Why use accounting for limited companies?
Having an accountant in place is vital in running and maintaining a successful business. Companies large and small are required to declare income to the taxman and ensure that their invoicing and expenditure is recorded correctly. Whether a company has hundreds of staff and a turnover of millions or is a one-man band Ltd Company, accounting for limited companies is required in the background to ensure that the accounts, payroll and bookkeeping is taken care of.
Although accountants are necessary for all businesses, there are niche accounting companies that specialise in certain fields and cater to specific industries. At Qdos Accounting we provide accountancy for limited companies, offering a complete service for the traditional one-man band contractor. We have been working alongside contractors for many years and have tailored our accountancy packages to provide a suite of services vital in operating as a contractor.
Accounting for contractors
We have spoken with many contractors who have used high-street accountants to manage their books, and they have found that by appointing a contractor specialist they have seen a benefit in the advice they have received. Having a contractor accountant in place that understands the contracting industry and knows the distinctions in accounting and legislation for contractors can be a great benefit for a small business, especially regarding things like expenses, VAT and IR35.
Accounting for limited companies is not as complicated or as difficult to manage as a large corporation with numerous employees, and because of this, visibility of company financials and accounting information is often made readily available for contractor clients. Here at QAccounting, we provide a monthly business snapshot showing an overview of a company’s accounts in any given month. The business snapshot shows company financials and any transaction information along with expenditure and tax liabilities to date.
For any contractor using more traditional accounting to manage their business, it can be beneficial to understand that there are specialist accounting providers out there that provide services specifically to Limited Companies.
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Further Economic Support
On Sunday 31st October 2020 the Government announced a number of updates to existing economic support measures. The full details of these measures are reported HERE (https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced ).
Updates to the Job Support Scheme
The Government has published detailed information about the scheme HERE (https://www.gov.uk/government/publications/the-job-support-scheme/the-job-support-scheme )
Accounting for Limited Company Property Investments
It can be a complex decision for clients when it comes to determining how best to utilise existing Contractor Limited Company funds in a Property Investment Company