The truth is that there is no legal requirement to have your accounts prepared by an accountant unless your Limited Company is large enough to require an audit.
Limited Companies are required to complete an Annual Return, CT600 Company Accounts, and Directors are required to complete Self-Assessment Tax Returns.20 Sep 2013
Do you need an accountant for a small business?
This is why so many small business owners hire an accountant when the first tax filing is due. But they can also help you cope with more than just tax returns. A good accountant will be able to: Complete and file the required legal and compliance documents for your business.
Can you file your own limited company accounts?
You file your accounts with Companies House and your Company Tax Return with HM Revenue and Customs ( HMRC ). You may be able to file them together if you have a private limited company that does not need an auditor. You’ll need your: Companies House online account details.
How much does it cost to hire an accountant for a small business?
Typical costs: Accountants charge $150-$400 or more an hour, depending on the type of work, the size of the firm and its location. You’ll pay lower rates for routine work done by a less-experienced associate or lesser-trained employee, such as $30-$50 for bookkeeping services.
Do I need an accountant if I am self employed?
Are you Legally Required to Use an Accountant if You’re Self-Employed? No. There is no legal requirement for you to use an accountant. Self-Assessment means that you are responsible for working out your own taxes and filing your own tax returns.
Can a bookkeeper do tax returns?
A bookkeeper may have a range of basic tax skills, or none at all. You should always ask! A qualified bookkeeper will be able to prepare accounts and tax returns for sole traders, as well as basic self assessment returns. Most will also be able to prepare your VAT returns and deal with PAYE.
How much time do small business owners spend on bookkeeping?
Small business owners spend over 10 hours per month doing their own bookkeeping, according to a recent study by Mazuma Money. That works out at more than 120 hours a year.19 Jul 2018