When you wish for more hours in the day, let a professional manage your accounts. Why not hire an Accountant for a Limited Company? It is like releasing the genie from the bottle. Better still, a wide range of services are available to help you simplify your life besides just three wishes. Let Pearl Lemon Accountants help you!
Getting a company up and running
Companies House will register your company for you, reducing the workload when your business is new. If you are an employer, they can also provide you with advice on your new tax obligations and work with HMRC to help register you for VAT, and payroll tax.
Wage and salary
Payroll is typically handled in-house at large companies, but it is best to outsource it to your accountant for small businesses. Alternatively, you could stop spending countless hours doing income tax calculations and HMRC paperwork every month. This kind of processing is, fortunately, enjoyed by some payroll specialists (each to their own).
Your company’s compliance with necessary regulations and legislation will be taken care of by them, allowing you to focus on more exciting activities. Another reason to consider outsourcing is the fact that you can avoid the expense of payroll software and training.
There are many people who dread the three letters VAT. There are often changes in VAT regulations, and it can be difficult to understand. Choosing a payment scheme that avoids overpaying your company’s VAT obligations will be your accountant’s job.
You may also entrust them with your quarterly VAT returns, ensuring that you will not face any surprises in the form of fines.
Limited companies must perform the tedious, but necessary, task of bookkeeping on a regular basis. Every receipt and invoice must be logged, but come year end (or if HMRC knocks on your door), no one wants to go hunting for lost documents.
Due to their meticulous nature, accountants can handle books efficiently, freeing up even more of your time and allowing you to concentrate on other priorities.
Accounting for the year
Each year, limited companies are required to file their annual accounts with Companies House and HMRC. If a company does not do so, it could be given hefty fines as well as being struck off the register and even facing legal action.
This will not happen to your accountant.
Documentation will be compiled and produced by them on time (if not in advance). A balance sheet, profit/loss report, a report from you as the company director, and any other important notes will be included in the report, depending on the size of your business.
Returns on tax
During every financial year, you will be required to submit a tax return by HMRC along with your annual accounts.
If you made a loss or are below the threshold, you must still declare your taxable profit, for which you must file a return.
It includes a profit/loss account, but a different one from what appears in your annual accounts, just to make things a bit more interesting.
Your adjusted profit should be shown, i.e. the gross profit minus expenses and investments. It can be difficult to prepare the paperwork, but your accountant can do it for you and calculate the amount of Corporation Tax you owe. They can also remind you when to make the payment.