While you may be busy juggling your limited company contracting career with a hectic home life, it’s important to keep on top of your finances throughout the year.
Not only will this save you time but it will also ensure you keep accurate records and don’t pay more tax than you need to. Here are some tips to help you with the management of your limited company finances so that it doesn’t become an administrative headache.
|Weekly||As well as invoicing your client/recruitment agency each week or month (whatever frequency you have agreed), you'll need to check your bank statements and keep accurate records of all allowable business expenses, plus you'll need to file all your receipts for safe-keeping.|
|Quarterly||Once a quarter you will need to submit a VAT return (if you are VAT registered) and because your company often acts as your employer you will need to pay both Employer National Insurance, also known as Class 1 NI, and Employee National Insurance, also known as Class 4 NI, and PAYE, if your pay level requires it.
All of these payments go to HMRC - when we act as your accountant, we will send you reminders so that you do not miss a payment which can incur a financial penalty.
|Annually||As a Company Director you will also need to submit an Annual Report to Companies House as well as year-end accounts to HMRC. Again, this is not a difficult process, especially if you've kept on top of your finances throughout the year. We can prepare the required submissions on your behalf, ensuring accuracy, compliance and complete peace of mind.|
We are here to help make life easier for you so if there is anything you are not sure about, please get in touch with a member of our team.