Frequently asked questions about limited company accounts
Should I set up as a sole trader or limited company?
Generally, if your annual profits are below £50,000, staying self-employed is simpler. Above that, a limited company typically saves you significant tax through salary/dividend optimisation.
What's included in the £299/month fee?
Everything — formation, annual accounts, Corporation Tax returns, bookkeeping, payroll, VAT returns, tax planning, and unlimited support. No hidden fees.
Do I need to come to Cheltenham?
Not at all. We work with clients across the UK. Everything is done online via Xero, email, phone, and video calls.
How quickly can I get started?
We can typically have your company incorporated and ready to trade within a few days. Xero setup, bank feeds, and HMRC registrations are usually completed within the first week.
What accounting software do you use?
We use Xero as our primary accounting platform. It's cloud-based, easy to use, and we set it up for you completely free of charge as part of your package.
Can you help if I'm already trading as a limited company?
Absolutely. We take on existing limited companies all the time. We'll handle the transition from your current accountant and make it completely painless.
Specialist Limited Company Accountants
Running a limited company comes with specific financial responsibilities — corporation tax returns, annual accounts filed at Companies House, directors' tax planning, dividend strategies, and VAT compliance. At Gro Profit First Accountants, we handle all of it so you can focus on running your business. We're ACCA Chartered Certified Accountants.
What's Included
Our limited company packages include company formation (if needed), annual accounts preparation and filing, corporation tax returns, bookkeeping via Xero, payroll for directors and employees, VAT returns, personal tax returns for directors, and unlimited advice and support throughout the year. Everything is covered by a single fixed monthly fee — no surprise bills.
Directors' Tax Planning
One of the biggest advantages of trading through a limited company is the ability to optimise how you extract profit. We help you find the most tax-efficient combination of salary, dividends, pension contributions, and expenses — typically saving directors thousands of pounds a year compared to a basic salary-only approach.
Should You Incorporate?
If you're currently a sole trader and your annual profits are above £50,000, incorporating as a limited company usually saves significant tax. We'll model both scenarios for you and advise on the right structure for your situation, taking into account IR35 status, mortgage applications, and future growth plans.
Profit First for Limited Companies
Every limited company client at Gro gets access to our Profit First system. We set up your bank accounts, calculate your allocation percentages, and run regular reviews to ensure you're taking profit from day one — not just hoping there's something left at year end.