Limited company accountants in Cambridgeshire

JMC Accountancy is a team of limited company accountants serving businesses throughout Cambridgeshire.

JMC Accountancy can help your limited company to thrive

Life as a company director is not for the faint-hearted! It comes with a great deal of responsibility and the hours can be punishing. For many, there just aren’t enough hours in the day for laborious accounting tasks, such as bookkeeping, payroll and tax planning.

Fortunately, for limited companies in Cambridgeshire, JMC is here to help. We can take the pressure off by performing all of those time-consuming accounting jobs on your behalf. We will help you to nail your accounting processes, become more efficient and ultimately, more profitable.

Don’t struggle with your limited company accounts alone – reach out for expert financial advice from JMC Accountancy. Fill in our contact form to get in touch.

What is a limited company?

‘Limited company’ describes a business structure where the company is a separate legal entity to the company directors and shareholders. Therefore, the owners/directors are not personally liable for any debts or legal action incurred.

In contrast, in a sole trader business, the owner is the company and has full liability for debts, meaning their personal assets are at risk if the business fails. Many small businesses start life in a sole trader structure and transition to a limited company as they begin to grow and take on more employees.

What are the advantages of starting a limited company?

Along with limited liability, many business owners choose to register as limited companies because it is more tax efficient for the business and for them as individuals. In addition, there are no real set-up costs and the business name is registered and protected. Company status can also enhance a business’s reputation, opening up greater opportunities.

With the increase in Corporation Tax to 25% from April 2023, company status is perhaps not as beneficial for some businesses as it might have been. If you are in doubt as to whether limited liability status is right for you, then it is wise to consult a professional accountant such as JMC Accountancy.

Can an accountant set up a limited company?

Limited company accountants, such as JMC, can help you weigh up the pros and cons of registering for company status. If you go ahead, we can take on all the necessary paperwork and register your new business with Companies House. We will also ensure you remain compliant with your new legal obligations.

What legal responsibilities do limited companies have?

Along with the benefits that come with company formation, limited companies have extra obligations to HMRC and Companies House.

A limited company registered in the UK must:

  • Complete annual Corporation Tax returns.
  • Submit annual accounts to Companies House.
  • Create a ‘memorandum of association’ – a legal statement signed by shareholders.
  • Create ‘articles of association’ – a legally binding document which describes the rules for running the company, signed by shareholders and directors.
  • Keep company records, such as accounting and financial statements.

Find out more about limited company obligations.

JMC accountancy limited company accounting services Cambridgeshire

We provide a comprehensive range of limited company accounting and tax services to our clients in Cambridgeshire.

Bookkeeping

Bookkeeping is the bedrock of financial management. It has moved on a great deal from physical ledgers and online accounting software, such as Xero, is the new standard. As Silver Partners, we can help you to transition to Xero, or other suitable cloud accounting software, to ensure your finances are easy to access, accurate and informative.

Company Tax returns

As a business owner, annual accounts preparation and your company tax return may be a source of dread – but they don’t have to be. As your limited company accountant, JMC can help to implement tax planning strategies to ensure your business takes advantage of any tax reliefs it is entitled to and that it is fully prepared for the bill come year-end.

Payroll

Payroll is a fundamental business function but it is spectacularly time-consuming and the government legislation around National Insurance and PAYE is tricky – but that’s where JMC come in! We offer a fully managed payroll service using the latest software to ensure you remain compliant and retain happy employees.

VAT

VAT is one of the most complex and onerous tasks for companies and, as such, many inadvertently overpay or underpay. Both scenarios can have an adverse effect on a company’s bottom line. With the expert eye of JMC, you can be sure you stay on top of the constant changes to VAT so that you don’t fall foul of the regulations.

Personal tax for limited company directors

To maximise your personal wealth it pays to understand the ins and outs of tax law. JMC can advise you on how to balance your company’s profit and personal salary, to ensure you receive the income you deserve. We can also take on the dreaded paperwork and make the submission to HMRC on your behalf.

Why choose JMC as your limited company accountant?

JMC Accountancy is a small business, so we know exactly what kind of challenges limited companies face. We can take on your accounts and free up your time to develop your business or take such much-needed downtime.

We are a very approachable team and don’t talk in accounting jargon! We have a great deal of experience in dealing with limited companies and we are here to make your life easier. What’s more, we will work to save you money and provide the financial insight you need to grow your business successfully.

For ultimate peace of mind when it comes to limited company accounting, contact the team at JMC Accountancy.

As of April 2023, a limited company must pay 25% Corporation Tax. This is deducted from company profit after allowable business expenses and salaries, but before any dividends are withdrawn.

Every business is unique, with its own set of requirements. That is why at JMC, our services and therefore our fees are bespoke. Our clients pay on a monthly basis in advance of year-end, via direct debit. We have a minimum fee of £100 + VAT per month for a limited company (unless dormant).

A limited company director typically takes a small salary, to keep as much profit in the business as possible. Many supplement this income in the form of dividend payments.

Whatever business structure you choose boils down to the level of personal liability you are comfortable with and also, tax efficiency. Sole traders must pay income tax on all income over the personal allowance threshold of £12,570, at a rate of 20%, 40% or 45%* depending on which tax band they fall into.

Up until the budget of Autumn 2022, Corporation Tax was set at 19%, presenting a potential tax saving for many growing small businesses. The rate is due to rise to 25% in 2023, so it may be more prudent for many small businesses to continue in a sole trader structure until they approach the Higher Rate (40%) tax band.

It is always wise to get the advice of a financial professional such as JMC, to weigh up your options carefully.

*as of April 2023

As a limited company is a legal entity in its own right, the profits and assets belong to the company. That means that directors cannot legally take money out of the business unless it is in the form of a salary or dividend payment. It is also possible in some cases to take out a director's loan.

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Why choose JMC Accountancy?

JMC Accountancy has a great deal of experience in working with landlords and second homeowners. Our team is extremely knowledgeable when it comes to property tax and can help you to manage your properties while making you more tax efficient.

We are a friendly, approachable team, and we steer clear of confusing accountancy jargon. As small business owners ourselves, we know what you’re up against and will do everything we can to make your life easier and your buy-to-let business more profitable.

Contact us today for a free, no-obligation accounting consultation.

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Contact us today for a discovery call and see how we can help you run and grow your business.
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