If you are a limited company contractor questioning whether you should appoint an accountant or not, this article is aimed to advice and inform you.
There are no legal obligations for a limited company contractor to appoint an accountant, however there are a number of reasons you may choose to do so.
· As a limited company director, you are personally liable for any mistakes made in the preparation of your accounts. Using a professional to look after your accounts will minimise the risk of errors being made.
- Taking care of your own accounts can be time consuming and confusing. You will need to complete dozens of financial tasks each year, including; calculating and paying your income tax, corporation tax, NICs and VAT liabilities, dealing with HMRC and Companies House, completing your personal, corporation, VAT and company Annual Returns.
· Expert accountants are aware of your industries tax exemptions, reliefs and obligations. Therefore they are trained and specialist in saving you money against tax.
· Having an accountant is imperative for a reference towards mortgage or tenancy applications.