Setting up a limited company can be a challenge within itself. Without an accountant on your side, how will your limited company cope?
Although you might think that being a limited company means standing on your own two feet, you do need professional assistance at some stage along the way. Despite what you might think bookkeeping, taxation and accounting really is, only a true accountant can make sure you meet all deadlines and keep you above board at all times.
Is an Accountant a Legal Requirement?
As a small business, you don’t have to legally hire an accountant to arrange your books. As well as being exempt from needing an accountant you are also exempt from auditing if you meet the criteria set out which includes:
- Turnover of less than £6.5 Million
- Less than 50 employees
- Balance sheet of less than £3.26 Million
What Does a Limited Company Have to Do?
As a limited company, you have a lot of requirements that need to be met in order to continue being successful on the market. You must record all business transactions from the company itself and all financial accounting records as well as:
- Details of all shareholders, directors and secretaries
- All votes of meetings, resolutions and shareholder votes
- If loans need paying the dates for these have to be recorded
- All transactions of shares being bought
- Company assets, mortgages and loans secured by the company
So, Why Would I Need an Accountant?
Having an accountant is not mandatory but there are numerous reasons why you should have one with your limited company. With there being both advantages and disadvantages to being a limited company, you can check out right here with Coleman and Co the ins and outs of being a limited company.
As your accountant does so much more than just arrange your accounts, maybe you need to know what our accountants would actually do with your limited company. Undertaking a wide range of duties, our experienced accountants cover:
- Company registration
- Taking care of tax departments including VAT, Corporation Tax and PAYE
- Working with HMRC and Companies House
- Tax planning advice
- Professional references
Our accountants make sure that all of your accounting is kept in line, accurate and on time. By taking care of this for you, you can focus on running your limited company with the peace of mind that you are running legally with HMRC.
All accounting records that are covered with Coleman and Co include:
- all money received and spent by the company
- details of assets owned by the company
- debts the company owes or is owed
- stock the company owns at the end of the financial year
- the stock takings you used to work out the stock figure
- all goods bought and sold
- who you bought and sold them to and from (unless you run a retail business)
Information is taken from Gov.uk.
Get in Touch
If you are thinking of going it alone and need a little guidance or you want to speak to an accountant about your limited company, get in touch with Coleman and Co today on 028 9266 3599. Of course you need an accountant with your limited company, so give us a call!