PLA

PLA-Logo-dark

Prepare Your Accounts For Your Company With Professional Accountants

Woman doing finances at home

Prepare Accounts And Conduct A Yearly Audit With Our Expert Accountants For Limited Company

It usually takes a tremendous level of responsibility to run a successful limited corporation. While you will have the freedom to work for yourself, you will also be responsible for customer management, service marketing, and—perhaps most significantly—personal financial management, which can often be overwhelming and challenging. 

The issue is also reflected in the survey, according to which 60% of businesses are dissatisfied with their present accounting and finance procedures.

Pearl Lemon Accountants is available to assist in the search for the best accountants for a contractor’s limited company. Being in charge of one’s limited company often leaves you feeling overburdened due to the numerous continually shifting factors and issues to manage. 

Even though you are your own boss, there are times when it can seem complicated to attain the work-life balance you have always desired. The good news is that we are here to help reduce the workload.

Our specialised team of limited company accountants provides all independent contractors and freelancers functioning in a limited business with professional financial advice and support. 

Contact us today to have easy accounting procedures for your Limited company. 

Elegant Woman Using Laptop at Breakfast
Beautiful Afro-American woman working

About Limited Companies

A limited company (LC) is a type of general incorporation that restricts the amount of liability assumed by a firm’s shareholders. It refers to a legal framework that ensures that the liability of business members or subscribers is constrained to the investment or commitment they have made to the company. A limited company is viewed as a person in the legal sense.

In the UK, the abbreviation “Ltd” is typically used after a company’s name, which is the naming convention for this corporate structure. Limited corporations can take on various forms in the US, such as the limited liability company (LLC).

The terms “limited by shares” and “limited by guarantee” refer to limited companies whose shares govern a corporation, one or more shareholders own it, and at least one director runs it. A firm that is limited by guarantee is controlled by at least one director and owned by one or more guarantors.

Significance Of Accountants For Limited Company

Being a limited company, you must have a few accounting-related concerns. Therefore you can decide to handle it yourself. As long as you don’t make any errors and have a general notion of what you are doing, there is nothing wrong with this. 

You might, however, be overlooking some of the extra advantages that come with hiring an accountant. Let us examine the benefits of hiring a professional accountant vs doing it yourself.

You Save Your Time

Along with your regular bookkeeping, you must submit your annual accounts and complete your tax returns.

It can be a laborious, time-consuming task. You might discover that making money for your business or focusing on other aspects of it is a better use of your time. Accountants can operate more effectively because they are accustomed to doing this type of job, which can help you save time and money.

Claiming-My-Wife’s-Unused-Tax-Allowance
Tax-Free-Allowances-in-the-UK

Tax Effectiveness

 

Many businesses employ accountants to lower their overall tax obligations. Accountants are more knowledgeable about how to manage your profits to reduce taxes and which deductions you can take advantage of. The company’s overall financial health may benefit from this.

When dealing with tax entitlements, it is probably preferable to utilise an accountant because you can rest easy knowing that you are still adhering to your legal requirements.

Filing Tax Returns And Accounts

Annual statutory accounts must be submitted by all limited corporations and must contain the information below:

  • Statement of profit and loss (P&L);
  • Balance sheets;
  • Any other observations on the accounts;
  • There are particular procedures and due dates for filing these.

You must submit an annual tax return in addition to your annual accounts. It includes a P&L computation for corporate tax reasons that differ from the P&L statement created for the accounts.

Image of young brunette asian woman holding laptop while walking
Serious businesswoman calculating her monthly expenses

For filing and paying company taxes, there are many deadlines. You can keep track of these variations with the aid of an accountant.

You must also submit your Confirmation Statement along with both of them. It validates the information that your company has on file, ensuring that Companies House has the most recent version of the information.

You must also complete a yearly self-assessment tax return as a director of a corporation. Both dividends and any salaries received are disclosed in this. Independently completing this can be challenging.

You can hire accountants to assist you in keeping track of all of these filings and their due dates.

Avoiding Fines And Penalties

There may be several fines and penalties if your tax return or other company filings are late or inaccurate. These include the possibility of your business being shut down, directors losing their positions, or, in some circumstances, the imposition of criminal penalties.

If you have an accountant, one of their main responsibilities is to ensure that your business is according to regulations, so this can be avoided.

Business Strategy

For business owners, it can be challenging to evaluate their financial condition and plan for the future. It is because they can be too involved with managing the business day-to-day.

Employing a qualified accountant will enable you to evaluate your existing situation, examine seasonal trends, and plan how to take advantage of any chances. Additionally, they can assist with cash flow projections so that directors can decide appropriately at the appropriate moment.

Young woman working on laptop
Young serious pregnant accountant sitting by desk in front of laptop

Highest Standard

Accountants help and advise business owners on handling their company’s accounts in the best way possible. Even if the business owner prefers to handle the majority of the job themselves, having access to a professional accountant’s resources is essential.

If specialised knowledge is necessary, your accountant can step in and offer guidance. They can also work with you to develop effective tactics for staying on top of the accounting work.

Accessing Financing

Companies seeking access to capital can pick from various methods, including conventional loans, equity financing, external investment, and crowdsourcing, to mention a few.

Based on your present financial circumstances, an accountant can assist you in weighing the advantages and disadvantages of the various funding choices. They can also assist you in gathering all the documentation required for a pitch or an application. It can guarantee you get the ideal results for your business.

Here’s How Our Accountants Can Help You

Any business’s expansion and profitability depend on having a competent limited company accountant. Our goal at Pearl Lemon Accounting is to keep each of our clients financially organised, tax compliant, and profitable.

Handling Tax Registration Forms

Several tax forms, including those for corporation tax, income tax, value-added tax, and others, must be completed when a company is first established. Additionally, if you want to be able to pay your employees’ salaries and commissions, you must register your business as an employer. 

Our limited company accountants can handle all the requirements for establishing a limited business; therefore, hiring them is usually advantageous.

Group of business people that working on the project in the office
Accountants with papers

A Running Payroll System's Configuration

If you have a business with employees and workers, you must maintain them on the payroll to ensure their continued employment. Even while many businesses have a payroll system, it is not precisely effective and working smoothly. 

They frequently make mistakes that lead to demonstrations and unrest inside the union; therefore, you should always avoid them generating a wave. If you want to avoid the worry, think about employing our limited company accountants to set up a functioning and effective payroll system to handle your employees’ salaries without issue.

Unparalleled One-Stop Service

We provide all the services your business requires. You receive a degree of tax advice and financial visibility that is unmatched in the market when specialist accountancy, payroll, finance, and legal support are combined with professional guidance.

Your Very Own Personal Accountant

We provide all the services your business requires. You receive a degree of tax advice and financial visibility that is unmatched in the market when specialist accountancy, payroll, finance, and legal support are combined with professional guidance.

Tax-Free-Allowances-in-the-UK-What-am-I-Entitled-to
Young Woman Working on Laptop

We Will Help You To Start In The Proper Manner

If you have a new business idea but have not yet established a limited company, you should start by deciding whether you want to establish a partnership or a limited company as the foundation of your new business. 

Starting a business can be an exciting journey, but if you don’t have experience with accounting, we recommend that you employ an accountant for the professional guidance they can offer. Incorporating a corporation entails operational, financial, and legal obligations.

You must be aware of the many legal obligations that accompany incorporation. Anyone who has already created a business will encourage you to get an accountant’s help before beginning your endeavour. Our team at Pearl Lemon Accountants is ready to support you in achieving your business objectives.

We will support you by handling all of the necessary background work while you concentrate on launching your new business. We are experts in this area, having helped hundreds of firms from their inception, setting them up with all the necessary legal papers, working as their partners, advising them, and watching them develop into powerful, profitable organisations.

Partner With Pearl Lemon Accountants

The management of a limited company is a difficult task. In our experience, the most prosperous small business owners prioritise sales and marketing while providing top-notch customer service. Rather than attempting to learn how to handle your own accounting and tax obligations, it is much more effective to hire a skilled accountant.

At Pearl Lemon Accountants, we ensure you stay ahead of tax compliance while maintaining and growing profit.

To get started today, get in touch with us.

Husband helping wife with accounting after opening cafeteria

FAQs

A limited business is not required by law to employ an accountant, but given the legal obligations you will have as a director of a limited company and the different taxes your firm will have to pay, an accountant is a crucial ally.

A skilled accountant can free up your time, so you can focus on what you do best—running your business—while helping you stay on top of your company’s finances, file your tax returns, and more!

Yes, you can create and submit your own company tax returns. However, unless you are certain you can complete the return on your own, it could be wise to use an accountant’s services.

A private limited corporation is privately held by a number of private people. Public limited companies that are held by the general public are known as limited companies. A small group of individuals or promoters hold all the shares of a private limited corporation.

When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients. It's a win-win situation for everyone. Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.

So let our experts work for you, and you won't regret it even a bit.

Book a call today to get started.