Do You Have to Use an Accountant For a Limited Company

If 15 hours of self accounting doesn’t damages your business, you are not legally required to hire an accountant.

According to a 2023 survey, 37% of small businesses outsource one or more accounting tasks. 

Business owners presume that having an accountant is a legal obligation. While some think they don’t need accounting services entirely. The actuality lies somewhere between. 

A small business accountant does much more than prepare profit and loss reports. He handles legal requirements, business strategies, and frequent audits, to name a few. 

Are you Compliant with Companies House and HMRC?

You don’t want to lose yourself in the compliance maze while running a limited company. Otherwise, a non-compliant business can face a few issues.

• Hold up crucial business approvals or licences.
• Cash shortages and hindering business operations
• Ineffective identification of financial problems leading to losses.
• Avoid legal implications.

To Reduce Corporation Tax liabilities

We often see businesses paying increased cooperation taxes for years. Analysing your financial health, an accountant will minimise your tax burdens. Moreover, you also get a map of strategic partners like:

• Capital Gains Tax on disposal of assets
• Claim business expenses
  • Business insurance expenses
  • Material purchases
  • Material purchases
  • Professional subscription expenses and more
• Tax relief for depreciation of assets and equipment
• Tax-Efficient Profit Extraction

To Cut Payroll Responsibilities

Small companies often give extensive attention to payroll, especially for even a few employees. Consequently, deal with complex calculations and ever-changing regulations. With an accountant:

• You save money on training and payroll software.

• You can free up time to focus on core business activities.

For Stress-Free VAT Submissions

When preparing your VAT submissions, you must ensure:

• Accurately Allocate Tax Codes
  • Standard rates, 
  • Exempt, 
  • Zero-rated, 
  • No VAT. 
• Determine the Relevant Period
• VAT claim of back-dated expenses

With an accountant, you streamline this process, while eliminate costly mistakes.

To Comply With Legal Requirements of Record-keeping & Financial Reporting

To comply with record-keeping and financial reporting, there are a a few legal requirements. For example:

• Balance sheets & P&L statements (detailed)
• Submit corporate tax returns to HMRC
• Companies House data must match HMRC submission
• Segregate business and personal expenses
• Keep track of direct and indirect expenses

The right navigation and placement of expenses in the right perspective not only make you eligible to report your finances, but also ensure accurate financial management.

For Accurate Financial Forecasts

Analyses of your financial data can identify trends and predict future performance.0

An accountant provides a roadmap for informed business decisions by:

• Recording financial transactions as per IFRS. 
• Setting parameters for staff counting
• Realistic variable of the forecasting model. 
• Accurate budgeting for marketing and other expenses.
• Keep demand perimeters set. 
• Technical Management accountant 

Why Should You Outsource an Accountant?

We free up your time and give financial clarity with outsourced accounting. In doing so, we combine the proven qualifications and strong ethics of ACCA/CA-certified professionals. Our team ensures clear communication, and furthermore:

• Certified professionals with proven qualifications and ethics ensure you’re in good hands. As a result, you can trust that your accounting needs are well-managed.

• Virtual collaboration helps save you money on travel and office space. Moreover, it allows for greater flexibility and efficiency in managing your accounts.

• Rigorous security protocols safeguard your financial information, minimizing fraud risk. Consequently, you can have peace of mind knowing that your data is well-protected.

With top-tier professionals handling your accounting, you can focus on running your business with peace of mind. Get a quote today to get an accountant for your limited company.