30 Apr Should Your Limited Company Outsource an Accountant
Among the different types of tasks that we deal with daily as we run our companies, the one process that we’ll never look forward to is dealing with accounting.
Although other tasks involved in the process of running a company all bear their respective difficulties, nothing usually gets as complicated or difficult as overseeing the accounts. As your business continues to grow, the type of dread you may feel with accounting will only grow as it is more frustrating and complicated to deal with.
If you run a business that works on the structure of being a limited company, then you’re probably familiar with just about everything that’s difficult with your accounting work. Now that you’re at that point where the list of tasks on your plate continues to build up, the chances are that you might have one question in mind: “Should I Outsource an Accountant for my limited company?”
The need that grows
Over the years, businesses in the UK have grown more aware of the different challenges that come with their financial work. However, the problem is that they don’t have the skills or time to handle it all as well as they should.
As with any other British business today, the need to keep up with one’s financial tasks is a process that’s often easier said than done. Fortunately, this is where outsourced professionals come in and provide businesses with the rigid financial foundation they need to succeed.
Considering that Outsource Accountants help keep everything together as business owners continue to manage other tasks, it’s easy to see why they’ve become a growing need for many. At this rate, it may be safe to assume that the demand levels for hired accountants are only going to rise in the coming years, especially in the case of most limited companies.
Does your limited company need an expert accountant?
While it may not seem like such a necessity at first, having to Outsource an Accountant —such as Accotax’s professionals—on your payroll will prove itself to be more of a need than a want in the long run. To better understand what your limited company will gain from hiring such an expert, here is a list of various tasks they can help you with:
Handling company set-ups
The one factor that many decision-makers and entrepreneurs overlook when starting a business is that they’ll need to go through a rather complicated set-up process before they start working. Fortunately, you can circumvent such difficulties by hiring a skilled and experienced accountant who will handle the critical matters, such as:
- Registering your business with Companies House
- Advising you on your tax liabilities
- Registering your business at Her Majesty’s Revenue and Customs (HMRC) for VAT, Corporation Tax, and payroll accounts
Handling Value Added Tax (VAT)
Speaking of additional taxes, another critical way an Outsource Accountant can help you with getting a hold of your finances is by lending a helping hand with your Value Added Tax.
Admittedly, the VAT side of things is something that many limited businesses dread when handling their finances because it is an extremely complicated, arduous, and time-consuming task. But with an outsourced expert’s help, you won’t have to worry about navigating your obligations, choosing the right payment scheme, and working on your quarterly returns because they’ll handle it for you!
Hearing the term “payroll” is more than enough to make any business owner anxious, and for good reason. Considering that payroll never gets easier as you grow your business because of the wide range of enforced policies and constant changes, it’s easy to get caught up in the process itself and make mistakes. This is why limited businesses have made the switch towards outsourcing professionals that can handle the nitty-gritty of their payroll work!
Although setting up and running your limited company can be an exciting experience because of the opportunities that lie ahead, the same can’t be said when it comes to your accounting work. Fortunately, running a business doesn’t need to involve succumbing to rigorous financial procedures because outsourcing an accountant can help you stay on top of your obligations with ease!
If you are looking for reliable accountants in London that can help your limited company stay on top of its accounting-related needs, Accotax is here to help. Whether you are a contractor, self-employed, or a limited company, be sure to get in touch with us today for a quote!