The growing list of financial & accounting tasks for a small company can be very confusing, but don’t worry you don’t have to do this alone! Seeking accounting and book keeping help can allow small business owners (you) to focus on the sales and business growth of your company whilst getting expert help on finances, saving everyone time in the end.
Because let’s face it you’re the boss already, so do you really want more paper work and deadlines to deal with?
The key thing your company needs to do:
• Once you have set up a limited company you must file these three things each year: Annual return – state the deadline, Annual accounts – state the deadline, Company tax return – state the deadline (find deadline info here: https://www.gov.uk/prepare-file-annual-accounts-for-limited-company)
• There are fines for filing late, further fines if you still don’t comply and then either daily penalties or a percentage of your tax bill (on top of the standard bill) so you cannot afford to procrastinate. https://www.gov.uk/annual-accounts/penalties-for-late-filing & https://www.gov.uk/company-tax-returns/penalties-for-late-filing
An account/bookkeeper could manage these all for you, to help give you more peace of mind and probably a better night’s sleep too!
Don’t worry we can help you with these too, even if only to help you implement them in the first place.
• If you manage lots of transactions with customers and suppliers then your cash flow is critical and even a business making enough sales can be grounded by poor cash flow
• Management accounts – analysis can help business growth and to support decision making as a company director to increase your company’s success
• Record keeping – you need to keep records of all transactions for at least 6 years and you’ll need to have them filed away properly so that you can easily present them to HMRC If asked
• If you don’t keep and submit all the necessary accounting & tax records then you can be disqualified as a director and unable to be director of any other company for up to 15 years (https://www.gov.uk/company-director-disqualification)
All you really want to do is follow your passion and run your own business, doing the things you love and what you think is worthwhile. To help you stay a happy and well rested boss (no one likes a grumpy face!) you should consider seeking accounting & book keeping help even if it’s only temporary until you can mange on your own or to seek advice. No harm comes from asking a few questions, just to ensure you’re doing everything possible to help your business.
Taking on extra help may cost more than doing it yourself but peace of mind and knowing everything will be on time, regardless of any work issues your facing, is priceless.
What services can Team 4 provide in terms of helping Ltd companies?
If you have any questions or just want advice please feel free to look through our website or contact us. I promise we don’t bite!
Claire Packham – firstname.lastname@example.org
Lisa Walkden – email@example.com
Or call us on: 01825 763378