Establishing and managing a limited company is not an easy task. While most of the business owners can help manage to handle some tasks, they face a lot of challenges when it comes to managing their accounts. A company, without maintaining proper accounting records, can’t run for a longer period. This is where you can take help of a professional accountant and for this can contact Wizz Accounting now.
Before going deep into it, there are a few things that you should know about. As per the law, you don’t have to prepare your accounts by an accountant unless your company is larger enough to go through an auditing process. If your limited company has 50+ employees, the turnover of the balance sheet it more than EURO 3.26m and if your yearly turnover is more than EURO 6.5m, then you will have to take help of an Accountant for Limited Company.
Wizz Accounting has joined hands with Wizz Accounting to facilitate professional accounting services to all Limited companies based in the United Kingdom. The accountant can effectively monitor and record all your business’ financial as well as tax transaction quite accurately. Besides, the experts will also help you in your business growth.
It is mandatory to prepare and submit a copy of the business account of the financial years to the company’s member. Besides, the accounts need to be submitted with the Companies House. On the other hand, the HMRC- HM Revenue and Customs may verify the records to make sure the company is paying the right amount of tax every year. You need to file the accounts within 9 months of ARD- Accounting Reference Data with Companies House, falling which, you can be imposed with a fine.
It may be noted that the statutory accounts need to be prepared following the UK General Accepted Accounting Practices or the International Financial Reporting Standards. You Limited business statutory account must include:
1. A correct balance sheet, covering the value of the things owned by your company.
2. A profit & loss account which will show your company’s running cost, total sales and profit or loss incurred during that accounting year.
3. The reports from the directors and auditors.
Besides, you need to keep other financial records, calculations and information that you need to prepare the Tax Return. This may include:
1. Money spent, such as orders & delivery notes, petty cash books, and receipts.
2. Money received by your company, such as sales books, till roles, contracts and invoices.
3. Other necessary documents, like correspondence and bank statements.
Managing all these things, it not an easy task and can be quite overwhelming. So, it will be better for you to take help of Wizz Accounting who can easily deal with all these things, letting you run your business smoothly. Now, let's have a look at some major benefits that you will enjoy by hiring a professional accountant for Limited Company.
When it comes to managing your business, every hour matters. As a business owner, there is a lot of things that you will have to perform to keep the unit running smoothly. You earn money for the hours you are spending. Let’s take an example. If you are a contractor, then you will be getting money on the hourly or daily basis.
Now, if you are spending your time in managing accounts, then you will lose your income. In fact, every hour you are spending on the account and bookkeeping work, it will cost your hourly rate. So, don’t let it happen. It’s time to take help of Cobia Accounting’ professional accountants who will take care of all such task, letting you spend your time in earning more money.
IF you are running a small business, you could try and fill up the business tax return and other required documents on your own. But while doing this, you need to make sure that you have completed the document accurately. On the other hand, you need to complete them on time. If there is any mistake, then the HMRC- HM Revenue and Customs will return your documents, and that will lead to further delay in submitting the documents.
Furthermore, missing the deadline can lead to a fine. In the worst scenario, the forms will be sent to the tax inspectors who will carry out a detailed review of your financial elements. But using the professional service of an accountant, you can ensure completion and submission of the form accurately and on time. You don’t have to worry about it at all.
Wizz Accounting use advanced software to submit your tax returns. Every year, they will return to the Companies House. You don’t have to worry about in delay.
Completing all the forms accurately is an important thing, but doing so in such a way that you can save some money can help your business a lot. You might be thinking, is it possible? Well, yes. Everything is possible when you have Cobia Accounting by your side. The experts know about the legal ways to lower the business tax bills. On the other hand, the experts will make sure that your Limited business is enjoying the maximum advantage of the changing tax laws. Besides, they ensure you are paying the right tax amount.
Remember that tax planning and tax preparation are two different terms. The accountant will work with your business through the financial year and provide you will the advice for operating your business in such a way which brings your better tax advantages. This, in turn, helps you in making more profit. So, hire a reputed Accountant for Limited Company now.
The primary objective of a professional accountant is to manage the paperwork and to help you in minimizing the tax liability in legal ways. Well, the role of such experts doesn’t end here. Such professionals are the best source to obtain advice that can help you in developing your limited business. If you want to make your new company become a successful venture, it is crucial to make correct financial along with managerial decisions. One wrong action is enough to get your business down.
The accountants of Cobia Accounting always wat your business to grow by helping you in getting more new clients. Sometimes, they work as your business consultant and assist you in different organizational issues. They come with years of experience to craft the best solution instantly.
Want to carry out a proper business valuation? This is where a professional accountant can help. They come equipped with an adequate level of experience and expertise in determining the exact value of the property after calculating the depreciation.
Property valuation is an important thing during the sale or liquidation of the business. Besides, business value plays a crucial role in declaring or settling a bankruptcy. So, always go for the services offered by a professional accountant.
A professional Accountant for Limited Company also helps in the process of setting up your company by handling the tasks required to register for different HMRC Business Taxes. There are different types of documents that a new limited company requires to submit with the Registrar of Companies such as Form IN01, Articles of Association and Memorandum of Association. The accountant will also help you in setting up a business bank account with reputed banks.
Professional annual accounts for small business. contractors, sole traders and freelancers.
Professional payroll services for small business. contractors, sole traders and freelancers.
At Wizz Accounting, we offer all types of services, including accounting & accountant services to help your business grow.
You can now get professional accounting packages from just £21 per month. However, the cost may vary based on your accounting service requirements. Phone us now 0203 815 8000 to find out more.