A limited company is a legal structure that is owned by a shareholder. It can have one or more shareholder(s). A limited company accountant ensures directors comply with their duties in terms of the taxes and accounts of a company.
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Why do you need a limited company tax accountant?
An accountant will maintain records of your financial transactions, calculate your profit and losses, and monitor the overall growth (or decline) of a business. An accountant is also on hand to give you financial advice about making tax-efficient expenditures such as pension contributions or accelerating capital expenditure to take advantage of annual investment allowances. An accountant can also put you in touch with an independent financial advisor who can help you in investing money in the right places to make additional profits.
Why do you need to hire an accountant?
There are several stressful tasks when you are running a business. Managing the accounts and taxes of the business by yourself shouldn't be one of them! It is better to spend your time growing the business. Therefore, hiring a company accountant will help you focus on the development of your company or business. Limited company tax accountants not only help look after and manage your accounts but also help in restructuring your business to suit your business needs.
Roles of limited company accountant
1. Registration of the company with the tax authorities
3. Processing payroll and PAYE tax compliance
4. VAT compliance
5. Preparing and submitting annual accounts
6. Corporation tax compliance
7. Maintaining a tax-efficient structure
8. Ensuring you comply with your legal director duties
Setting up a new business or company
An accountant can help in the smooth and fast registration of your business or company and register the business with the relevant tax authorities.
Need to open a business bank account? An accountant will be able to find a bank best suited to your needs. A limited company accountant in London is your best choice.
Also read: 6 Reasons why a landlord should hire a property accountant in London
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Bookkeeping is the recording of financial transactions of a company. It ensures that cash deposited and withdrawn from the company's bank account is recorded accurately. You can get this work done by a limited company accountant in London. Remember, you have a legal requirement as a director to keep these records.
If you own a limited company, it is your legal duty to submit the annual accounts to HMRC and Companies House each year. Accounts include a balance sheet, a profit and loss statement, and notes explaining these balances. If you miss the reporting deadlines, you will be hit with significant fines. Your accountant will manage these and keep you out of trouble.
An accountant will calculate the corporation tax the company needs to pay and prepare all the relevant disclosures required by HMRC. Tax returns are accompanied by financial statements (prepared under UK accounting principles) and these are the basis for the tax calculation. Without detailed knowledge of accounting standards and taxation rules you will struggle to compile this information and will make mistakes. Mistakes, if discovered by HMRC, will result in significant tax geared penalties and interest. You can easily find a limited company accountant in London to take care of this.
How much does a limited company accountant in London cost?
The fees depend on the complexity of your business, turnover, and the number of transactions. Our fees are competitive and start at just £50 per month.
Pros of hiring a company accountant
1. Smooth setup of business
2. No need to worry about bookkeeping
3. Tax efficient business structure
4. Accounts and tax returns sorted
5. No fines, penalties, or interest
6. Save you time
Disadvantages of hiring a company accountant
None - it is the best decision you will make!
Lancing Cotswold are a highly qualified and experienced Company that always put the client first. We pride ourselves on the relationships we have built with our clients and high retention rates.
Unlike other accountants, we will not send surprise bills, we don't use cheap accounting software (only Sage Cloud and Xero) and our work is not outsourced overseas. We put quality first, our reputation depends on it.
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