Many Contractors and Freelancers come to us keen to start up a Limited Company, this might be either because their end client requires them to have one, or because they are keen to be more tax efficient and increase their ‘take home pay’.
When we incorporate a Limited Company for you (which we complete at FW Accounting for free) you become the Director of a Limited Company, and in the wise words of Uncle Ben to Peter Parker in Spiderman:
‘with great power, comes great responsibility’
(Actually it was a Voltaire quote originally)
As Director of a Limited Company you have many ‘Directors Responsibilities’ including ensuring that certain documents are prepared correctly and delivered to Companies House. Such as
- Annual Return – Companies House check in every year on the anniversary of your company’s incorporation to confirm that all of the details are still the same – i.e. Company Name and Registered Number, Directors, Principal Business, Registered Office Address, Shareholders and Amounts of Shares, etc
- Annual Report and Accounts – often referred to as your Limited Company Year End Accounts.
- You also have to make sure that Companies House is made aware of any changes to the Limited Company.
These are your responsibilities but you can often get assistance from your Accountant, who could prepare and submit your annual return and will often act as your Registered Office Address, ensuring that your important company mail can be dealt with ASAP. Saves you time, money and worry!
Your Limited Company Accounts will be prepared by your accountant but it is your responsibility to sign off on the accounts and guarantee that they are correct.
This is why it is important to have;
- an Accountant you trust – feeling as if you are in capable hands will ensure confidence in your Accounts.
- an Accountant who will explain aspects of your accounts to you in plain English – to ensure you have full understanding of your business.
- and an Accountant who you are not afraid to ask any questions before signing off your Accounts – no question should be too big or small.
There are in depth Companies Act Duties and Financial and Legal responsibilities of being a Limited Company Director and you can read about these in more detail on our downloadable guide here (please do read this)
FW Accounting. You Count. We Count.
Self Assessment – Q & A
Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
Setting Up a Limited Company – 5 Key Things to Consider
If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.
The Benefits of Having an Online Accountant
Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.