Limited Companies
A fast and cost-effective accounts and tax return service for businesses.
The liability of members or subscribers of the company is limited to what they have invested or guaranteed.
There is flexibility in how the profits are paid to the owners of the business, which can lead to savings in tax and National Insurance.
Should the company run into difficulties, with a few exceptions, the owners of the company cannot be held personally liable for those debts.
Limited Companies
A limited company is a separate legal ‘person’, which can be formed (‘incorporated’) almost out of nothing for a particular business or purpose.
It will have its own name and address, and though the company will be owned by someone, it can carry on a business, employ staff, borrow money and own assets in its own name.
The Advantages:
There is flexibility in how profits are paid to the owners of the business. Which can lead to savings in tax and National Insurance. A self-employed individual earning £20,000 per year can expect to save around £1,000 per year in tax and National Insurance. These savings increase as profit increases.
The owners of the company have limited liability (hence the name). Meaning that should the company run into difficulties and incur large debts, with a few exceptions, the owners of the company cannot be held personally liable for those debts.
It can create a favourable business impression. This shows potential business contacts that you have gone to the trouble of going through an incorporation procedure that results in ongoing responsibilities. Also that you are being open about who is involved in the business and its financial position. It can also suggest that your business is larger than it really is.
Let’s work together on your business finances
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