Company Accounts
Company Accounts
Blog Article
Each and every private limited company is legally obliged to prepare company accounts that comply with Companies Act and UK Accounting Standards. The normal filing date for accounts with companies’ house is 9 months and 1 day after the company year-end.
Types of company
There are different types
of company:
- Company limited by shares.
- Unlimited company.
- Company limited by guarantee.
Most individuals choose to form a company limited by shares to take advantage of the protection they offer its shareholders
Other considerations for limited companies
Liability of members: In theory members of a company should have no liability for the companies debts this is because the company is considered to be a separate legal entity. However, this is often dependant on the type of company concerned. The company itself as a separate legal entity is liable without any limits to any debts it may have incurred.
Perpetual succession: A company can carry on indefinitely. This is despite changes in membership. A company will continue to run until it is terminated in the correct legal manner.
My experience with Emulous Accounting has been great. Being fairly new to contracting I had a lot of questions, it was nice to be able to easily reach out to an accountant who would not practice hiding behind receptionists. The knowledge was also first class, with simple and clear explanations, subject areas such as IR35 and risk were made straightforward and easy to understand. Overall I am very happy with the service provided and I highly recommend them.
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