subject: Uk Accountants Will Put All Your Finance Woes At Ease [print this page] Starting a company require a lot of work and immense planning. From naming and registering the company to actually establishing it, a plenty of energy goes into it. In such a scenario, it only makes sense to hire a UK accountant to handle all the finances and the paper work rather than doing it all by yourself. Not every business owner is well-versed with the nuances of finance.
The UK accountants provide you with services such as company registration, certificate of incorporation, memorandums, shares certificates, articles of association, TAX registrations, etc. They also advice you on your business plans and tax plans. Apart from these, they also advice you on company accounts, UK tax and self assessments.
UK accountants are not very expensive and charge reasonably for their services. They provide assistance for liability partnerships as well as for start-up companies. The time range for completing the work for companies is that of 3 - 4 hours, whereas it can also take 4 to 5 working days in case of a liability partnership. However, one still has to wait for a month after filing of papers and documents. These service providers are interested in helping companies which are registered in the UK but are physically based elsewhere.
Before hiring the UK accountants, make sure that they are registered agents of Her Majesty Revenue and Customs (HMRC). They should also be members of Federation of Small Businesses (FSB). They must possess complete knowledge of non trade receivables, open market value, payroll, quantitative easing, registered office, tax avoidance, under withholding, VCU, XD, year end and zero haven; all of which are basics of accountancy. It should also adhere to all the norms set up by Generally Accepted Accounting Practices (GAAP). This includes both accounting standards and UK company law.
The sooner you hire an accountant, the better it is because a company or a liability is supposed to submit their accounts to the company house within 10 months of the accounting reference date. The accounting reference date begins on the day of the incorporation of the company. The accounting reference can be changed as per the owner’s wishes. But there are limitations to the duration of extension of the date. The balance sheet has to comply with the format set up by schedule 4 and if one cannot comply with it then there must be a good reason for doing so. Any mistake or discrepancies in your balance sheet or tax submission can lead to trouble with the Government authorities. This is another reason why UK accountant assistance is of immense importance. Thus, it can be concluded that hiring a good accountant is indispensable.
Good UK accountants cover the smallest aspects and look into every minute detail. They also find out if your business falls into the category of small companies so that you can get a tax exemption. If not, then they will try and implement the best possible ways to legally reduce the amount of tax. Running a business is not an easy task, handling finances on your own shall add to your worries. Hence, it is only wise to hire an accountant.
by: Linda Simpson
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