Small-business guide
When should a limited company speak to an accountant?
The best time to speak to an accountant is usually before a deadline or decision becomes urgent. Early conversations can clarify responsibilities, improve records and prevent rushed year-end work.
When the company starts trading
A new company needs a reliable way to record sales, costs, bank movements and money introduced or withdrawn by directors. It is also useful to understand the accounting period, filing timetable and which taxes may apply.
- Set up bookkeeping and document storage
- Understand filing dates and responsibilities
- Separate company and personal transactions
- Discuss payroll, VAT and record retention
Before taking money out of the company
Salary, expense repayments, dividends and director loan movements are not interchangeable. Speak to an accountant before making assumptions, particularly where the company has changing profits or cash flow.
As turnover and the team grow
Growth often adds VAT, payroll and management-information requirements. Monthly or quarterly bookkeeping can give a more current view than waiting for annual accounts.
- Approaching VAT registration
- Taking on employees
- Buying vehicles or equipment
- Seeking finance or investment
- Expanding into new activities
Well before the year end and filing deadline
Early preparation leaves time to resolve missing information and understand the results. If records are incomplete, an accountant can identify the catch-up work before the statutory deadline is close.