Post private limited company formation: having a limited enity offers plenty of advantages - it gives the director prestige, the owner's liability is limited, and it also offer several tax benefits. However, once a private company has been established it needs to be maintained. This work, whether they actually end up doing it themselves, is the responsibility of the limited company directors. Perhaps the main responsibility post company maintenance, is the keeping of the books, as all organisations are obliged to keep records of accounts, as well as any statutory information, which is for the benefit of shareholders. This information is also freely available to the public domain.
The accounting for an entity must be carried out in a specific way. Guidance on how to do this is available through the Companies Act. Although for many, the process of keeping and maintaining accounts is both a lengthy and painful one. That said, it is very much a necessary one. Those who miss the deadline for their tax returns are liable for heavy fines and penalties. Fortunately, Coddan is able to offer a full accounting and bookkeeping service, freeing up directors to get on with running their businesses, with the added piece of mind that their accounts are safe in the hands of competent experts.