Ainsworth & Co, Chartered Accountants and Business Advisors.

Guide to Limited Company Tax

We can file all your company taxes for you.

This webpage describes some of the more usual taxes involved for a Limited Company.


There are several taxes involved in a Limited Company, including:

Corporation Tax
PAYE
VAT

• and Self Assessment for an individual as a Director


Corporation Tax


Corporation Tax is a tax on the profits of a Limited Company.

These tax calculations can be quite complex which is why they would normally be done by qualified accountants, and this is part of our service.


PAYE / Payroll


If you are a Director of the limited company, you will usually be an employee of the company and on the Payroll of the company. This means that you will have a salary and receive a payslip, just like any other employee.

The company will usually run a monthly payroll and may need to deduct Income Tax and National Insurance on the payslip and pass this on to HMRC under the PAYE tax system every month.

Payroll is part of our service.


Self Assessment


For an individual Director, HMRC say they require a personal Self Assessment tax return in addition to the limited company's Corporation Tax return.


VAT


Please visit our VAT webpage for more details.


For each of the above taxes, please note:

• All of these taxes are now filed online
• Each has a separate registration process






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More Information About
Limited Companies


Companies House


Companies House is the home and registration place for all companies in England and Wales.
Companies House Link


GOV.UK


The UK Government is building a substantial website of information for businesses:
GOV.UK Link


Our Webpages:


Limited Company Formation

Setting Up A Limited Company

Shareholders' Guide

Directors' Guide

Director's Loan Account

Annual Accounts

Getting Paid from your Company

Limited Company Bookkeeping

Dividends

Limited Company Taxes

Confirmation Statement

Dormant Companies

Stationery