Limited Companies

Limited Companies: We provide a range of services to Limited companies. We also provide advice on what to think about when considering whether to set up such a business. We can help with compliance issues, such as forming the company in the first place, getting the company registered with HMRC, advice on setting up the company’s accounting records and preparing regular management accounts. We can prepare the yearend financial statements and deal with tax requirements on your behalf.


We can also advise on ways to mitigate tax and national insurance, especially for owner-managed companies. Although there is perceived prestige in operating as a limited company you will lose some of your privacy directors and shareholders’ personal details and abbreviated accounts have to be filed, and are open to public scrutiny.

limited company is an independent distinct legal entity and artificial person that is able to enter into contracts in its own name. This is important as it means that all the company’s liabilities are the responsibility of the company, not the directors and shareholders.

Following are few examples of advantages & disadvantages of Limited Companies?

Significant advantages: Limited liability means that’s the liabilities of the directors and shareholders are limited to the extent to their shareholding and your personal assets are protected from business creditors if for any reason the company has to cease trading and is unable to pay off its debts. This protection is especially useful if there are significant risks associated with your business entity.

Significant disadvantages:

  1. Possible double taxation as the company pays its own tax on profits and gains and any payout out of profit to the directors and shareholders can be taxed again.
  2. Management of company could be more expensive as compare to the sole proprietor or partnership business as there are number of legal formalities which company additionally required to fulfill towards the costs in setting up, preparing accounts and tax returns for companies and costs in complying with Companies House formalities.
  3. Audit requirement there is requirements of audit of company accounts if it exceeds certain limit which is an added cost.

We are here to help: Would a limited company be suitable for your business?

This is not an easy question to answer in just a few paragraphs but in fact this is to be addressed & discussed in the specific & particular circumstances on the case to case basis. We are happy to discuss your individual requirements and assess your business needs. This will enable you to make a balanced judgment on the best way to take your business forwards. Be a limited company or unincorporated structure it should allow you to take advantage of the most beneficial tax arrangements available to you, and make rational choices about action that you can take to minimize your business risks.

Amin & Co Accountants Ltd | Company Registration No. 8470501 Registered in England & Wales
Member of Institute of Financial Accountants, London

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If you need any help for your tax return or preparation of accounts call now to book an initial meeting at
0161 224 3510 or complete our inquiry form and we will get back to you as soon as possible