We can provide your UK limited company a professional all-inclusive accountancy service, with flexible payment options. Our UK Tax Consultants & Certified Accountants provide quick, efficient, and cost-effective financial advice at a competitive rate striving to minimise your tax liability.
Our expert tax & accounting services help our clients minimise their tax liability via effective tax planning and accurate tax compliance. We don’t just produce and file paperwork with the relevant authorities, our accounting services provide you with professional tax & accounting advice whenever you need it. Our accounting services will not only save you time and money but will also help you to grow your business.
By managing your HMRC risk assessment status we help you minimise stress, worry and time, by dealing with HMRC directly on your behalf.
We help you identify the most tax efficient route to accomplish your goals and minimise your tax liability.
We know that annual accounts and taxes can be a minefield, complicated and time-consuming, especially for non-UK resident directors. So why not relax in the knowledge that our tax & accounting experts will handle everything for you, ensuring that penalties are avoided, and your company remains compliant with HMRC requirements & deadlines.
Our tax & accounting services provide you with access to a dedicated accountant able to offer help and advice ensuring you are not paying too much tax, missing out on tax credits and that you receive all refunds you could be entitled to… Allowing you to focus on what you do best, building your business.
|Details||Pay Yearly||Non-Vat Registered Pay Monthly||Vat Registered Pay Monthly|
|Corporation Tax Filing|
|Annual Return Filing|
|Payroll (P60, P35, P11D)||If you have UK resident employees, you can add our payroll service for £15 a month.|
|Tax/Accounts Consultancy Services|
|Statutory Deadline Notifications|
|Vat Registration (if required)|
|Turnover up to £50K||£850pa||£90pcm||£130pcm|
|Turnover from £50K to £100K||£950pa||£100pcm||£140pcm|
|Turnover from £100K to £500K||£1,100pa||£110pcm||£150pcm|
|Turnover from £500K to £1million||£1,250pa||£120pcm||£160pcm|
|Turnover from £1million to £2.5million||£1,750 - £2,500pa||£150pcm||£200pcm|
* Please note that we are registered for vat so all our prices are subject to 20% vat (unless you are based outside Europe or have an EU vat number).
** There is an additional £13 Annual Return filing fee charged by Companies House.
*** Payroll services are not included but can be purchased additionally.
Understanding the Tax Accounting rules in the UK:
By law, companies must submit accounts relating to their business. You must include profit and loss accounts, a balance sheet, along with a cash-flow statement and a directors’ report.
On first registering with Companies House, you have 21 months before your first accounts need to be filed. Thereafter, you will need to file again nine months after your company’s financial year ends.
It is important to note that there is an automatic penalty if accounts are filed late at Companies House.
This is between £100 and £1,000 for a Private Company and £500 and £5,000 for a Public Limited Company.
Directors can be legally charged for not filing certain documents.
If convicted, they will be fined up to a maximum of £5,000 for each offence and will also have a criminal record.
It is therefore important that your records are kept up to date and that is something that we, at CG Incorporations can help you with.
Our fully qualified, certified accountants can assist you in keeping accurate records to support you and your business, so you are able to successfully run and manage your company.
Tax and Accounting Services Frequently Asked Questions
A:Every company is legally bound to keep extensive records of its assets and liabilities, (ie income, expenditures). They will help you or your accountant when you submit the annual accounts, so keep them safe!
A:You can, although expert help will ensure that a business can minimise its tax burden by providing effective tax planning and timely and accurate tax compliance, such as the filing of tax returns. By using an accountant you won’t be at risk of the HMRC penalties and interest incurred due to late submission of tax returns and late payments of tax, as the accountant will take care of it all.
A:You’ll usually receive a letter from HMRC informing you that your company tax return is due. This is known as a ‘notice to deliver a company tax return’. If you have received this and you fail to file your return on time, your company will be subject to a flat rate penalty of £100. If you overrun by 3 months, you’ll be charged a further £100 penalty. If tax returns are consecutively late for 3 or more accounting periods, this penalty increases to £500 with an additional £500 charged if you file your return more than 3 months late. These penalties escalate significantly the later you file your tax return.
A:Tax bills are determined by what profit you make as a business. This is basically all you have earned minus any business expenditure you have incurred.
A:Essentially anything deemed as a business cost is tax deductible. Examples of this include:
- premises rental
- car travel expenses – simply reclaim the VAT related to your business usage, (if your car is also used for personal use)
- IT equipment, Business calls and Internet access
- any running costs such as the price if your stock
- business trips- If you have an overnight stay, reasonable expenditure, including lunches are allowed
- property running costs- if you use part of your home solely for business purposes.
A:We’ll certainly endeavour to prevent you from paying more tax than you need to! For a start, in moving from a sole trader to a limited company, you’ll avoid having to pay Class 4 National Insurance Contributions. Although everyone’s situation is different, especially if you are self-employed, you can minimise your personal tax bills by trying to limit the amounts drawn from the company, for example in salaries or shareholder dividends.
A:With the help of our UK Tax Consultants and Accountants, CG Incorporations can provide quick, efficient and cost-effective financial advice at a competitive rate.
By managing your HMRC risk assessment status we can minimise your stress, worry and time, by dealing with HMRC directly on your behalf. We help you identify the most tax efficient route to accomplish your goals and minimise your tax liability.
If you are due to pay Corporation Tax, but don't meet HMRC requirements and deadlines you could face a penalty. However, you might also be missing out on tax credits or refunds to which you may be entitled or even be paying too much tax.
CG's competent tax accountants can deal with the complex UK tax system, helping you to avoid corporation tax penalties and advise you on how you can minimise your tax exposure, by ensuring you don’t pay any more tax than is legally due.
A:If you're a UK resident and have income and/or gains abroad, you may be able to claim relief or exemption from foreign tax and avoid paying tax twice.
For some countries you're required to provide a 'certificate of residence'- a letter confirming you were a UK resident for a particular period.
We can help you get a certificate of residence from the HM Revenue & Customs.
A:What is a Corporation Tax? Corporation tax is a tax levied in the United Kingdom on the taxable profits made by limited companies and other organisations including clubs, societies, associations and other unincorporated bodies.
How much corporation tax does my business pay?
If your company or organisation is based in the UK, you'll have to pay Corporation Tax on all your taxable profits - wherever in the world those profits come from. The corporation tax rate is 20% on profits upto £300k. For profits above £300k, the rate is 23% but will be reduced to 21% from April 2014. If your company isn't based in the UK but operates in the UK - you'll only have to pay Corporation Tax on any taxable profits arising from your UK activities.
Telling HMRC when your company is active:
On completion of the incorporation process, you are legally obliged to inform HMRC when your company starts trading. The company directors are responsible for ensuring that the corporation tax liability is accurate, and your annual tax return is filed on time. You can deal directly with HMRC or you can appoint someone to deal with HMRC on your behalf for your Corporation Tax affairs.
Corporation Tax return:
Each year, your company is required to file a corporation tax return. From 1 April 2011, all returns must be filed online for any accounting period ending after 31st March 2010. If you submit your return late or the contents are inaccurate, you will be fined a penalty. You must pay any corporation tax that your company is liable by 9 months and 1 day after your normal due date and you must do so electronically.
A:Self Assessment involves completing an online or paper tax return. There can be several reasons to why HMRC may need a person to complete a tax return - for example if you're self-employed, a company director, a trustee or if you have foreign income.
You need to register for Self Assessment before you can get a tax return. HMRC will send you a Unique Taxpayer Reference by using the information you provide and will send you a letter each year, usually in April, telling you to complete your tax return. If you received your Unique Taxpayer Reference but have not received a letter telling you to complete a tax return by the end of April, you should contact your Tax Office.
The deadline for paper tax return is 31 October. If you want to send your tax return online, you will be given an extra 3 months and the deadline will be extended until January 31. You'll be charged a £100 fine and can expect to be charged interest if your tax return isn't received on time.
A:Balance sheets are basically a summary of the financial dealings of a company or individual. This may be a business partnership, corporation, PLC (private limited company) or a sole ownership.
A:These are the financial statements of a company, showing their revenues, costs and expenses which have been incurred during a set time, usually over a quarterly or yearly period. They provide comprehensive information about whether a firm can generate profit by increasing revenue, reducing costs, or both. It shows the revenues are transformed into the net income or net profit. It is therefore a basic trading summary - how much has been spent running the company and how much has sold.
A:Cash flow statements are basically financial statements that demonstrate the amount of cash entering and leaving a company. They show how well the company generates cash to fund operating expenses and pay its debts.
A:Statutory accounts keep your records updated with Companies House. They also enable shareholders see how your company is performing and therefore have an important role in the running of your business.
A:Yes, UK directors must register for self-assessment and file personal tax returns. Any taxable income, for example shareholder dividends must be disclosed to HMRC. Penalties apply for late submissions and late payment.
A:Yes, of course! Even if you haven’t registered your company with us, you can still use CG Incorporations as your accountancy firm. (We may need you to provide a few details, i.e. company name, UTR number and Companies House authentication code).
A:Yes you do. Even if your trading has been limited a corporation tax return must still be filed. Why not contact us for a quote? Our prices are very competitive.
A:One of our experts will contact you and answer any questions. We will also need your proof of identity and proof of address (not older than 3 months).
A:An annual return is a general information about the company's directors, shareholders, nature of business (SIC code) and registered office address. It must be filed within 28 days of the anniversary of incorporation of the company.
All UK companies must file an annual return to Companies House every 12 months. If not filed on time, Companies House will issue a penalty.
CG Incorporations Limited can help you in filing your Annual Return for £50.
I've been a client of CG Incorporations for more than 5 years. They've always been helpful and reliable. They remind me in time to provide everything for my annual accounts, so I have never filed my company accounts late & have never recieved a penalty. Highly recommended!
Robert Nemet, Confidesk Limited