Do I need an accountant for limited company?

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Do I need an accountant for limited company?

Limited Companies are separate legal entities from the individuals who set them up – and there’s a lot of paperwork, legalities, and taxes involved in operating them smoothly!

There is no legal requirement for a Ltd to have an accountant doing its books, but there’s so much to cover, and set time-limits which must be met (or penalties, fines, and other nasty repercussions start to happen), that it makes sense to evaluate your business, its needs (and size), and determine whether you’re capable and have the time to handle everything yourself!

But Do I need an accountant for limited company?

Here’s 5 good reasons why an accountancy service, and the work of professionals, maybe the best choice for you to make when it comes to your Limited Company and its accounts:

1.Experts Save You Time and Money by Knowing Exactly What’s Needed, and When

Whether you’re looking at Earnings Before Interest, Taxes, Depreciation, Capital Gains, Qualifying Reliefs, or something else – a qualified accountant can work with you to determine exactly what needs to be recorded in your accounts, and when that information needs to go across to the relevant body (such as HMRC, Companies House, etc).

When you’re spending your time on your Limited Companies accounts, that’s time you could have been using to grow the business, gain new clients, or process customer orders; by hiring an accountant to do this, you’re freeing your time up and can direct your energies elsewhere.

Sometimes you do have to spend money to make money, and the right accountant is an investment – they’re focused on getting the best use of benefits, reliefs, and schemes, and providing you with advice that comes backed with years of experience.

2.Professional Services Offer the Advice and Experience You Need for Success

Your business may be the only one you work with, but accountants work with hundreds and thousands of clients – and that experience is highly qualified; the right advisor will know exactly what to advise you, and how you can make the best decisions for your company.

In fact, many companies are looking beyond ‘traditional’ accounting, and as technology becomes more central to HMRC’s processing requirements (especially with Making Tax Digital), companies are specifically looking for holistic advice, and accountants that can help in an ever-changing environment.

3.Experts Can Help Make You Ready to Avoid Expensive Tax Investigations

HMRC conducts thousands of investigations every year, into the taxes and accounts of companies (Tax Compliance Checks), and whilst some of these are random (and unavoidable) – a huge portion of them are targeted, aimed at companies who’ve had issues with their accounts, repeated late-filings, discrepancies, etc.

Accountants know what needs to be done with your accounts to ensure they’re accurate, up-to-date, compliant with HMRC guidelines (and software), and when they need to be in.

We actually offer Fee Protection Insurance, as part of our Tax Investigation Service, so our clients are covered for the (high) costs that are involved with an HMRC Compliance Check, should they be selected for one.

4.The Right Accountant Can Help You Plan for Your Company’s Future

Whilst you’re preoccupied with the ‘here and now’ of your business, your accountant can look forward to the future – examining your current position, seasonal trends, and looking at the company’s financial data to not only make sure you’re paying what you need to now, but that you’re capitalising on future developments, are prepared for any changes (such as reaching the VAT Threshold), and are aware of any reliefs or schemes that could benefit the business.

The right accountant can help Company Directors determine what financial opportunities are available, and where the business can grow.

5.The Right Accountant Will Keep You Legal and Aware of Legislative Changes

Every year new changes are announced in The Budget, but tax laws are always being assessed, reviewed, and updated – and HMRC rolls out new schemes or requirements, each with their own deadline and demand for compliance.

Keeping abreast of all this information and knowing when to enact changes can be both costly and timely – but your accountant will already know what’s coming in, and how it will impact a Limited Company – it’s their job to know!

Rather than spending precious time and money on working out what you need to do in order to remain legally compliant, and to avoid any penalties, it makes much more sense to speak with a qualified accountant who is already familiar with your needs.

If you’re looking for help and advice when asking Do I need an accountant for limited company, whether you’re just setting up, or are looking to optimise your efficiency and growth – we’ve got the services you need. Get in touch with our team today, and let’s grow your business together!

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