (the employee). We can set up your payroll for you, and manage it in a way that works best for your business, taking into account salary, regularity of payments, PAYE and National Insurance, and payroll year-end forms.
Process VAT Returns
You can either register voluntarily for VAT, or you may have to compulsory register if your company has reached the turnover threshold. Either way, if your limited company is subject to VAT, it’s important you submit your VAT returns on time and correctly – VAT can be complex and getting it wrong can lead to trouble.
As well as carrying out your bookkeeping for you, and processing your returns within specific deadlines, Chippendale and Clark can also regularly review and advise on which VAT scheme is best for your business, including annual accounting, cash accounting, flat rate and margin schemes. To find out more about the different options available, just get in touch with us for further details.