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Do You Need an Accountant to Submit Limited Company Accounts?

These days, it’s straightforward to launch a limited company. You can ask an accountant to register a limited company on your behalf, use an intermediary that offers incorporation services, or register it yourself directly from Companies House.

Of course, running a limited company and dealing with the accounts is another matter. As you can imagine, keeping the correct records, recording the right information, and submitting the annual accounts to Companies House is quite an involved process.

Limited company accounts are far more complex compared with sole trader accounts and that’s why it always makes sense for an accountant to do that work for you.

There’s no legal requirement in the UK for companies to use accountants. But, there are several advantages of doing so. These are as follows:

1.  New Company Formation

Setting up a new limited company can be an exciting time for any entrepreneur. Whether it’s a new business or you are converting from sole proprietorship to a limited company, you’ll need to register your new business with Companies House correctly.

Chartered Accountants such as AM Plus Accountancy Ltd, can take the hassle out of registering your new company. They can also advise you on your new tax liabilities and register your business for corporation tax, and also payroll and VAT, if required.

2.  Payroll

Large companies usually arrange their payroll in-house. But, start-up businesses and smaller firms will find it easier and more cost-effective to outsource that element of their accounting procedures to accountants.

Payroll can be quite a daunting task for a small business owner to complete each month independently. Chartered Accountants can take care of your limited company’s payroll, ensuring all paperwork gets filed with HMRC correctly and meets all necessary regulations.

If you’re the sole director of your limited company, Chartered Accountants will also make sure your firm’s payroll gets set up in the most tax-efficient way.

3.  Quarterly VAT Returns

The current threshold for VAT registration is £85,000, but even if you do not intend on making such a turnover in the first year, it could be beneficial to become VAT-registered. Companies registered for VAT must submit quarterly VAT returns to HMRC.

One of the biggest challenges that limited companies face is how VAT rules and regulations are constantly changing. Most limited companies are unlikely to know about the various changes and updates.

Outsourcing your VAT returns to Chartered Accountants means you don’t need to break a sweat or panic whenever your quarterly VAT return deadline looms.

4.  Tax Returns

Limited companies must submit annual tax returns just like people do through self-assessment. They must declare to HMRC their taxable profit, even if it’s below the threshold for paying tax or they’ve made a loss.

Tax returns for limited companies require detailed information to get submitted that’s different to what you’d submit to Companies House. Chartered Accountants can take care of that for you and calculate your corporation tax liability.

5.  Annual Accounts

There’s no getting around the fact that you must submit complete and accurate company accounts to both HMRC and Companies House each year. Failure to do so could result in financial penalties and getting struck off the companies register with Companies House.

In worst-case scenarios, companies could even be on the receiving end of legal action. The good news is your Chartered Accountant won’t let that happen to you, and they’ll ensure the correct and timely filing of your accounts.

6.  Bookkeeping

As with any business, you must maintain accurate records of the money you spend and receive. You might think that you could simply hire a bookkeeper to handle logging details like receipts and invoices.

But, it often makes sense to have your skilled accountant do the bookkeeping for you. They don’t typically charge more than an independent bookkeeper, and you’ve got the advantage that they already handle your company accounts and understand your business.

Why Choose AM Plus Accountancy Ltd?

When it comes to Chartered Accountants practicing in Glasgow, there is one name you can trust amongst them.  AM Plus Accountancy Ltd is a Glasgow’s premier Chartered Accountancy firm. Based in the Chryston, Glasgow area, it offers both a local and national service for limited companies.

We provide a friendly and professional service that’s fully tailored and focused on each client’s individual needs. At, AM Plus Accountancy Ltd, we offer a one-stop-shop solution for limited companies.

Our services include to name a few:

  • Accounting and Book-keeping services;
  • Company Payroll;
  • Company VAT returns;
  • Company specific Tax planning;
  • Contractor and IR35 company accounting services;
  • Personal tax returns for directors;
  • R&D Tax claims for companies;
  • Video Games Tax Relief for Gaming companies

Contact us today to learn more about how we can help your business.

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