Trusted Accountants Limerick
Limited Company Accountant
Get all the accounting Support you need for your Limited Company.
Limited companies are beneficial for businesses with many shareholders and an active board. They offer privacy, contract-making power (even though it’s limited), protection from liability if there is a business accident or fraud; all this means that the risk of going into public ownership decreases significantly! Setting up a limited company can help you manage your obligations, but before doing so, make sure it’s the right option for your type of business and the people you’ll be working with.
Incorporating your business pros and cons
Advantage
- Protects personal assets from business debts
- Attracts investors by reducing risk
- Enhances professional image
- Simplifies ownership transfers
- Provides financial security, especially for high-risk ventures
- Opens new opportunities
- Facilitates long-term business growth
Disadvantage
- Higher costs for setup, accounting, and taxes
- Reduced privacy due to public filings
- Stricter rules on expenditures
- Inability to use company losses personally
- Potential audit requirements for larger firms
Our Accounting Services for Limited Companies
Once you decide to operate as a limited company, our accountancy services provide comprehensive accounting and compliance services to keep your business running smoothly. Coffey & Co works with limited companies in Limerick and across Ireland, handling all of the critical financial tasks required for your company’s success. Our services for include:
- Annual statutory accounts – Preparing your company’s year-end financial statements (profit & loss, balance sheet) in compliance with accounting standards. We’ll also create abridged accounts for filing with the Companies Registration Office (CRO) so that only the required summary information becomes public.
- Annual return filings – Handling your company’s annual return to the CRO each year, so your company remains in good standing and you never miss a filing deadline.
- Company tax returns – Preparing and filing corporation tax returns to Revenue on behalf of your company (ensuring Form CT1 and all computations are done accurately and on time).
- Payroll services for directors (and employees) – Running payroll for company directors (and staff, if any), including PAYE and PRSI calculations, so everyone is paid correctly and Revenue stays compliant. We also take care of directors’ PAYE registration and ongoing payroll compliance.
- Directors’ personal tax (self-assessment) – Managing the self-assessment tax returns for company directors/shareholders, ensuring that personal income from salaries or dividends is properly reported. By handling directors’ Form 11 returns, we ensure your personal taxes are aligned with the company’s finances for maximum efficiency.
- VAT registration and returns – Advising if and when your company should register for VAT, and handling ongoing VAT compliance. We prepare and file your periodic VAT returns, and help monitor your sales to ensure you’re meeting all VAT obligations (so you never accidentally miss a threshold or deadline).
- Bookkeeping and management accounts – Taking the day-to-day bookkeeping off your plate. Our team can maintain your ledgers and records or set you up on a cloud accounting system (like Xero) to streamline your bookkeeping. We also provide monthly or quarterly management accounts on request, giving you up-to-date insights into your company’s performance.
All of these services are provided under fixed-fee packages tailored to your company’s size and needs – meaning you know exactly what you’ll pay, with no surprises. Our expertise ensures your company’s financial management and regulatory compliance are fully taken care of, allowing you to focus on running your business. In short, we handle the heavy lifting of accounting and tax so you can concentrate on growth and operations.
(Every client is unique – we customise our accounting packages so you only pay for what you need. Contact us to get a personalised quote for your company.)
Get In Touch
We offer free initial consultations to ensure you receive proper financial guidance. Meet one of our accountants in person or via video call at your convenience. This no-obligation discussion helps us understand your needs and demonstrate our expertise.
Talk To An Expert
Our firm is committed to driving your business growth. We provide a comprehensive range of support services tailored to suit different company types and sizes. From start-ups to established firms, our bespoke approach ensures you receive the most effective assistance.
Get A Quote
Our pricing philosophy centres on transparency and fairness. We offer bespoke, fixed-fee packages tailored to each client’s unique requirements. This approach ensures you invest solely in the services and support essential to your business, avoiding unnecessary costs whilst receiving precisely the assistance you need.
Unlimited Accountancy Support for your Business
We’re the accounts professionals you turn to for reliable year-end accounts, monthly accounting services, tax advice, VAT returns, payroll and business advisory.
At Coffey & Co Accountants, we will ensure your books are always in perfect financial harmony, no matter what month.
Are You Planning to Change Accountants?
If you are looking for a new accountant in Limerick, it is worth knowing that there are no tax implications and that you can switch accountants at any time of the year.
Our team will guide you through changing accountants to ensure a smooth transition.
Limited Company Accounting FAQs
Do I need an accountant for my limited company in Ireland?
Legally, a small private company in Ireland isn’t required to hire an accountant – but practically, yes, it’s highly recommended. Running a limited company involves complex filings and compliance (annual accounts, Corporation Tax returns, CRO annual returns, PAYE/VAT if applicable, etc.), which can be very time-consuming and confusing to handle on your own.
Many business owners who attempt DIY accounting often miss deadlines or make mistakes. For instance, entrepreneurs often find the CRO annual return and revenue filings overwhelming and easy to miss. An accountant ensures everything is filed correctly and on time, helps you avoid penalties, and can even save you money by claiming all eligible expenses. In short, an experienced accountant lets you focus on your business while they take care of the red tape.
What does a limited company accountant do?
A limited company accountant takes care of all your company’s financial reporting and tax obligations and provides advice to help your business thrive. This includes preparing annual statutory accounts, filing the company’s corporation tax returns, handling payroll for directors and employees, managing VAT returns, and submitting your annual return to the CRO.
They will also typically look after the company directors’ personal tax returns and ensure you’re operating in the most tax-efficient way. Beyond compliance, a good accountant (like Coffey & Co) will offer proactive advice on key areas such as tax planning, profit extraction (salary vs dividends), expense deductions, and business growth strategies. In essence, we act as a financial partner for your company – keeping the books in order, ensuring you meet all legal requirements, and advising on the numbers so you can make informed decisions.
What are the tax benefits of a limited company in Ireland?
One reason entrepreneurs form limited companies is potential tax savings. Ireland’s corporate tax rate is just 12.5% on trading profits – significantly lower than the higher bands of personal income tax a successful sole trader might pay.
With a limited company, you can retain profits in the company at the lower tax rate, or take a portion of income as dividends, which may be taxed more favourably than taking all income as salary. There are also specific tax planning opportunities available to company owners.
You might be able to avail of the Small Benefit Exemption, allowing the company to give you up to €1,000 per year tax-free in the form of a voucher or bonus. Limited companies can also claim a wider range of expenses (e.g. certain asset purchases, R&D credits if applicable) against profits. It’s worth noting that the benefits are more pronounced once your profits grow beyond a certain point.
Can I change my accountant mid‑year (switch accountants)?
Yes, absolutely. You can switch accountants at any time, even mid-financial-year, with no negative impact on your accounts or taxes. There are no tax penalties or fees for changing accountants. The process is straightforward: once you decide to move, your new accountant (for example, Coffey & Co) will obtain professional clearance from your previous accountant and take over handling your accounts.
We’ll help transfer all your accounting records smoothly and liaise with your former accountant so you don’t have to worry about the handover. Don’t feel obligated to stay with an accountant who isn’t meeting your needs – you have the freedom to change at any time, and we’ll support you through the switch.
