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We Are Experts In
  • Limited Company Accounts

Guidance and Support for Limited Company Accounting Throughout Northern Ireland

Our highly trained team of expert accountants are here to support you through every stage of the process when it comes to the logistical side of running your business and we can help you to manage all of the necessary documentation. Whatever it is that you need support with, we have the skill and experience necessary to be able to provide you with the highest standards of limited company accounting services at all times.
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Providing Professional Service To
  • Limited Companies

A limited company is entirely separate from its owners in a purely legal sense, and is owned by the limited company which must have at least one share holder.

Although there is no longer a legal requirement for a partnership business to have a company secretary, it is necessary for there to be at least one director.

The shareholders of the company do not have to be appointed as directors, but the directors will be treated as though they were employees of the business, however they are not required to take a wage. If there is only one shareholder, then they will automatically become the sole owner of the business, and more often than not, will become the director. Limited companies are required by law to pay corporation tax on all of their profits and are governed by company law. Limited company accounting will ensure you stay on top of all financial processes.

What are the advantages of being a limited company?

  • Being known as a limited company can help you to appear to be more credible when you are working with other companies
  • The liability of the shareholders is capped at the amount of share capital that has been issued, so personal protection in regards to the shareholders assets is guaranteed. Although it is worth noting that banks and landlords often look for personal guarantees from any particular shareholders or directors when they are working with certain, smaller limited companies
  • A limited company will have a much better potential for borrowing when it comes to its current assets being used as security, as it can create a floating charge over its assets
  • Shares in a limited company can help people to hold certain positions of ownership in the business, which can then be passed on to the next generation
  • There are different classes of shares with different rights. For example, none voting shares for someone who does not want to participate in management structures
  • You can benefit from a wide range of tax advantages if you own a limited company, as you may have profits under Corporation Tax rates. These rates are much lower than those of personal tax, however when the funds are taken from the company you may be required to pay national insurance charges or extra tax

What are the disadvantages of being a limited company?

  • All of your annual accounts will have to be documented correctly and submitted to Companies House where they will remain and will be available for inspection by the public, this will not only include accounts and will also document many other important pieces of information about your business
  • Your directors themselves will be subjected to their own certain regulations which if they fail to meet them, will be punished depending on the severity. They could be found guilty of a criminal offence for failing to comply with such rules
  • Winding up a limited company is a lot more complicated than a sole trading business for example
  • Accountancy fees for limited companies are generally higher as there is so much more paperwork and documentation to be dealt with
  • When losses are made within the company, these can’t be used against the other income of the owners

Contact Us

For more information about how limited company accounting can help your business flourish, please call us on 028 9266 3599 and we will be happy to help however we can.

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