Accounting Services for Limited company
What are the filing dates for limited companies?
If you are the owner of a limited company, then you should know that for filing the first set of accounts, they should be supplied no late than 21 months from the date of incorporation. So for instance, if a company has been established on January 1st, 2017, which will be having January 31st, 2018 as its accounting reference date; so the accounts should not be late than October 1st, 2018. Likewise, the subsequent set of financial records should be supplied no late than 9 months from the following accounting reference date. So if we follow that same dates as mentioned above, then this would be on October 1st, 2019.
Another important point owners should be aware of is that they can file their accounts as soon as the accounting reference date has passed, they don’t have to specifically wait until the deadline. And for filing the first Annual Returns, they should be filed no late than 1 year and 28 days after the incorporation date.
What are the allowable expenses?
When you are running a limited company, these are some of the expenses listed below should be expected:
· Employee Salaries
· Pension Contributions
· Sustenance cost while absent from the workplace
· Parking, mileage allowance, and travel costs
· Costs of accommodations when absent from regular place of business
· Costs of printing, stationery, and postage
· Charges of training courses those are applicable to obtain for the business.
· Insurance of the business and its corporation tax as well
· WIFI(broadband) and telephone packages
· Cost of all IT equipment and software.
· Marketing and advertising costs for the business.
· Expenses for incidental overnight stays
· Expenses of the company car
· Expenses for company parties
· Magazines, books, and publications for your Business.
· The expense for the employee’s who have to take eyes tests because they use computers.
· Yearly private health check for all the personnel
What type of accountancy services will limited companies need?
Limited companies need this type of accounting services:
1. VAT and Accounting: The Company will have access to an online bookkeeping and management information portal; they will also get advice and calculation on VAT returns and payments.
2. Payroll: Both advice and calculation on RTI PAYE payments and returns, setup of the monthly payroll and many other things are included
3. Tax: They will be responsible for preparing and filing the year-end corporation tax return with HMRC
4. Bookkeeping: They will be doing the groundwork and filing of year-end financial records with HMRC and Companies House. And they will also be preparing management accounts for every month.
5. Company Secretarial Services
6. Constant Advice and Support
Choosing an online accountant?
When you have to choose accountants for limited companies, hire a specialist who has an immense knowledge about accounting at GM Professional accountants we have relevant knowledge about your sector.
Choosing the right Accountants in London?
To choose the right accountant for your limited company in London, you can trust GM professional accountants. With our 5-star ratings and the best rated accountants in a number of areas, your in safe hands with our tax experts.
GM Professional accountant have offices located in Manchester, Essex and London.