Myers & Co are experts in company accounting and we will make sure you take advantage of the most beneficial tax arrangements available to you.

Becoming a limited company will provide access to a number of tax planning strategies and limited liability status. Although there is perceived prestige in operating as a limited company you will lose some of your privacy – directors and shareholders' personal details and abbreviated accounts have to be filed, and are open to public scrutiny.

A limited company is a distinct legal entity that is able to enter into contracts in its own name. This is important as it means that all the company's liabilities are the responsibility of the company - not the directors and shareholders! The only exception is if you, as director of the company, offer a bank or other creditor a personal guarantee to repay the company's debt, if the company cannot.

The main advantages of becoming incorporated:

• Limited liability status - as explained above this can protect your personal assets from business creditors if for any reason the company has to cease trading and is unable to clear all its debts. This protection is especially useful if there are significant risks associated with your business activity.
• Tax savings - there can be considerable savings on tax and National Insurance by trading through a Limited company
• Perception and Credibility - Limited companies are often seen as larger more creditable organisations and this may help you to win business.

The main disadvantages of becoming incorporated:

• Professional costs in setting up, preparing accounts and tax returns for companies can be higher than those you would expect to pay if you were say self employed. Additionally, there are costs in complying with Companies House formalities.
• Audit requirement - If your company exceeds certain size limits, or is in a particular trade sector, it may require an audit, incurring further costs. We can advise on this but generally, most small businesses will be exempt from audit.

Services We Provide to Ltd Companies

We provide a full range of services for Limited companies which include:

• Completing Year End Accounts
• Offering Tax Advice
• Payroll & PAYE Submission Services
• V.A.T.
• Book-keeping Services