About IT Accountants

Thursday, February 2nd, 2012 - Accounting

About IT AccountantsAbout IT Accountants

It is so easy these days to read about starting your own limited company on the internet and decide to go for it without a thought as to the consequences of not complying with corporate legislation, or about tax liabilities, effective tax planning, or even about how the company will be created – simply because it’s so easy to do. About IT Accountants

When you trawl the web you will be faced with flashing banners telling you that a company can be formed for £29.99 within 24 hours. In fact, who in their right mind wouldn’t simply pay their money and start trading as soon as they have an idea or profession that will generate income.

The answer is that the unwary would launch into such a venture without a second thought, whereas the more prudent, thoughtful punter would take a step back and think about exactly he has getting himself into, and rightly so! Once the company has been formed, the average man in the street is no longer a run of the mill punter. He has transformed himself into a company director, a person with many new responsibilities.

For instance, from a financial point of view, our director will have to take account of deadlines for the annual return, he will have to inform Companies House when his company has started trading, he will have to become a bookkeeper (or at the very least pay someone to do the job for him), submit annual accounts, calculate his corporate and personal tax liabilities, plan in advance to minimise his tax liability, submit corporation and income tax returns, account for PAYE and national insurance,and so forth. About IT Accountants

About IT Accountants

In short, our newly established company director needs an accountant. The problem is that local accountants tend to charge an arm and a leg to assist with the administration of a limited company, simply because of the tax planning opportunities that limited companies provide. The accountants want their share of the saving, and so they should as without specialist knowledge, no tax saving would be possible at all.

This where the IT Accountants come in. IT Accountants are specialist accountants that know the IT accounting industry and have an insight into exactly what’s involved. In turn they can offer a more competitive price due to the fact that they don’t have to add extra margin into the price in case they encounter any difficulties. More or less with the IT firms, there are minimal transactions per annum, the accounts are straight forward to produce, and a very cost effective solution can be offered.

Most can the specialist IT accountants can be found online and won’t necessarily be found on the local High Street. However, don’t let this put you off, simply scan your invoices and email then along with an electronic backup of your bookkeeping to an IT accountant that could be located anywhere in the country. About IT Accountants

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