Limited Company Accountants
A limited company has a number of tax and other financial obligations with the responsibility for meeting all of the tax rules and regulations landing with the companies director(s).
Company directors are under no legal obligation to use an accountant to manage their companies accounts and tax matters but may find it beneficial to hire an accountant for a number of reasons.
We detail what a limited company accountant can do for your company and it’s directors so you can make an informed decision about the best way to manage your company accounts and tax.
What can a Limited Company Accountant do for my Company?
Finding the right accountant for your company is similar to finding any other valuable member of your team.
Your accountant is there to support you with all of your companies tax related issues which gives you:
- Peace of mind that your accounts are HMRC compliant.
- Time savings because you don’t need to get involved in the tax work involved and inhouse accounts training that may be necessary.
- Cost savings from not having to purchase tax software or employ someone.
- Reduces risk of missing deadlines which can lead to HMRC penalties.
- Advice on your company structure and available reliefs that be taken advantage of to give your company maximum tax efficiency.
Setting up a Limited Company
For new companies your company accountant can deal with the company incorporation process with companies house.
They can register your company with companies house and with HMRC for things like corporation tax, VAT and payroll.
Accounts submission to HMRC and Companies House
Company accounts need to be submitted to both HMRC and companies house by the deadlines covering your accounting period.
Your company accountant will file your accounts on time ensuring HMRC and companies house receive everything they need so you avoid late filing penalties.
Company Tax Return submission
A company tax return needs to be filed 12 months after your accounting period for corporation tax ends.
The company tax return works out your companies profit or loss for corporation tax purposes and any corporation tax owed to HMRC.
Your company tax return has to be is submitted to HMRC even if you make a loss or you have no corporation tax to pay.
As part of your accountancy package your accountant can submit your company tax return online by your accounting period deadline.
Limited Company VAT Returns
VAT registered limited companies will need to submit a VAT return typically on a quarterly basis.
There are different VAT schemes which have different benefits depending on the nature of your business.
Strict deadlines are enforced with late filing and late payment penalties imposed through the making tax digital for VAT regime.
Your limited company accountant can recommend the best VAT scheme for your business, register your company for VAT with HMRC if you need it and submit your VAT returns on time using MTD compliant VAT software.
Limited Company Payroll
Company payroll for smaller businesses is often outsourced because it means you don’t need to employ anyone to manage your payroll inhouse.
To avoid HMRC penalties you need to record, report and pay on time using HMRC compliant payroll software.
Using an accountant can keep your payroll records in order and make sure both your employees and HMRC are paid on time and correctly.
Limited Company Bookkeeping
Bookkeeping is a vital part of maintaining your accounts for tax purposes and for making the best financial decisions for your company.
Accuracy is key to the bookkeeping process along with regular input so that you are making choices based on up to date information.
Saving yours or other company employees time and ensuring HMRC compliant bookkeeping records are just two of the benefits of hiring an accountant to take care of your bookkeeping needs.
Directors Tax Returns
As a limited company director you will need to submit a self assessment tax return each tax year to declare company dividends, PAYE income and any other income.
If you need some assistance to get your personal tax return submitted your company accountant is in a good position to complete and submit a compliant return on time to HMRC.
