Limited Companies

Many of our clients are small to medium sized limited companies and we are geared up to provide an efficient and very keenly priced service that minimises the time you need to spend on the annual accounting function. It shouldn’t be the case, but we do understand why so many directors view the preparation of the annual accounts as a necessary evil to determine how much Corporation Tax they must pay and to obtain a set of financial statements to appease the bank manager. For that reason, the lowest fees are often the critical factor in their choice of firm.

We rarely get it wrong on the fee angle. It normally takes us two years to prove why engaging Tax Data Ltd can gain you a significant edge to the way you operate your business.

Typical charges.

Dormant companies  – £100 pa

Property management companies from £200 pa.

Small companies (client prepares bookkeeping to trail balance) – £350 pa

One man companies – £750 – £1,000 pa

Larger companies – from £1,000 pa

All figure are net of VAT.

These estimates are for the statutory accounts, corporation tax return and submissions to the Inland Revenue and Companies House. Other services such as bookkeeping, payroll, Companies House compliance are charged separately at £25 plus VAT per hour. We will supply a detailed quote before commencing work each year which you agree and will let you know if for any reason, we are materially outside the budget. We keep detailed time ledgers which are available upon request.

Why change to Tax Data Ltd?

Most company clients come to us because we charge less and often do more, albeit without the frills and brass plate office. It maybe they can’t be bothered to deal with all the tedious bookkeeping; some just don’t feel confident they can trust themselves to do all the admin work involved in running a company, and others are simply too busy making money and growing their business and prefer to pay someone more qualified to do it for them. Whatever the reason, that’s fine by us. You just let us free you from the mundane and keep you compliant.

What we can do for you!

For a start, we can often help you save a considerable amount of time just by streamlining the administration of your business. By cutting out the wasted and often duplicated processes we can help you reduce the time you spend each week collecting together the information and documentation we need to allow us do our job.

Even if your idea of keeping proper accounts is to stuff takings records and receipts into a carrier bag and hand them over to an accountant we can still turn the situation around. The peace of mind of knowing you have taken the necessary step of letting Tax Data Ltd take over the record keeping process is worth every penny of the £25 per hour plus vat fee we will charge you for giving you peace of mind.

We really do mean the complete package.

One unusual aspect of the service Tax Data Ltd provide is when we sign-off your annual accounts we supply you with a set of electronic schedules that provide a complete transactional audit trail from the bank statements and invoices you supply up through the day books and into figures that appear in your financial statements themselves. It shouldn’t be unusual, but experience has shown that not all accounting firms do provide the complete audit trail. To be fair, the missing bridge will only probably become an issue if you decide to sell your business, or suffer the misfortune of a HMRC investigation. In either case, it is not the time to discover you don’t possess the information the Law requires you to retain for up to seven years if you are VAT registered.


Limited Companies: Companies House Compliance

There are several changes being introduced in respect of Companies House compliance.  The “Annual Return” is being replaced by a “Compliance Statement” and a new register of “People with Significant Control” (PSC) will be required. In the past, we have submitted abbreviate accounts as part of our annual services and have helped with the other Companies House matters on an ad hoc basis. Many of our clients are happy to deal with the Annual Return etc. themselves.

One of the institutes we are affiliated to (ICPA) have suggested that some clients may appreciate addition assistance with Companies House compliance. They are recommending a cloud based package called Inform Direct. We have looked at this package and believe it will be cost effective for some of our corporate clients to use this. The charge for signing up direct is £72 pa however as accountants we qualify for discounted rates and can offer this service as part of our standard fees.

Here is a brief video explaining the system and you can also access their knowledge database.  If you would like us to do all the compliance, then the cost will be £25 per hour for our time plus Companies House charges (i.e. £13 for the annual compliance statement etc.). Alternatively, we can give you full access and you can oversee the compliance or you can deal with the compliance directly with Companies house.

Companies limited by guarantee.

Although not always the case, most of company limited by guarantee clients are clubs and associations operating on a not-for-profit basis. Finding an accounting firm to fulfil the annual accounts reporting function will often be decided by fee level alone. Considering the demand for low fees, it is ironic that they are often the most demanding of clients to service for two reasons:

  • They are frequently run by volunteer officers whose record keeping skills vary considerably; and
  • They often demand a quasi-audit service because they have to face the members each year at the AGM.

Tax Data Ltd is well versed in dealing with club committee members to strike the required balance between what is needed and what can be realistically achieved according to budget and the resources made available.

Free One Hour Consultation.

If you are looking for an accountant, we would appreciate the opportunity to show you why Tax Data Ltd would be a good choice. You can either call us on 01737 551904 and have a long chat about your situation over the telephone, or indeed just make an appointment to meet us.

Published 13 September 2017.

Updated 11 December 2017.