Limited Company
LIMITED COMPANIES
What is a Limited Company?
A limited company is one of the most popular ways of trading. Unlike self-employment as a sole trader, a limited company is a separate legal entity to you as an individual and must be formed (incorporated) at Companies House.
Is it complicated setting up a Limited Company?
Not for KMR Excel as we are professional UK online accountants, fully qualified and experienced in forming UK companies. As part of the process we will review your shareholding requirements and also consider any other registrations that may be required.
What are the tax implications and benefits of using a Limited Company?
There are 3 main benefits in using a limited company:
1) Potential tax and national insurance savings with considered remuneration planning.
2) Your status with customers and suppliers may be improved with a limited company as it will be held on the public record.
3) Limitation of liability.
What Limited Company taxes are due?
Some taxes remain the same whether you use a limited company or not. PAYE and VAT may still be applicable depending on the business circumstances. One distinct tax due to a limited company is corporation tax. Corporation tax is due on a limited company’s annual profits and the deadline to pay this to HMRC is 9 months and one day after the end of your accounting period. Strangely, the tax return itself is not due until 12 months after the end of your accounting period! However, it is normal practice to submit the return and pay any corporation tax due by the 9 month deadline.
Can KMR Excel set up a Limited Company?
Yes, we can incorporate your limited company at Companies House on your behalf. You will need to complete our company registration form and email it back to us so that we can start the process.
How much does the company formation cost?
If you take up one of our monthly packages then there will be no extra cost. If you would like us to form a limited company as a one off service we can do this for a fee of £99.