It can be tempting to attempt to run every aspect of a limited company on your own. After all, especially for contractors, the change from sole trader to limited company will often not have expanded the company in terms of its size so, therefore, will tax returns not function in the same way?
The answer is, unfortunately, no. There is a big difference between personal tax returns and business tax returns, meaning that operating limited company accounts can be a whole different kettle of fish. There are also different regulations on invoicing and salaries, and you may at times find that you may need to issue payslips or numerous other documentation that won’t have been involved when you were simply self employed.
For those who aren’t fully versed in the working of the tax and payment system, it is much more beneficial to get a contractor accountant to deal with such issues. With so many companies finding themselves with unexpected tax bills that simply hadn’t been planned for and in the process sometimes finding themselves having to liquidate, ensuring you have the right people on hand when you need them to guide you through the process is the most important step to the smooth running of a limited company.
With the limited company accounts being the biggest difference in the day to day running of your business, finding the right contractor accountant will help you through every process of what is required from you as the owner of a limited company and at the same time will help you to ensure you don’t miss important deadlines or over look any aspects of the important, but sometimes complicated tax process.
Accounting can be a long and tedious process and with each individual’s situation different to the next, understanding if you are making all the savings you could be can be hard. Solving all these problems can be simple with the right accountant.