Over 40 years experience from expert accountants About Us

Welcome to Lima Accountancy

Lima Accountancy’s team of qualified accountants pride ourselves in offering first class accountancy support services to businesses throughout the UK.

We offer accountancy advice on everything from day-to-day tax and VAT advice, to completing the year end processes to providing financial advice for new businesses. Whether you are already in business, considering starting out or simply need expert advice on your personal tax return, we have the knowledge and experience to make your money work!

Our accountants work on a fixed fee basis, giving you the peace of mind that there will be no hidden costs. Plus, our initial accountancy consultations are free, so you’ve nothing to lose in finding out how we can help you. We understand that your time is better spent doing what you do best, so out of office hours appointments are available upon request and we are happy to visit you.

At Lima Accountancy, we believe that your tax shouldn’t be a burden and in turn, your accountancy fees shouldn’t be either! That is why we offer a monthly payment facility to remove the large end of year payments, to clients taking up our annual services.

Why choose us?

There are a number of reasons to choose Lima Accountancy. We offer:

Free initial consultation
Fixed fees, no hidden charges
Expert Cloud Accounting software advisors
Out of office hours appointments
Monthly payment facility
Services from qualified accountants

Free Initial Consultation

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Who we are?

We are a vibrant active team, who certainly don’t fit the profile of the ‘old traditional accountant’ many people come to think of!

The Team

What our clients say?

“Have been using Lima accountancy Services for about 4 years now, and in that time they have been pretty faultless in there professionalism and services offered and tasks undertaken. They are always very prompt in returning emails and phone calls regards any query no matter how trivial it may seem. Always efficient and punctual with payroll duties and offer good sound advice where necessary.

I would have no hesitation in recommending Lima to any contractor or colleague as a service for limited company accountants. Also very competitively priced and in particular what I like the most is friendly patient staff, with exemplary detail in the requisite accountancy knowledge to the benefit of your company.”

Mike Parr, Versatile Multimedia Development Ltd

“I have been a client of Lima Accountancy since they started to trade some years now. I have found them to be nothing but extremely good and professional at what they do but not only that they go above and beyond to ensure their clients are comfortable with all they need to be aware of. Never have I understood accounting perhaps I should but I always know if I need advice, Lisa and Mike and even their staff nowadays give a very quick, accurate and professional response.

I have recommended Lima Accountancy more times than I can think of and will continue to do so.”

Cathy Gordon, Freshlook Management Ltd

“I have been a client of Lima Accountancy since 2011, and have found them to be excellent in all aspects of the services that they provide. They are very proactive in their communications with me, and are quick to respond to queries, meaning that I am always confident that my accounting needs are fully accommodated, and that important deadlines are always met well ahead of time. I have also found them to be very knowledgeable in response to a broad range of queries, and as such, I would have no hesitation in recommending them to any other business or individual for their accounting requirements.”

Will Dunkerley, Indigo Blaze Ltd

“I have been using Lima Accountancy services for 2 years after I was dissatisfied with my previous accountants. I am very happy with the quality of service and high level of expertise that Lima have provided.

Michael very quickly and efficiently resolved all the issues from my previous accountants, and has proved himself to be invaluable, answering my many questions and advising on all aspects of my business and personal finance.

I enjoy the peace of mind that comes with knowing that I am with an accountancy firm that provides up to date sound sensible advise, and that I know I can trust to ensure all my tax affairs are in order.”

Eleanor Pickets, Eleanor Pickets Management Services Limited

“We have been with Lima Accountancy Services for the past four and a half years (since August 2011). We have always found the service to be accurate, informative and extremely efficient. you have always resolved complex accounting queries for us and has ensured all of our returns are made accurately and on time.

The service from Lima Accountancy Services has enabled us to get on with running our business in the sound knowledge that our accountancy requirements are met in a professional, accurate and timely manner.”

Amee & Mehul Shah,

“I have been working with Lima accountants since about 5 years. They are extremely reliable, competent, friendly, responsive, cooperative and supportive. Michael and Lisa particularly are excellent. If you are looking for a cost value effective solution for your accounting needs, I would strongly recommend to contact them.”

Julio Franca, Spin Consulting

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FAQs

I’m thinking of becoming self employed, what do I need to do?

If you are trading as a self employed individual or partnership, you should register with HMRC within 3 months of starting to trade. As our client, we handle all registrations with HMRC on your behalf.

What is a limited company?

A limited company is a vehicle for which you can run a trade through and is one of the options to be considered when starting a business. Many established businesses will also consider incorporating, this is when a trade is transferred into a limited company, previously having been run as a sole trader or partnership. A limited company is seen as a separate legal entity to you as the individual, therefore the company will have it’s own filing requirements with HMRC and Companies House. The director is responsible for ensuring the company meets these requirements.

What is the difference between running my business as self employed or through a Limited Company?

The day to day trading will generally feel the same. The profits that the business makes, as a sole trader, belong to the business owner and personal income tax is paid on these in the year in which the trading occurred. Whereas, the profits the business makes as a Limited Company belong to the company upon which the company pays corporation tax.

How do I take money that I have earned out of my limited company?

The director would usually be paid a salary from the company and the after tax profits of the company are distributable to the shareholders of the company by way of a dividend payment. The timings for when a dividend is declared and paid out is chosen by the company. An individual would then pay any personal tax on these dividends via their own personal tax return.

How much tax will I pay?

The level of tax paid will depend on whether you are a sole trader, partnership or running a limited company. Your personal tax is paid for a tax year, which runs from 6^thApril to the 5^thApril. The amount you will pay will be based on your total personal income from all sources and is calculated at different rates for the various types of income and where these fall into HMRC’s tax band system. Business Tax payable is calculated on the taxable profits of a business at the applicable rates. The accounting profits are adjusted to arrive at what we refer to as the taxable profit, It is essential therefore to ensure the business expenses being claimed are allowable by HMRC and that all available allowances have been claimed. Sole trader and partnership profits are included within an individual’s personal tax calculation and are part of the individuals total income. Limited company business profits are declared on the company’s own corporation tax return.

Do I need to register for VAT?

HMRC set the VAT registration thresholds each year, which can be found on their website here. It is compulsory for you to register for VAT if your VAT taxable turnover exceeds the threshold amount for the preceding 12 months or if you expect your turnover to exceed this threshold within the next 30 days. A business with turnover under this VAT threshold does not need to register for VAT, however many businesses may choose to register on a voluntary basis to maximise their profits. Consideration should be given to the customer base and industry that you operate within as to whether this is advantageous to you.