Limited Company Accounts -
Expert Accounting for Your Business
At Ultra Tax Ltd, we specialise in managing Limited Company Accounts, providing top-notch accounting services tailored to meet the specific needs of your business. Whether you're a startup or an established company, our expert accountants handle everything from year-end accounts to corporation tax filing, ensuring your business stays compliant with UK laws and regulations.
What Are Limited Company Accounts?
Limited Company Accounts are financial statements that provide a snapshot of your company’s financial position over a year. These accounts must be submitted annually to both Companies House and HMRC. The accounts typically include:
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Profit and Loss Statement: Details your company’s income and expenses over the year, helping to calculate your profits.
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Balance Sheet: Shows the value of your assets, liabilities, and equity at the end of the financial year.
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Cash Flow Statement: Tracks the movement of cash in and out of your company.
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Director's Report: Required for some companies, this gives an overview of your company's performance.
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Failing to submit these accounts accurately and on time can result in significant penalties. At Ultra Tax Ltd, we ensure your accounts are prepared with precision, so you never have to worry about missing a deadline.
Why Choose Ultra Tax Ltd for Your Limited Company Accounts?
Managing limited company accounts requires a keen understanding of tax laws, accounting principles, and deadlines. Here’s why businesses across Sunderland and the UK trust us:
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Tailored Accounting Services: We offer bespoke accounting solutions that fit the specific needs of your company, ensuring your accounts are accurate and compliant.
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Expertise in Corporate Taxation: We maximise tax efficiency, ensuring that your business benefits from all available allowances, reliefs, and deductions.
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Transparent Pricing: Our fees are straightforward and competitive, with no hidden charges.
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Dedicated Accountants: At Ultra Tax Ltd, you'll have a dedicated accountant managing your accounts, giving you direct access to personalised advice and support.
What Do Limited Company Accounts Include?
The preparation of Limited Company Accounts typically involves:
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Annual Accounts Preparation: Financial statements reflecting your company’s financial performance.
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Corporation Tax Return: Filed with HMRC, calculating the tax your company owes.
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Companies House Filing: Submitting annual accounts and confirmation statements to Companies House.
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Payroll Management (if applicable): Managing employee salaries, deductions, and taxes.
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By outsourcing your accounts to Ultra Tax Ltd, you ensure every aspect of your company’s finances is managed effectively and efficiently.
What Happens If I Don’t Submit My Limited Company Accounts on Time?
Missing the deadline for filing your limited company accounts with Companies House or HMRC can result in hefty fines and penalties. The penalties for late filing start at £150 and can quickly rise to £1,500 or more. On top of that, failure to pay Corporation Tax on time can incur additional interest charges.
At Ultra Tax Ltd, we ensure that your accounts are filed on time, preventing you from facing any unnecessary penalties.
Key Deadlines for Limited Company Accounts
It’s essential to be aware of key deadlines for limited company accounts in the UK:
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Companies House Filing Deadline: 9 months after your company’s financial year-end.
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Corporation Tax Filing Deadline: 12 months after the end of your company’s accounting period, but any corporation tax owed must be paid within 9 months and 1 day after the year-end.
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We monitor these deadlines closely for you, ensuring everything is filed well in advance.
Common Mistakes to Avoid When Filing Limited Company Accounts
Filing Limited Company Accounts can be complex, and many businesses make costly mistakes, such as:
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Not including all income or expenses.
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Failing to claim allowable expenses and deductions.
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Not keeping up-to-date financial records.
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Our accountants specialise in ensuring your company accounts are accurate, error-free, and compliant with UK laws.
What Are Allowable Expenses for a Limited Company?
One of the most common questions we get is: “What expenses can I claim?” Here are some examples of allowable expenses for a limited company:
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Office Costs: Rent, utilities, and supplies.
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Business Travel Expenses: Transport and accommodation costs related to business travel.
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Salaries and Wages: Payments made to employees.
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Professional Fees: Legal and accounting costs.
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Claiming all allowable expenses ensures your company doesn’t pay more tax than necessary.
Frequently Asked Questions About Limited Company Accounts
Do I need to file limited company accounts if my company made no profit?
Yes, even if your limited company hasn’t made any profit, you are still required to file accounts and a Corporation Tax return to HMRC. Ultra Tax Ltd can help with this, ensuring that even dormant companies remain compliant.
Can I file my limited company accounts myself?
Yes, you can file your own company accounts, but mistakes can be costly. Errors can lead to penalties and missed tax-saving opportunities. Our team at Ultra Tax Ltd ensures your accounts are filed correctly and on time, maximising your tax efficiency.
What happens if I file my limited company accounts late?
Filing late can result in penalties starting at £150 and increasing with further delays. Ultra Tax Ltd helps ensure that you never miss a deadline.
Can I claim home office expenses as a limited company?
Yes, if you run your business from home, you can claim a portion of your home office expenses, such as utilities and internet. Our accountants can guide you through this process and ensure you claim all allowable expenses.
See how Ultra Tax Ltd can help you with your Limited Company Accounts
Looking for more than just Limited Company Accounts?
At Ultra Tax Ltd, we offer a range of accounting services to support your business, from bookkeeping to payroll management. Discover how our full suite of services can help your business thrive.