Looking for limited company accountants in Surrey? Butt Miller excel in helping limited companies from set up, day to day accounting, through to planning for business growth. For financial, business and accounting advice for setting up and running a limited company in Surrey, we’re here to help. Contact the Butt Miller team today, we would be delighted to talk to you.
Welcome to Butt Miller, limited company accountants
At Butt Miller, we have years of experience in helping limited companies thrive throughout Surrey. Our comprehensive range of chartered accountant services cover every stage of your journey, right from the initial set up.
Surrey provides an excellent base for limited companies, with its thriving property market, higher than average household income and transport links to major towns and cities. Based in Camberley, Butt Miller are ideally located to serve small businesses throughout Surrey, and beyond.
Our friendly and professional team of chartered accountants can lift the burden of managing your finances, freeing up your valuable time to focus on your business. We can also provide valuable advice to help your limited company to become more efficient, profitable and future focussed.
We’d be delighted to discuss your requirements, so feel free to contact us at any time.
What is a limited company?
A limited company is a legal entity that can operate a trade, own property and other investments, and can be used to operate a charity. It is owned by shareholders and run by directors, but is distinct from its owners.
Advantages of a limited company
There are two main attractions to setting up as a limited company:
- The tax rates on company profits are generally lower than personal tax rates.
- The company limits the financial risk of its owners. The income, assets and debts of the company are completely separate to those of the company directors or shareholders, even if there is only one sole director. Shareholders’ liabilities will be limited to what they have invested in the business or any guarantees that they have made.
In addition, small businesses can look bigger to the outside world if they operate through a limited company, helping business owners broaden their horizons.
What does an accountant do for a limited company?
An accountant can help a limited company in all kinds of ways, ranging from helping the company get started in the early days, bookkeeping, payroll, VAT returns, preparing statutory company accounts, online accounting software and Corporation Tax Returns, liaising with HMRC and Companies House if needed.
Some accountants act as an outsourced finance department essentially dealing with the day to day financial running of the business leaving the directors to focus on growing and developing the limited company without the accounting burden.
Our limited company accountancy services:
We offer a comprehensive range of accounting services to limited companies throughout Surrey and beyond, including:
Limited company set up
Making the transition to become a limited company can be a minefield, with a whole host of new legal obligations to HMRC and Companies House. We can help you start up your limited company and give you the foundations to hit the ground running.
VAT registration and tax returns
As a growing limited company, you may reach the threshold for VAT. We can help with VAT registration and ensure you are compliant. We will walk you through the complex legislation and lift the administrative burden of filing VAT returns.
Business and tax advice
As your business grows, Butt Miller can offer sound business and tax advice to optimise your finances and profitability. We can offer valuable advice on tax efficiency and are on hand to answer any financial queries that you may have.
Limited companies have a legal responsibility to submit statutory annual accounts to companies house. Additionally, a further set of accounts is required to be submitted to HMRC with a Corporation Tax Return.
At Butt Miller, we can prepare and submit the accounts, tax returns and any subsequent paperwork to the relevant authorities using our efficient accounting software, ensuring you remain compliant and avoid penalties.
Day to day accounts management is time consuming for any company, especially so for small businesses. As your limited company accountant, we will ensure that your business transactions are recorded promptly and accurately, so that you have a clear picture of your company’s financial health throughout the year, and are in the best position come year end.
Cloud accounting software
Larger businesses, which tend to have more transactions, will find it more convenient to do their bookkeeping using specialist accounting software such as Xero. On the other hand, the records for small business clients with fewer transactions, can be simply kept on an Excel spreadsheet.
Growing businesses require more staff, so payroll soon becomes business critical. We can save you time and resources by acting as your payroll department, helping you deal with PAYE, national insurance and pension contributions.
Personal tax affairs
A company director may also be required to submit a Self Assessment tax return to pay tax on their own income, separate to the Returns of the business. Through organised tax planning, we can help you reap the benefits from your limited company in the most tax efficient way.
Online accounting software partners for limited companies
Xero online accounting software enables you to access your finances on any device, in any location. At Butt Miller, our tech focused team are qualified as Xero Champions, and can actively use the software to find ways to improve your business.
We’re the best placed partner to help develop your systems as your business grows, whether it’s adding Xero bolt-ons, or creating an entirely bespoke system. As Xero Champions we know the software inside out and can leverage it to design a system that works for your business.
Accountants for PLCs
As your business grows, you may consider registering as a Public Limited Company (PLC). This comes with many opportunities and advantages, such as raising additional funding through share capital and significantly growing your business.
While it is an exciting time, running a Public Limited Company also comes with unique challenges. The constant need for company transparency, maintaining PLC accounts, and the pressure to meet shareholder expectations can be a lot to manage alongside day-to-day business responsibilities.
At Butt Miller, we are here to help ease the burden of setting up and running a Public Limited Company. We’ll guide you through the specific challenges you face and can assist in all areas of PLC accounting.
Our accounting for PLC services offers support with:
- Registering to Companies House;
- Picking up administrative tasks;
- Managing PLC accounts;
- Preparing accurate and timely financial reports;
- Managing financial risks;
- Ensuring compliance.
What information do I need to give my accountant for limited company taxes in the UK?
Corporation tax is calculated from the profit which derives from the annual accounts. Adjustments are made to the profit in the accounts for business expenses which do not qualify as deductible for tax purposes.
If your current accountant prepares your limited company accounts, then it is most likely that they will also prepare the company tax return and therefore any information required, in most cases, will be obtained directly from preparing the company accounts.
Should you choose Butt Miller to undertake your bookkeeping, we can provide regular estimates of what your tax liability will look like, enabling you to prepare for any upcoming due dates where tax is payable.
Can an accountant help me set up my limited company?
Starting a new venture with a limited company can be a daunting task, however with the help of an accountant this seemingly hard startup can be made easy. In the early days, an accountant can prepare all relevant paperwork to help your company become registered at HMRC and Companies House.
Other services which an accountant can offer includes helping with the set up of initial share structures, recommending accounting software to maintain your records and offering general, expert advice helping you navigate the minefield of limited company accountancy.
How do I pay myself from limited company?
As a director and shareholder of a limited company, there are many different ways in which you can pay yourself from a limited company.
The first and most obvious way is a salary. Paying yourself a salary may seem a straightforward and basic task, i.e. you run a payroll, make the relevant payments and deductions for PAYE and national insurance and you as a director receive the net pay. That said, however, if you wish to pay yourself in the most tax efficient way, you will need to consider your other sources of income.
If you are a shareholder, dividends are payable on the amount of shares that you hold in the company. For example, you hold 100 shares and a dividend is payable for £1 for every share, you will receive £100.
To enable the utmost tax efficiency, you need to balance your salary with taking dividends, whilst taking into consideration your personal circumstances. An accountant can help you make best use of the relevant income tax and national insurance thresholds and allow you to pay yourself in the most tax efficient way.
Who owns the assets of a limited company?
As the limited company is a separate legal entity to its owner, the assets of a company are owned by the company. Even if there is only one sole director, the company is still classed as a separate legal entity. This also means that the owner’s personal assets are only at risk up to the amount that they have invested in the company.
What is the difference between a Limited Company and a Sole Trader?
A limited company is a separate legal entity, distinct from its owners. The income, assets and debts of the company are completely separate to those of its owners, even if there is only one sole director, and liabilities will be limited to what they have invested in the business or any guarantees that they have made.
On the other hand, sole traders are not separate legal entities and therefore the income, assets and debts of the business are also those of its owner. Any business debts that can’t be met can therefore be secured against the owners personal assets such as their house.
When is Corporation Tax due?
Corporation Tax is due 9 months and 1 day after the end of the accounting period; however the date on which you need to submit your tax return is 12 months after the end of the accounting period end date. The accounting period is the period of time covered in the statutory accounts which can cover a period of anything up to 18 months, but are usually prepared on an annual basis.
For example, the end of your accounting period is the 31st March 2021, your Corporation Tax liability is due and payable 9 months and 1 day after this day i.e. 1st January 2022 and you need to submit your tax return 12 months after, i.e. 31st March 2022.
Why you should choose Butt Miller to help with your limited company accounts?
At Butt Miller we provide a professional and reliable service to assist you in setting up and running your limited company. We have a a great wealth of experience in limited company accounting throughout Surrey, and we take time to understand our individual clients’ needs in order to tailor the right accounting package to each and every one.
Ultimately, as a limited company owner, you should concentrate on growing and developing your business without being weighted down by small business accounting. Should you choose Butt Miller to be your dedicated small business accountant, we will do our upmost to ensure you are relieved of any accounting burden and support you in achieving your goals.