What services can an accountancy firm provide for your limited company or small business?

Are you a limited company considering using qualified accountants to manage your accounts, tax returns, VAT and more; but you are unsure of the services they will provide? Then look no further. This article will provide you with all you need to know.

If you are starting a small business or limited company and believe you can manage your own accounts, think carefully. Where the costs of accountancy fees are saved, time will be lost and fines incurred if payments and deadlines are not met.

There are many accountancy firms around whose expertise lie in various business types, be it, retail, construction or IT etc. Do your research before selecting the right accountants for your small business or limited company.

Upon finding the right accountant, they will offer you a selection of packages to suit your business requirements.

There will be a monthly outlay for the work your accountants undertake on your behalf, but be aware of the ‘extras’ you may incur on top of this.

What to expect from your first meeting with your accountant:

  • You will receive advice on the best business structure for you.
  • If you are a limited company, you will be incorporated with Companies House.
  • Alternatively, if you are a sole trader or member of a partnership, you will be registered for self-assessment.
  • You will be advised to open a business bank account.
  • You will be VAT registered, (if applicable).
  • Limited companies will be registered for Corporation tax.
  • Your business will be registered for PAYE
  • Payroll will be set up for all employees.

Monthly or annual accountancy tasks:

  • The accountants will submit quarterly VAT returns.
  • Manage monthly payroll and payslips for employees, in compliance with Real Time Information (RTI) and Auto Enrolment (AE) regulations.
  • Oversee and prepare annual company accounts
  • Complete the CT600, (annual Corporation Tax Return).
  • Provide a paper record of board meetings and dividend declarations.

Monthly book-keeping tasks:

  • Declare any company information changes with Companies House.
  • Submit your AR01 (Company Annual Return) to Companies House.
  • If required, act as referee for mortgages and rental agreements.
  • Correspond with HMRC and Companies House on your behalf.

Additional services offered:

  • Complete self-assessment forms on your behalf. Directors and all self-employed persons must complete a form for each tax year.
  • If necessary provide a registered office address for a limited company.
  • If you are a personal service company, you can be given access for IR35 contract reviews. (For further information please go to the IR35 section of the HMRC website).
  • Provide information on Business Insurance Providers for tax investigation, PI insurance and business liability).
  • Give advice on IFA services-pensions, mortgages, investments and life insurance).

What does the accountant require from you?

  • Accurate information provided in a timely manner.
  • Well-kept records of invoices raised, company expenses, income and expenditure.
  • Forward on necessary correspondence from; Companies House, HMRC and your business banking provider.

Much of the above can be conducted over email.

As company owner, you must meet all of your statutory deadlines and payment dates to avoid penalties. Furthermore, in order to provide your accountant with accurate information, you must manage your annual accounts responsibly.