Do you Need an Accountant for a Limited Company?
Managing the company accounts is rarely at the top of a business owner’s “love to do” list. It can be frustrating and rob you of valuable time that could be spent improving and developing your business. 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 Accountants For Limited Company?
There is no legal requirement for limited companies to use an Accountants For 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 Accountants For Limited Company, 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 can an accountant do for my limited company?
If you’ve ever dreamed of more time in your day, having a professional accountant handle your finances is akin to letting the genie come out of bottles. Plus, there’s possibility of more than three wishes. Here’s a sample of some of the beneficial solutions accountants can provide to your small business.
Setting up a new company
Your accountant can register your business with Companies House if you wish to save time and hassle in those important formative days. They’ll also give you the lowdown on your new tax liability and liaise with the fine folk at HMRC regarding tax registration.
In larger companies Payroll is typically handled in-house. However, for smaller companies, it’s best to delegate it with an accountant. Or, you can say goodbye to the hours of your day being buried in calculation along with HMRC paperwork. Luckily, accountants who are good have also become payroll experts who love this type of work (each on their own).
If these three words (VAT) fill you with fear, you’re not alone. VAT can be a bit confusing and the rules are constantly changing. A professional accountant can help to navigate your company’s tax obligations and help you choose the best arrangement for payment so that you don’t more than you should. They can also make easy task of the annual VAT return and make sure that you don’t face unanticipated penalties.
Daily bookkeeping is the foundation of a sound managing finances… As it can be tedious, time-consuming and boring Let’s face it. Invoicing every receipt may feel like a chore and, at the year-end (or when HMRC is knocking) it is not a good idea to search to find missing receipts or transactions. Fortunately, accountants are meticulous, and are able to handle your bookkeeping with absolute efficiency, which will free your time and energy.
In addition to submitting your annual financial statements and financial statements. Your limited company has to complete a tax return on behalf of the company at the close of the financial year to disclose its taxable profits and to calculate your corporation’s tax liabilities.
The most important information to be included is a profit/loss statement and, to make it enjoyable. You can choose you can choose a different one from that included in your annual financial statements. Beginning with the statement of profit and loss then the amount must be adjusted to reflect the income taxable. This is accomplished by reversing the disallowable expenses as well as accounting for allowances to capital arising from capital expenditures, among other items.
The paperwork may be overwhelming It is possible to be overwhelmed, however it is possible to have an accounting professional can create your tax return for corporations on your behalf and determine the amount due. They must also send you regular reminders of when your tax due date is.
What is the ideal moment to obtain an accountant for a limited company?
The proverb (almost) suggests that the ideal moment to engage an accountant is right now. The next ideal time to hire one is today. An accountant who is competent can bring value from the beginning, offering expert advice to start your business off on the beginning.
A lot of business owners seek out an accountant when the end of the year arrives. But it is generally better to get an accountant in place prior to the end of the year. This way, your financials are in order and you’ll have a clear idea of your tax liabilities so that you don’t get unexpected expenses.
Certain proprietors are more proficient in the field of accounting than others and have more authority. However, while it’s appropriate to manage your own financials but as your business grows accounting becomes more complicated and time-consuming, particularly if you decide to hire employees.
While keeping one eye at your day-to-day operations and the other one on how much cash you have, the things could quickly go wrong. Payroll administration can be extremely time-consuming and it’s easy to forget about costs and unpaid invoices. With the assistance of a professional, your accounting is much easier and precise and, of course, more cost-effective.
Why should I pick Account Ease as my limited company accountant?
Your company and you both should have every chance of success. The right Accountants For Limited Company will give you the financial confidence you require to succeed.
Account Ease has won multiple awards and has extensive experience in small-scale business accounting. Our staff is a friendly and friendly group and you can be assured of excellent customer service. We recognize there are many who don’t get enthusiastic about accounting as we are. That’s why we break down the jargon and try to alleviate the stress of completing your financial obligations.
We will not only manage your company’s accounts as if we would the ones we had. We’ll also look for ways to reduce costs for you.
You might be amazed at the cost-effectiveness of the use of professional accountants can prove. Contact us today to schedule a complimentary consultation to find out the ways Account Ease can help your small-sized business.
Commonly asked questions regarding accountants of limited companies
Do I have the ability to create my own company limited accounts or do I require an accountant?
Directors of companies are able to manage their own accounting however, there’s no lawful obligation to employ an accountant. But, given the regulatory and legal obligations regarding financial records and reporting. As well as the tax obligations that small businesses have to meet, a competent accountant can be life-saving and provide a great deal of value.
But at Account Ease we’re here to do more than just file company accounts. We’ll assist you in determining how to enhance the tax efficiency of your company and provide general business advice to help you achieve your objectives.
When should a company that is not a limited one be required to contribute corporation taxes?
Every limited company is under the legal obligation of submitting the tax return of the company to HMRC every year, and to be liable for Corporation Tax. Additionally, companies are required to provide annual statutory accounts in the form of a report to Companies House. Deadline for such accounts is nine months following the date of the accounting reference (ARD).
What taxes must a company owner have to pay?
Owners of companies are accountable to file their company’s tax returns at the close of every tax year. They also must ensure that the company meets the PAYE taxes in the capacity of an employer.
From a person’s perspective, business directors must have tax issues to handle. They are required to file their personal tax returns to declare income that isn’t assessed at tax source for example dividends.