Why Accountants are important for construction companies
It’s in your construction limited company’s interests to finally have a visionary, experienced person handling the most critical department of your company- your ultimate finances. After you’ve decided it’s the right time to have an experienced accountant, the next step is to review how accountants will help reduce your overall taxes.
While some of the contractors decide to handle everything by themselves, this is probably not the best shot to take. Nowadays, you don’t have to hire an accountant located nearby your company. Today, most limited companies are using cloud-based technology
to control and manage their firms.
For an eye-catching fee, you can rely on comprehensive, qualified, and long-term services in all significant areas of accountancy. Contracting comes with responsibilities. Here are the key responsibilities and contracting trends you need to know about.
What are the filing dates for limited construction companies?
Regardless of whether your limited construction company is dormant, trading, or non-trading, you must file your company’s annual accounts with HMRC and the Companies House. For an active limited company, you can submit your annual reports with both the Companies House and the HMRC simultaneously.
After you incorporate your construction limited company, you’ll be assigned a date that will mark the end of your company’s financial year. The date gives you the ultimate guideline on when and how to file your accounts per year.
The Companies House and HMRC require your accompany to file for your first year’s accounts within 21 months of the incorporation date. With your experienced accountants, you don’t have to worry about any of these.
Limited company allowable expenses
When running a construction limited company, you’ll ultimately incur some allowable expenses during your projects. Only legit and genuine expenses are allowable. You can only claim for the expenses incurred necessarily, wholly, and exclusively in due course of running your limited construction company.
You cannot claim for both businesses and personal expenses (Expenses with a dual purpose). Always keep your invoices and receipts to prove that any claims you make are legit. If you have any doubts on the allowable expenses to claim, consider consulting your accountants.
What types of accountancy services do you need for your company?
The types of accountancy services required by your limited construction company depend on your business needs. The main types of services offered include tax accounting, forensic accounting, bookkeeping, public accounting, and accounting audit.
Your construction limited company will need self-assessment directors, payroll, accounts, and vat returns. Contact GM professional accountants
for more detailed information.
Why choose GM professional accountants?
If your limited company is based in London, you need to check online reviews and qualifications on Google to hire the right accountants. Here are vital tips steps comprehensive accountants for your business;
. GM professional accountants have a code of ethics and have professional qualifications
. We have over 5 star online reviews and recommendations
. Our packages are affordable
. There are no hidden costs
GM professional accountants is a comprehensive accounting firm and provide you with long-term support. GM professional accountants specialized in your industry.