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Can I Run a Company Without an Accountant?

  • 8 months ago


You now have plenty of means to aid the most out of accountant problems. For many micro enterprises and sole traders, the added costs of hiring an accountant can be returned to the business. When talking with an accountant, you should not talk about fear and nervousness.

Remember a world where your accountant is not nervous or does not feel like visiting a dentist?

Where can your accountant add a minimum of £ 5,041 to your bank account? Protect your payments with a personal assurance?

If you pay for your MasterCard prepaid card at Tesco register for full or premium service?

What if their services can help your children get a promotion or pay for education?

Every time you imagine and do business

A homeless person in London is exempted from HMRC

Two weeks of paid work for a young person in East Riding of Yorkshire

Saved from getting their home from HMRC petition for bankruptcy, etc

Do you think these Types of Accounts Exist?

There are different types of accountants who add value to your business and last an impression that change lives but they come with a cost. When you have just simple accounting problems and have a low budget, you do not need to talk with an accountant unless you have a big bank account that you can pay to your accountant and run your business. There are many downsides to DIY approaches.

Can you do Accounting for any Limited Company? People will reply instantly, no you can't.

It is because of the paperwork, calculations, taxes, and receipts are hard work unless you have any previous experience with the field of accountancy or book-keeping. You are sure that you can do it at any cost no matter what are the odds for your business finances. So, then you can do accountancy of your business instead of hiring anyone.

Single traders mostly have simple requirements for accounting. At the same time, limited companies and partnerships have to face complex accounting procedures and also for filing. If you think you can do it and you fall into the latter category, you certainly do it, but do it properly else you could face penalties from the company's house and HMRC.

Limited Company Accounting

When you have a company with limited liability, then all the assets, liabilities, and income should record in registers with traceable and disclose. The yearly statements finance should be objective and honest, and all the records should show with the following details.


  • Assets of business
  • Debts of business owed or owed
  • Stock owned as inventory at the end of per annum
  • Stock takings for inventory
  • Bought and sold goods of business
  • Spends and cervices of money

 

All the financial records you use to make final accounts, corporation tax, tax return, and taxes that are taxable should note into it. When you have exceeded the threshold of £80,000 of the tax year 2019-2020, you also have to pay your VAT return file and bills of VAT every quarter.

Late Filing Penalties from HMRC

This information is used by HMRC to find out how much tax your company owes. So the deadline is 9 months and 2 days for paying the tax of the corporation. Just remember that you should pay your tax before you're filed for tax return.

If you have guts to do you accounting, beware that you do not cross any limit to get penalties. If you have doubts about your abilities in accounting, we recommend you should hire any tax adviser or accountant. This is an extra expense, but it saves you from falling into a false economy if you do on your own.

If you fail to file your accounts and do nothing to take off this situation, you could be prosecuted and fined up to £4,000. And, on the late tax return, HMRC will put penalties ranges from £200-10% of the tax that is unpaid. A minimum fine of £700 is incurred when you are late for more than three months.

A good relationship with an accountant can make your company a goodwill company in the market and save you enough time to handle all tax-related hassles. You should check you have a fine-tune accountant who does not take so much salary, so do not rely solely on else's words and do your independent search.

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