Why You Should Hire A Specialist Accountant For Your Limited Company in London?

Hiring a professional, trained and experienced limited company accountant in London may be the best thing you do during the early days of managing your business. It can be stressful and tedious to try to oversee the accounting and tax affairs of your limited company in London unless you have prior experience. You have to take valuable time and resource away from the day-to-day running of your small business if you have been managing your finances independently until now.

Why hire a limited company accountant?

There is no legal requirement for any company to use an accountant but majority of well-established as well as new companies hire specialist accounting professionals to help them with the initial set-up process. In addition, accountants oversee the on-going accounting and tax affair affairs.

What will a specialist accountant do for your limited company in London?

Some of the tasks you should expect from an accountant to provide on an on-going basis as part of their monthly or annual fees are briefly discussed below.

  • Assuming that you haven’t already set up your limited company in London, the accountant will help set up you’re the company (limited company) via Companies House.
  • The initial tax registration forms such as Value-Added Tax (VAT), corporation tax or Limited Company Tax Returns London, for your company, are effectively taken care of by the accountant.
  • They will also help you register your limited business as an “employer”. It will help you to run a payroll for the employees and director.
  • Accountant will set up and run a payroll system for the purpose of processing the salaries of your employees.
  • Specialist accountant will prepare the quarterly VAT returns for your limited company.
  • Based on your requirements, you can ask an accountant to effectively manage bookkeeping for your limited company.
  • They will complete HMRC payroll-related forms such as the P60. In addition, they will complete your company and personal tax return. Many accountants charge extra money for filling your personal tax return.
  • Professional and specialist accountant effectively deal with the HRMC correspondence on a regular basis. In addition, they provide mortgage or tenancy references, which are possibly chargeable.
  • They also submit the confirmation statement of your limited company each year.
  • Limited company bank account will also be set up by the accountant on your behalf.
  • For an additional fee, they will conduct or facilitate IR35 contract reviews in London.

What do you have to do for the accountant?

The records of the accountant will only ever be as accurate as the information you provide them although the accountant will take care of your tax and accountancy of company tax. You should keep your professionals updated with any changes to the personal, salary levels, etc.