Running and managing a business has never been easy. There are a lot of challenges that most business owners face. One of those challenges is managing overhead costs, especially for SMEs that have limited resources.
Among others, limited company accountant fees can be a costly overhead for small businesses. For this reason, in this blog, we’ll be discussing why your limited company needs an accountant, and how much the limited company accountant fees are.
Let’s dive in!
Why Your Limited Company Needs an Accountant?
Limited companies, like other businesses, are obliged to keep records of their transactions, update them, and send returns and tax reports to HMRC before the deadlines. Upon missing a deadline, there are heavy penalties levied by HMRC.
On the other hand, if you have committed a mistake or haven’t sent your details to HMRC, then you could be put under audit or investigation, and there’d be strict actions taken against you. Additionally, you also need to follow your legal responsibilities. Oftentimes, you don’t have time to fulfil all these tasks.
Getting the help of an accountant takes the stress off your shoulders, even if it means you will incur accounting costs for a limited company. Accountants have all the knowledge and experience to handle tax affairs and file tax returns before the deadline. Therefore, when you hire an accountant, you are saved from HMRC.
Need help setting up a limited company? Allow Accotax to help you out!
How much are the Limited Company Accountant Fees?
Well, there is no standard for limited company accountant as it varies based on multiple factors. These factors may be the annual turnover, size, staff, and the complexity of the accounts. In addition, one of the other factors that affect the accountancy fees is how much your accounts are organised. If they are organised, then an accountant will take less time to analyse your finances and charge less.
For this reason, we recommend you keep your books in order using the latest accountancy software.
Getting the help of an accountant takes the financial burden off your shoulders; however, you need to know that the fee of a limited company accountant is higher than that of a common accountant.
On an average basis, the limited company accountant fees start at £80-100 a month. These include the following services:
- Corporation tax return
- Business registration with HMRC
- Completing your company’s annual accounts
- Managing payroll and any other staff members
- Submitting quarterly VAT returns (if you are VAT registered)
- Managing the matters with Companies House
- Advice on business structuring or company setup
- Access to apps
The packages mentioned are for those companies that are just starting out or SMEs. For additional services, you need to be ready to pay more.
Typically, an average of £200 a month will cost you to get the services of an accountant for the following tasks:
- Completing tax returns for employees
- Quarterly account management and planning
- Processing payments to HMRC
- Employment contracts
- Fee protection insurance
Get Help from Our Limited Company Accountants!
Whether you want to incorporate a company or need to work out its taxes and accounts, let our limited company accountant at Accotax do the hassle for you. Our limited company accountants at Accotax will leave no stone unturned to squeeze out the cash for you. Once you have us on board, expect us to do all the paperwork for you.
We offer inclusive accounting packages for your limited company, but we’d love to tailor them to your needs if you are looking for customized services. Our limited company accounting services include:
- Filing the Company’s Annual Return and Abbreviated Set of accounts to the Companies House every year,
- Pay any Corporation Tax due within 9 months and one day after the year-end date.
- File a full set of Accounts with HMRC every year. ( To be filed within 12 months after the year-end date)
- File the Company Corporation tax return to HMRC- CT600 ( to be filed within 12 months after the year-end date).
- Register your business for VAT if turnover is above the VAT threshold, or you can register voluntarily.
- File VAT returns usually quarterly, but only if you are VAT registered.
- If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
- File your monthly payroll under real-time information. Only when you have a PAYE scheme in place.
- File Self-assessment tax returns every year as a director of the company. ( Only when you take a salary or dividend from the company)
- Other Requirements, depending on individual circumstances, such as filing P11D, etc.
Our limited company packages start from £50 to £200 as per your annual turnover and business needs. We hope, after reading this post, you have got a better understanding of the topic.
If you’re looking for cost-efficient, time-saving and responsive accounting services to grow your business, contact our certified chartered accountants in London. To find out how much our limited company accountants cost, click here!
Have a query? Feel free to contact us anytime!
Disclaimer: This blog is intended for general information on the above topic.