Effortlessly manage your Limited Company’s accounting needs with your dedicated accountant
Businesses of all sizes are faced with increasing challenges in the day to day accounting and running their limited company profitably. Heighten’s accounting for limited companies aims to help you achieve the success you desire.
Many entrepreneurs are frustrated with the time spent on accounting tasks. Accounting system is so slow to process the real time information and important financial decisions are delayed needlessly.
We aim to provide an extraordinary service, which includes:
- Building strong accounting system
- Automating seamless compliance processes
- Understanding & improving your numbers
- Growing your dream business
- Wealth generation & protection
- Aligning business numbers with personal aspirations
- Maintaining work-life balance
In simple words, we help you make your business a happily successful venture.
It is not far away when we will start living in the metaverse. We are excited and getting our clients ready to engage in a range of accounting activities in completely digital spaces.
By partnering with Heighten, you will receive your very own dedicated limited company accountant service supported by a friendly and proactive team of qualified business, tax and financial advisors. Your Accounting becomes effortless and the time saved with Heighten Accountants is significant, freeing up a stretch for the actual business.
One of the best accountancy firm in the area
One of the best accountancy firm in the area, not only Nadeem but every single member of staff is well trained and providing exceptional customer services. I am really happy from their services and would recommend this to all of friends
Why our Limited Company’s accounting services stand out from the crowd
We believe that accountants have the skills, resources, knowledge, and tools to impact businesses as well as limited companies positively. At Heighten, we are more than your accountant. We will not only take your day-to-day accounting hassle away but also do other things to help you build a more profitable business.
We are passionate about equipping small and mid-size businesses with accounting tools and tax advisory services at an affordable fee. It is our duty to make sure that you don’t give the taxman more than your fair share of what you’ve earned.
We ensure that you and your business are on track to achieve everything you have set out to do. We carry out regular business reviews such as
- Growth, tax
- Wealth building
- Accounting systems
- And exit planning reviews
Our key growth drivers tool ensures that your limited company grows at the rate you want it to.
Our digital accounting system review warrants that you harness the full power of 21st century technology to give you more control of your business.
The most significant thing that differentiates us from other accountants includes our close association with financial advisors who work with us to make sure that what you’ve earned keeps on growing, and that some disaster doesn’t suddenly take it all away from you.
Our exit planning review, on its own, stands us out of the crowd. It makes sure that you can leave the business when you want, with the money you want, and that it carries on in the way you want after you have gone.
Our limited company accounting service is fully inclusive of unlimited access to our entire team for advice on ad-hoc matters. This means that you can call on us at any time knowing that you will never be charged for our time or advice.
What is included in our Limited Company’s accounting service?
For our value based fixed fee Accounting for limited companies, we will:
- Handle bookkeeping and bank reconciliation
- Provide cloud bookkeeping software
- Prepare your limited company year end statutory accounts
- Prepare Companies House Statutory Financial Reports
- Carry out a corporation tax planning review
- Deal with VAT returns and reconciliations
- Prepare your P11Ds for the payroll tax year end
- Deal with your payroll, Auto Enrolment and PAYE returns
- Prepare the self-assessment tax returns and calculate the tax due for directors
- Carry out a personal tax planning review for director/s
- Deal with all company secretarial matters, including confirmation statement
Our all service packages accompany a minimum of four complimentary meetings to help you add significant money to your business through possible key improvements, tax planning, accounting data quality checks and profit reviews.
In our accounting for limited companies, everything we do for your limited company, we will always do in our power to keep you fully informed about what’s happening in your accounting affairs, and complete every task on or ahead of time – so that you never have to chase us.
We operate on the principle that a problem isn’t solved, or a piece of work finished, until you are 100% delighted.
I would just like to say how much I appreciate your help this year in completing my Tax return. You are so kind and patient and it went through smoothly.
How our Limited Company’s accounting service works
We start working for your company long before we begin work on your accounts so we can keep you compliant with tax and company laws.
It is really important for us to keep reminding you of upcoming deadlines and aspects of compliance at all times. These will include helping you to keep good records, prompting you to provide exactly what we need from you and conduct regular meetings throughout the year.
Whilst we are preparing your statutory financial statements we will also:
- Carry out an analytical review and a ratio analysis to ensure that the figures add up. This also helps to minimise the risk of an enquiry from HMRC.
- Review your fixed asset register to ensure your claim for capital allowances is maximised, which again will ensure that you pay the minimum legal amount of tax.
- Review in-year payments to ensure that you claim everything you are legally entitled to.
- Identify any business expenses that you did not know that you have paid.
- A detailed year-end checklist to review the business accounts, which covers everything required by law.
- Post year-end review meeting to discuss any issues we notice when preparing your accounts and advise you accordingly.
Other things we will do for you:
- A detailed benchmarking review
- Regular sessions
- Personal tax planning review
- Business tax planning
- Company car planning
- Directors’ Tax efficient remuneration package
- PAYE & VAT health check
- Professional fee protection against the investigation cost
Professionalism, Quality, Responsiveness, Value
I have been working with them for last 20 years for my personal, business, tax and accounting work. I have found them very professional and resourceful. Initially, I found them a bit pricey but they justified their fee by bringing a lot of value to my business. I appreciate the support from their passionate team and have already recommended them to most of my business friends.
Innovative Constructions & Build
Accounting for Limited Liability companies
Accounting needs for a limited company can be divided into broad three categories namely compliance, tax, and growth advisory.
All limited companies must report to two regulatory bodies i.e. His Majestic Revenue and Customs and Companies House. HMRC deals with Corporate Tax while Companies House makes sure that your information is available publicly to all your stakeholders.
Your limited company accounting starts with selecting the right accounting team, delegating accounting tasks, and implementing an efficient accounting system to help you process information seamlessly.
A simple accounting system includes cloud bookkeeping software (such as QuickBooks, Xero, or Zoho Books) and optical data reader (such as Dext or AutoEntry) to electronically capture and store receipts, invoices, and other accounting documents This way you can bring financial information to your fingertips This can also help you in running various reports and setting up a digital KPI dashboard.
As a statutory obligation, your limited company is required to submit a confirmation statement and a short set of accounts to Companies House and a full set of accounts and corporation tax returns to HMRC every year. Additional reporting includes
- Payroll and VAT Returns
- HMRC tax investigations
- And late filing penalties are other areas you should be ready to come across.
Tax and Business growth advisory services help companies to thrive. Tax planning, business restructuring, R&D claims, Private pensions, investing in properties and other stocks, profit reviews, cash flow, funding, and many more services can be sought from a limited company expert accounting firm.
Accounting tips for Limited Companies
A few months before your Limited company yearend is the best time to look at some tax planning opportunities. Making plans after your year-end is often too late. Here are some accountants’ tips for your limited company year-end accounts:
- Loan account review
If you have taken money from the company – apart from for your salary, dividends or reimbursed expenses – there is a risk of you being charged tax and NIC penalties. If you would like us to help you minimise that risk please contact us.
Your private pension contributions through your limited company can save you in taxes. If you have a company pension scheme or are considering setting one up, and require advice, please let us know.
- Pre-year end spending
If you are thinking of investing in any fixed assets (like vehicles, computers and equipment etc.) in the next few months, it may be appropriate to do this just before your year-end rather than just after it. That way you will start getting your tax relief on those items a full year early.If there are any other expenses where the timing is under your control – for example maintenance, marketing and training – then, once again, it is more sensible to spend this just before the year-end.You should look closely at the commercial viability of doing these things and seek professional advice before making any tax planning decision.
- Dividend planning
Dividends are still a very effective tax planning tool. However, if dividends are to be voted, it is usually better if they are voted prior to the year-end.Working with the right accountancy firm always makes a significant difference to the way that your limited company manages its money. Please contact us for accounting for limited companies if you feel like the above tax tips can be useful to you. There are many more tax saving tips once put in place that can start generating immediate results.
I am so glad that I chose Heighten as my accountant
I am so glad that I chose Heighten as my accountant when setting up my business and cannot recommend them highly enough. As a new business owner, I needed a lot of guidance and I have been fortunate to have the very knowledgeable team of accountants support me over the last few years. Without their advice, I would be truly lost! No question was ever too small or silly, they would respond quickly and with a high quality of advice. The prices are very competitive and the quality of service is excellent.
MD & Entrepreneur
Do It With Love
Limited Company accounting FAQs
Top 5 advantages of a limited company
Top 5 disadvantages of a limited company
Here is a list of issues you may considered when forming a limited company:
If your information is readily available to your accountants then it should not take too long to produce a set of accounts. It may depend on the size of your business, however, for a small and mid-size limited company it should not take more than 30 days to complete the task.
A slow turnover time in producing the required information is one of the major reasons business owners get frustrated with their accountants. Slow accounting is very common, unfortunately, and there are several reasons for this such as lack of data quality reviews, inefficient accounting system, prolonged statutory deadlines and the type of accounting firm you work with.
At Heighten Accountants, we fully understand this frustration and tackle our clients’ work on a first come first served basis instead of just waiting for the statutory deadlines to arrive.
As soon as your period ends we will proactively contact you. Our cloud bookkeeping system allows us to retrieve the information instantly. We also run a data quality review to ensure efficiency. All this helps us to complete the accounting tasks a lot quicker and on or before time for our clients.
A director acts as a manager for a limited company on a day-to-day basis. A company cannot act on its own, even though it is a separate legal person. As a director, you are responsible to act on its behalf and in its best interests.
The decisions you make as a director affect the company’s assets and interests. It also involves a high level of trust and confidence in the ‘fiduciary relationship’ between the company and you as a director.
A director’s general duties includes
It is also the director’s responsibility to ensure that company statutory reporting to HMRC and Companies House has been done in a timely manner. Directors must keep adequate and accurate company accounting records.
The accounting records must show transactions with the company’s financial position disclosure and reasonable accuracy. As a minimum, accounting records must contain day-to-day entries of all money received and used for expenditure, assets and liabilities of the company.
In small and mid-size limited companies, it is common to be a director and shareholder of the company. At Heighten, we support our clients fully to meet their legal and statutory obligations as a company director.
Here is a list of statutory reports a limited company is required to submit to tax authorities and regulatory bodies:
On average there are 6 reports with 21 deadlines in any one accounting period.
Even if it is your limited company, unfortunately, you are not free to dip into and out of the company’s profits as you see fit. Doing so may result in heavy tax bills.
So how can you legally take money out of your Limited Company then? Money can only be taken out of a limited company in one of three ways, and all three of these methods must be recorded and accounted for.
Director’s salary, expenses and benefits, Dividends, and Director’s loan are the three ways and careful use of a combination of these means can be an enormously tax-efficient way to minimise personal tax liabilities.
You cannot pay yourself dividends only if your company is ‘solvent’ i.e. a company cannot pay out more in dividends than it has in retained profits from current and previous financial years.
Overdrawn directors’ loan accounts attract additional business and personal tax. This is a common problem in insolvent companies.
You must also be careful to only take money out of a company if it is making a profit and once tax and all other financial liabilities have been accounted for.
You may use as many trading names as your business requires. A trading name is generally different from your legal and registered name. The trading name is often used for marketing purposes and it can distinguish your different departments.
Your company name registered with Companies House is a unique name. You cannot choose a name already registered by someone else. Your trading name on the other name is not a registered name so can be used by anybody. You can secure your trading name by registering it under the trademark.
Please note your limited company name is registered with Companies House but it simply cannot stop someone from using it as their trading name. Therefore, registering a company name is different from having a registered trademark.
A trademark is a badge of origin. It gives exclusive rights to the use of that name. It enables you to prevent others from adopting an identical or confusingly similar name or mark in the same sector.