Do I Need An Accountant for a Limited Company?

The services of an external accountant are a lifeline for around 91% of small businesses in the UK (source ICAEW), but does your limited company need to have one? There is no legal requirement for Accountant limited Company, but it is very beneficial. They can perform valuable services like filing annual accounts and corporation tax returns. They can also offer business advice and devise efficient strategies to save your company money.

If you are not sure you need an accountant for your small business, please read on to find out how Account Ease can take hours of number crunching, form filling and box ticking off of your hands, and let you get back to running the business you love.

What services can an accountant provide for my limited company?

If you’ve ever wanted more time during the day, enlisting an competent accountant to handle your financial affairs is like taking the genie come out of bottles. In addition, there’s the potential for more than three wishes. Here’s a sample of a handful of the great services that accountants can provide the limited company.

The process of setting up a new business

Your accountant can benefit you register your company at Companies House if you wish to avoid hassle and time during the crucial formal days. They’ll also provide you with the facts about your new tax obligation and coordinate with the good folks at HMRC in relation to tax registration.

Payroll

For large corporations the payroll is usually run in-house. For smaller enterprises, it’s recommended to get this task for an accountant. You could also say goodbye to the hours of your day that are spent slogging through income taxes as well as HMRC paperwork. Luckily, accountants who are good can also be payroll experts who are awed by this sort of work (each for their personal reasons)

VAT

VAT – If these three letters make you feel with fear, you’re not alone. This can be a bit confusing and the rules are constantly changing. A professional accountant can benefit to navigate your business’s VAT obligations and select the most appropriate payment method to assure you don’t end up paying more than you should. They can also make easy tasks of annual VAT return in order to assure the company does not face sudden fees.

Bookkeeping

Bookkeeping for day-to-day activities is a cornerstone of effective managing finances. As it it can be tedious, time-consuming and boring It’s true. Invoicing every receipt could be a tedious task at the end of the year (or when HMRC is knocking) it is not a good idea to search to find missing receipts or transactions. We accountants are meticulous, and can manage your bookkeeping with utmost effectiveness, allowing you to free your time and energy.

Cloud Accounting Software

Day-to-day bookkeeping is the cornerstone of good financial management… and is time-consuming, dull and repetitive, let’s face it. . We frequently rant on about the advantages of software such as Xero however, with the right reasons. It will change the method of managing your accounts by speeding up the process and removing errors. Because everything is through the cloud you’ll always ensure that you’re viewing the most up-to-date data that can benefit in cash flow. Also, it makes year-end tax accounting easy and may eventually be mandatory to submit tax returns for corporations.

If you’re still not in the game the software, your accountant will walk about the advantages and benefit you to get the excellent from the software that meets the requirements of your business.

Pros of hiring an accountant

If you are still weighing up the pros and cons of hiring an accountant for your limited company. It is worth calculating the hours you will save to work on your business rather than spreadsheet surfing and fiddling around with paperwork.

Also, factor in the peace of mind you will gain. The comfort of avoiding tax investigations and penalties is enough to help any company director get a better night’s sleep!

Finally, offset the reduced costs in potential tax savings and efficient cash flow forecasting. Consider the cost of hiring a skilled accountant in-house, and that’s another cost to cross off the list.

That genie really doesn’t have anything on a reliable accountant (except perhaps for the outfit).

When is the best time to get a limited company accountant?

According to the old saying (almost) suggests it, the desirable moment to hire an accountant is right now and the accurate time to hire one is right today. A good accountant will provide value right from the start. Giving skillful guidance to help start your business off on the starting point.

A lot of business owners seek out with a skillful as the year’s end rolls around. But it’s generally advisable to engage an accountant earlier. This way, your financials are in order and you’ll be aware of your tax obligations so that you don’t get unexpected expenses.

Why choose Account Ease as my limited company accountant?

You and your business deserve every chance to succeed, and the right accountant can give you the financial confidence you need to go forth and prosper.

Account Ease has vast experience in accounting for small businesses. Our team are an approachable, friendly and professional bunch, so you can expect great customer service. We understand that not everyone is as excited about accounting as we are. So we cut through the jargon and aim to relieve the headache of fulfilling your financial responsibilities.

Not only will we look after your limited company accounts like they were our own. But we will also be proactive in finding efficiencies to save you money.