Why Limited Company owners need a great accountant (and how to tell if yours is up to scratch)

Why Limited Company owners need a great accountant (and how to tell if yours is up to scratch) 

If you run a limited company, it’s likely you already know that handling your business finances can be a little overwhelming at times. Sure, you could try to do it all yourself or rely on the cheapest accountant you can find – but that could be costing you money, time, and peace of mind?  

A good accountant isn’t just someone who files your tax return. The best ones help you make more money, save on tax, and keep your business running smoothly. Here’s how they do it – and some warning signs that your accountant might not be the right fit for you. 

Are you paying more Tax than you need to? 

Tax rules are complicated, and without the right guidance, you might be paying more than you need to.  

A good accountant will:  

• Make sure you’re claiming all allowable expenses (including some you might not even know about!)  
• Set up your salary and dividends in the most tax-efficient way  
• Check if you qualify for things like the Employment Allowance (which could save you £10,000 a year!)  
• Make sure you’re not missing important deadlines that could lead to fines 

Warning Sign: If your accountant “just” tells you what you owe and doesn’t help you maximise your tax allowances, they might not be the best fit for your business. 

Are you getting clear financial advice? 

A great accountant doesn’t just crunch numbers – they help you understand what’s happening in your business.  

They should provide:  

• Simple, easy-to-read financial reports that tell you if your business is profitable 
• Cash flow advice so you don’t get caught short when big bills come in  
• Help with budgeting and forecasting so you can plan for growth 

Warning Sign: If your accountant only speaks to you once a year and doesn’t explain your numbers in a way you understand…it’s highly likely they’re not helping you make better decisions. 

Are you staying on the right side of HMRC? 

Mistakes with HMRC can lead to penalties, stress, and even legal trouble.  

A good accountant will:  

• Make sure your payroll is set up correctly, so you don’t underpay tax or National Insurance  
• Ensure VAT is handled properly if your turnover is getting close to, or is already over £90,000  
• Help you avoid costly HMRC fines by keeping your records accurate and up to date 

Warning Sign: If your accountant leaves you scrambling to meet deadlines, you’re chasing them to find out when you need to provide them with paperwork, or has ever landed you with an unexpected fine, it’s time to rethink your options. 

Are you wasting time on tasks an Accountant should be handling? 

Your time is best spent running and growing your business, not drowning in spreadsheets.  

A great accountant helps you:  

• Automate your finances with the best accounting software  
• Handle your invoicing, bookkeeping, and payroll  
• Free up your time so you can focus on what you do best 

Warning Sign: If you’re still doing all your bookkeeping manually or chasing invoices instead of getting help, you’re probably spending too much time on admin. 

How to tell if you’ve got a great Accountant 

A great accountant isn’t just a number-cruncher. They are a trusted business advisor who helps you:  

• Pay less tax (legally!)  
• Understand your business finances in simple terms  
• Stay out of trouble with HMRC  
• Save time so you can focus on running your business 

If your current accountant isn’t doing these things, it might be time to find one that will! 

Need an accountant who does more than just file your tax return?  

At BAS Associates, we help limited company owners like you make smarter financial decisions, reduce tax, and grow profitably. Get in touch today – 01296 681341 or contact us here.