Submitting your limited company accounts is a legal requirement. You may consult with an accountant to help you with this task. Significant yourself. Many will prefer to
contract an accountant with the skills and knowledge to submit their limited company accounts.
Few want the headaches that come with paperwork, cracking down numbers, and analysing endless sheets. So, while an accountant may not be needed, they relieve limited company owners from a lot of stress.
Hiring an accountant is optional, you don’t necessarily need to hire an accountant, but it sure saves time and effort. Of course, it’s perfectly okay to decide to leave this assignment to an expert, but doing it on your own is feasible.
Don’t drown in a glass of water. Completing all the documents for your limited company accounts is challenging and time-consuming. But, take a step back and first identify the steps you must follow to finish this task.
Be willing and prepared to learn the necessary skills to submit limited company accounts on your own. For starters, you must know the company account deadlines. You must also invest in an accounting software of your choice that serves the needs of your small business. Finally, be sure to know how to file a company tax return and should understand the rules around capital allowance, dividend, allowable & disallowable expenses and many more.
Start learning about the various accounting terms and how to maintain the financial record. As a limited company owner, it’s crucial that you know how to put together statutory accounts. The Statutory accounts must include a balance sheet which shows the total assets, liabilities and equity of the company, a profit and loss account which shows the revenue and expenses, notes about the accounts, director’s report (unless you are a micro-entity), auditor’s report (depends on the size of the company). Your statutory accounts must either meet the international financial accounting reporting standard or new UK generally accepted accounting practice.
Limited company owners tend to hire accountants to submit their company accounts. After all, they are finance experts and will be able to deliver results while you focus on what’s important.
Besides helping you avoid legal conflicts, accountants are facilitators and take up a huge weight off your shoulders.
When in doubt seek professional advice. Experts are there to help you with this process and may prevent common mistakes