by Nick Bonnaud
Most people think of limited company accountants as good for helping them with their tax returns and other financial matters, but they can also help with so much more!
If you’re looking for limited company accountants, here are some reasons why it may well be worth your while:
When it comes to setting up a limited company, there’s an awful lot of work involved. You’ll need to get a business plan together, including a marketing strategy; register your limited company with HMRC; set up bank accounts in both the name of the parent company (and any subsidiary companies) as well as in your own name; register with Companies House; file annual returns; pay corporation tax each year…the list goes on! If all this sounds like too much hard work for one person (which it probably is), then hiring an accountant may be exactly what’s needed.
Accountants are business experts, so you can rely on them for advice on all aspects of your business. They’ll be able to help with investment, tax issues, payroll and much more.
If you have a limited company in the UK, an accountant will ensure that everything is in order. They are trained to deal with financial matters and will be able to keep track of your business’s finances so that you don’t need to worry about them. With an accountant on your side, you can focus on running your company while they take care of everything else.
An accountant will make sure that their clients are running their businesses legally and compliantly; this means ensuring they have all the right paperwork in place at all times such as filing annual returns and paying any necessary taxes on time. They’ll also help clients decide which tax status would suit them best (for example VAT registration or self-employment).
Your limited company accountants will make sure you have the right tax status for your business.
Tax status is important because it determines how much VAT (value added tax) you will pay on all purchases and sales. If you are VAT registered, then all purchases and sales must be made through a VAT-registered company.
This means that if your annual turnover is more than £85,000 then you need to register for VAT in order to purchase goods from other businesses and sell them on at a profit.
If however, your annual turnover doesn’t reach this threshold then there’s no need for registration but instead only certain types of transactions will attract VAT: those which involve buying supplies from another business or selling products directly to consumers (or both).
Tax planning is the process of managing your affairs to minimise the amount of tax you pay. It’s a proactive approach to tax management, which means you should be thinking about it all year round.
It can help you reduce your tax bill by planning properly and making sure that everything is in order before April comes around each year.
It also helps with long-term planning for things like savings or investments, so that there are no surprises when it comes time for filing returns or paying bills.
As a business owner, you’ll want to make sure that everything is done properly. An accountant can help you avoid mistakes and make sure everything is done right.
An accountant with experience in setting up and running businesses will be able to guide you through the entire process of establishing your limited company as well as assisting with its ongoing management and maintenance. This includes things like:
You can use this information to work out how much it might cost to run your company each month, including wages and expenses. You’ll be able to see if you have enough money coming in to cover the costs of running a business.
If you don’t know what these costs are going to be yet, then an accountant will be able to help you find out so that they aren’t surprised when they start receiving invoices or bills from suppliers or contractors.
When it comes time for taxation purposes for your limited company (which typically includes VAT returns), they’ll know exactly what to do and ensure things are done properly so that there are no issues with HMRC later on down the line!
When it comes to taxation purposes (which typically includes VAT returns), they’ll know exactly what to do and ensure things are done properly so that there are no issues with HMRC later on down the line!
If you don’t file your VAT returns on time, you can get fined. Tax accountants understand the rules and regulations for filing VAT returns, so if something goes wrong with them, they will make sure you file on time and don’t get fined.
Now that we’ve discussed all of the benefits of having an accountant for your limited company, it should be clear how valuable they can be in helping you run your business.
We have seen there are many things they can do to help you keep more money in your pocket and grow your business as well as making everything is in order so that there are no issues or costly fines from HMRC later on down the line!
Call us on 0121 235 0315 to talk to our specialist accountants for limited companies in Birmingham for a free ‘no-obligation’ tax review to show you exactly how we can help you pay less tax, keep more money in your pocket and grow your business.
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Call trusted Birmingham accountants Quest on 0121 235 0315 for free tax, business and HMRC advice. Let’s have a chat about how we can help you pay less tax, keep more money in your pocket and grow your business 🙂
If you want to discover how we can help your business, Quest also offers the following services: VAT, Payroll, Business Tax, Tax Services, New Business, Self Assessment, R&D Tax Credits, Tax Deadlines and Annual/Management Accounts.