What’s involved in Accounting for limited companies?
Limited company accounting involves several financial duties, including preparing year-end accounts and submitting your business’ expenses and income to Companies House to assess your tax position.
The day-to-day responsibilities of limited company accounting include:
- Documenting payments made and received by your business
- Gathering receipts
- Keeping track of invoice payments
To log this information before the end of the tax year, accounting software is required.
What Does an Accountant Do for a Limited Company?
All of the above, and more! Expect limited company accountants to:
- Manage your limited company finances
- Offer expert financial advice
- Keep track of your business expenses
- Help you apply for a business bank account
- Ensure you pay tax on time
- Support you in getting VAT registered
- Organise your bank statements
Can Accountants Set Up Limited Companies?
Yes, most accountants can set up a limited company on your behalf. Our limited company accountants can register your business on Companies House for free if you choose to pay for our monthly service.
Do You Have to Pay an Accountant for a Limited Company?
You will need to pay a limited company to manage your business accounts. Additionally, you need to pay an accountant to set up your company on your behalf, whether as a one-time payment or as part of a monthly accountancy package too.
What Is the VAT Deadline for Submitting My Return Online?
The deadline for submitting the return online and paying HMRC is usually the same. It’s one calendar month and 7 days after the end of your VAT period.
What if I Get a VAT Inspection?
A massive bonus of hiring a team of expert accountants to take care of your VAT return is that you can be confident all the figures are correct. In this way, you don’t have to worry about unexpected VAT inspections.
What Happens if I Sign Up with Mazuma’s Accountants Service Part-Way Through the Year?
If you sign up with us part-way through your financial year, our accountants will likely need to play catch-up, ensuring your bookkeeping is up to date. For example, if you sign up with Mazuma in July, your first payment to us will be 4 times our monthly price to cover April, May, June and July. Don’t worry, though. You can split your catch-up payment over the first three months of your contract if you like!
Once you’re up to date, you pay your fixed monthly price. To complete your tax return, we only ask that you have been a client of Mazuma for one year or have made the equivalent of 12 monthly payments.
Why Should I Choose Mazuma Accountants Instead of a Local Accountancy Firm?
If you’re a limited company registered in the UK, you can choose between a traditional, local accountancy firm and online accountants for accountancy services. Ultimately, the choice is yours, but it’s worth considering that some local companies may not offer the flexibility you require for potential growth as a new business.
You can generally get a much more affordable, flexible service from an online accountant for startup businesses, like Mazuma. Our chartered certified accountants offer a fully online service, the most convenient option for a business owner with a hectic schedule who doesn’t have the time for in-person meetings.
How Is My Quote Calculated?
The quote you’ll receive depends on how much work you’d like us to carry out on your behalf. For instance, you may only need a limited company accountant to manage your monthly accounts. However, we also offer services such as VAT returns, additional payslips and payroll. We will use your information to determine the average number of bookkeeping transactions per month and calculate your quote.
Our expert financial advice is free, no matter how much you pay every month for our service. And our accounting technicians also offer a free phone consultation before you commit to our paid service.
When you’re ready to get started with Mazuma’s limited company accountancy service, click here to get a quote. It costs nothing and takes less than 1 minute to generate.