Some people manage their finances independently, and others set up a limited company. This is understandable enough, since overseeing a company’s accounting and tax affairs can be quite stressful and tedious. Even people with prior experience run into difficulties and get rather tired from the specifics. Whichever of those categories you fall under, one of the best things you can do during the early days of your business is lookout for limited company accountants.
What is a Limited Company in the UK?
A good majority of limited companies wind up hiring limited company accountants to oversee their company’s ongoing accounting and tax affairs, alongside helping with the set-up process from the beginning. There have been many accountancy firms dedicated to small companies that emerged over the past several years. That is largely facilitated by web-based accounting systems getting major advances, which makes both accountants and clients’ lives much easier. Outsourcing the tax work of your firm to accountants in Croydon is incredibly cost-effective.
There are several benefits to hiring a limited company accountant. They can cover a wide range of specific tasks that can help your business:
- Annual accounts completion
- Company Tax Return completion
- Handling initial tax registration forms of your company, which includes corporate tax, value-added tax (VAT), and registering your business under ‘employer’ so you can do payroll for both the director and employees
- Completing HMRC payroll-related forms
- General bookkeeping
- Setting up a limited company bank account on your behalf
- Preparing the quarterly VAT returns of your company
- Provide tenancy references
- Setting up and running a payroll system in order to process salaries
- Setting up the limited company, if you have not yet done so
- Submission of Confirmation Statement per annum
- If you provide professional services, facilitating or conducting IR35 contract reviews
For an additional fee, the limited company accountant you hire can also complete your personal tax returns.
In turn, of course, there are things you have to do for your accountant so they can do their job to the best of their ability.
- As a director, remember that no matter what happens, your accountant is not responsible for the accuracy and timeliness of your tax returns; you are.
- Check-in with your accountant with regards to paperwork that needs to be reviewed, such as corporation tax.
- Constantly update your accountant with changes, such as company personnel changes and salary levels.
- Ensure records of all income and expenses are regularly uploaded, whether via third-party software or otherwise.
- Respond immediately to your accountant when you’re asked to provide records like bank records.
Ultimately, hiring a limited company accountant will save you precious time and resources that you can funnel to other parts of your business. It also saves you stress and any possible doubts with the details of your company’s finances. Once you’ve decided to work with a professional accountant, the next step is to find a reliable accountant to help with your business’s financials.
On the lookout for accountants for limited companies? Reach out to us today! We provide a wide range of tailored accounting and taxation services to solo entrepreneurs all the way to small and medium-sized businesses.