Should you hire an accountant for your start-up business? 

  • By 0016937722
  • 19 May, 2017

Yes, definitely! The advice from Lima Accountancy is that enlisting the professional help of a business accountant early in the process of setting up your new business can save you time, money, and stress. New businesses in the Leeds area can do no better than consult Lima Accountancy, whose expert advice will set you on the right path. You will certainly need to hire a business accountant by the time your end of year company and taxation returns are due, and forging an early relationship with Lima will ensure that your accountant knows your business as well as you do, and is able to offer the very best in cost saving advice.

The business accountants at Lima point out that a crucial strategy in efficient business and taxation management is to choose the best structure for your business from the outset, whether this is sole trader, partnership, or limited company.

 Lima can help and advise about business incorporation, and will guide you in your choices of just how much accountancy assistance your new business will benefit from. Whether you choose to do much of the day-to-day bookkeeping yourself, or you prefer to save your business time by taking advantage of the comprehensive and cost-effective business accountancy services available for your convenience from Lima, you will have the very best advice from experienced business accountants.

Business accountancy services provided by Lima include bookkeeping, payroll, taxation, company accounts, and management reports, to free up your time to allow you to concentrate on maximising the potential of your new business. A huge advantage of a business accountancy plan with Lima is the convenience of fixed fee monthly payments, which allow you to plan your business outgoings confidently.

Whether you want to stay ahead of your taxation and company accountancy obligations, or look into cost-effective ways to help your business grow, individually tailored business accountancy is crucial. The early choice of Lima Accountancy as your business accountant will ensure that your business is in a strong position to take advantage of the opportunities available for growth and prosperity.

If you are a start-up business or even a long-established business and need help and advice on your taxation, please feel free to call our Gildersome office on 0113 844 0402, we will be happy to help.

By 0016937722 21 Dec, 2017

Despite the surge, a big proportion are sole proprietorships and entrepreneurs claim to be in need of more support. This has led to many of the businesses not creating jobs and failing to contribute significantly to the nation’s productivity levels.

With years of experience delivering our Leeds-based services to start-up businesses , today the team here at Lima Accountancy are sharing three common problems that organisations in their infancy will typically encounter:

Lack of funding

To put it bluntly, it is hard to make money from nothing. Realistically you are going to need sufficient funding for your company from the beginning, as well as ensuring that you maintain a healthy cashflow thereafter.

Doing it alone

It may be tempting to try to do everything on your own, but certain aspects are best being left to professionals that specialise in that specific area. You need to possess financial knowledge to tackle the likes of bookkeeping and accounts preparation successfully, for instance. The same goes for payroll and CIS .

Money issues

Whilst start-up business owners benefit from being optimistic, it can be a downfall too. When borrowing, for example, some advise to do so for a worst-case scenario rather than overestimating future sales and predicting an upturn in your particular market.

If you are based in Leeds or the surrounding Yorkshire area and would like more information on what our accountants can provide after reading the above, please click here .

Alternatively, feel free to get in touch with us directly by either calling 0113 844 0402 or emailing today.
By 0016937722 28 Nov, 2017

Despite being met by much controversy across the country, the Budget spells a promising future for new business start-ups in the UK. The Chancellor of the Exchequer, Phillip Hammond, has pledged to double the EIS Budget and ‘unlock’ £20 billion of patient capital over the next 10 years to help innovative high-growth companies.

With all the looming uncertainties caused by Brexit, the Chancellor wants to put new businesses at the forefront of his plan to build the British economy. He believes that encouraging new investment is the best way to overcome the obstacles posed by Brexit, and the team here at Lima Accountancy agrees.

One of the main ways that the Budget aims to encourage investment in new businesses is through incentives such as the Enterprise Incentive Scheme (EIS). The EIS Budget will be doubled in a bid to encourage investment in SMEs, meaning investors can now invest £2 million compared to the previous £1 million.

EIS is a huge incentive for entrepreneurs and is a brilliant way to kickstart new business and give them the lift they need. The EIS Budget has been doubled because of its massive success over recent years. There has been a year-on-year increase in new business start-ups, with over 550,000 founded this year alone.

Lima Accountancy welcome the investment into British start-up companies and are pleased that their significance to the nation’s economy has been recognised.

Our team of expert Leeds-based accountants specialise in new business start-ups and can help you manage your business’s finance using our in-depth and up-to-date knowledge of current affairs and legislation. We can offer advice on lots of complicated aspects regarding your organisation’s accounts, including taxation and financial support.

For more information on our accountancy services, call us today on 0113 844 0402.
By 0016937722 31 Oct, 2017

The growth in interest rates will impact most, especially homeowners and business owners. This can be a confusing time and new territory to many people: this after all has not happened for over ten years. If you are therefore confused about how you will be affected, here is some advice…

The 0.25 percent rise is small and the effects will be relatively minor, but it is doubtful that this will be the only rise, and the interest rate is expected to surge a further two times over the next three years.

The escalation in borrowing costs will predominantly impact new homebuyers and new businesses.

The increase in the rates will, however, have its benefits and will lead to an increase in savings through the payments you receive on your savings account.

If you own a mortgage, it is important to check what type it is, as you could incur extra fees as a result of the increase. Fixed-rate mortgages (which 57% of all homeowners have) will stay at their set rate. Conversely, if your mortgage is a variable rate then your monthly payback fee will increase by 0.25%, which will translate into a monthly increase of around £20 for the average homeowner.

To break it down:

·        If you have a mortgage worth £50,000, the monthly increase will be £6.

·        If you have a mortgage worth £100,000, the monthly increase will be £11.

·        If you have a mortgage worth 150,000, the monthly increase will be £19.

If you are still confused about how the rise in interest rates and borrowing costs will affect you or your business , call a professional. Lima Accountancy , based in Leeds, will be able to give you expert advice on how best to manage your cash flow . For more information, please call us today on 0113 844 0402.
By 0016937722 09 Oct, 2017

According to Sky News’ research, 65% of 18 to 34-year-olds are anxious how they will cope if (and when) interest rates increase. This represents a significant higher level of anxiety when compared to all other ages.

To make matters worse, new analysis from Yorkshire debt charity StepChange has additionally revealed that more and more millennials are actively seeking advice on the best ways of managing their money and dealing with the issues surrounding it. Six years ago, only half of the people that contacted the organisation for help were under 40, whereas the group now makes up almost two thirds.

The above data adds further complexity to the UK’s already-problematic debt profile. Recently, for instance, the amount of unsecured debt, which comprises of car finance, overdrafts, personal loans and credit cards, surpassed £200 billion. These kinds of figures were last seen towards the end of the financial crisis in 2008.

Having provided our accountancy services throughout Leeds, Yorkshire and the UK for a number of years, we will naturally be keeping a close eye on any future developments. Everyone at Lima Accountancy also hopes that the correlation between young people and finance worries does not continue.

Should you need any assistance in making your money work, from payroll and personal/business taxation right through to start-up advice , please do not hesitate to get in touch with a member of our expert staff today.

Possessing the knowledge and experience to help, our expertise allows to effectively handle all types of accountancy work. Feel free to call us on 0113 844 0402 or email for more information.
By 0016937722 04 Sep, 2017

The sponsorship, which included sponsoring the kit, applied for both the open age first and second teams.

For Lima Accountancy it has been a pleasure to be involved with our local club, and we hope to be able to continue our support for the team in future seasons.

If you would like to know more about the club, please click here .

Lima Accountancy provide accountancy support to established businesses across the local area, including Morley and Wakefield. If you or someone you know requires accountancy support, please do not hesitate to get in touch with us today by calling 0113 844 0402. 
By 0016937722 18 Aug, 2017

Fortunately, having to compromise working capital can be avoided.

Here are some tips that will help SMEs deal with a crisis:

Streamline business expenses

The accounting industry has been completely revolutionised by the digital world and it is becoming increasingly clear that businesses need to embrace the transformation too. Many SMEs, however, still rely on spreadsheets and other manual processes to manage their business expenses, costing them huge sums of money every year. To improve efficiency and profitability, try investing in automated systems that make it easier to monitor and control expenses. This at the same time frees up employee time.

Claim capital allowances

All businesses should make sure they are taking full advantage of any tax relief opportunities that are available. Property owning businesses, for instance, are entitled to claim capital allowances, which are a form of relief for certain types of expenditures they face. This includes costs associated with things like security, air conditioning and other building refurbishment costs.

Seek specialist financial support

Another way that SMEs can prevent a cashflow crisis is to hire a financial support specialist. These help small and medium-sized enterprises to spread the cost of their tax liabilities over a period of time. Specialist finance experts and accountants can provide tailored funding solutions to allow businesses to spread what costs they have. In gaining support, businesses can stabilise expenditure and navigate peaks and troughs easier.

Lima Accountancy provide businesses with a range of financial support and services to help with their cashflow troubles. The accountancy solutions provided by Lima offer both payroll and taxation support to a range of organisations, including established ones and new start-ups.

For more information, call us now on 0113 844 0402.
By 0016937722 08 Aug, 2017

If you are a small business, it is particularly important to make sure you act to make sure you are not left with these types of coins after the deadline has passed.

Both the Treasury and the Royal Mint have recently reminded people to make suitable transitions for the new 12-sided coin. These include making sure that any equipment is up-to-date in order to be able to process the new £1 piece, which was introduced in order to combat the number of counterfeit coins in circulation.

Other steps that small businesses can take include asking their customers to spend the old £1 coins first, as well as bagging up the two types of coins separately and depositing round pounds as soon as possible in their local bank branch. If you are left with the coins after the deadline you may still be able to pay them into your account, but that is at the discretion of the bank itself so cannot be guaranteed.

With more new than old coins currently in circulation, Adam Lawrence, CEO and Deputy Master of the Royal Mint has stated “ensuring a smooth transition is now our top priority.” If you are a small business it is therefore recommended that you check all your equipment to make sure it works with the new coin and explore the upgrade options available if anything does not function with the 12-sided one.

Lima Accountancy offer a wide range of services to their clients in Leeds and the surrounding area. These include business start-up support, accounts preparation, bookkeeping, payroll and end of year accounts preparation.

If you would like to know more or to arrange a free initial consultation, please get in touch with us today on 0113 844 0402.

By 0016937722 07 Jul, 2017

With Brexit talks beginning in Brussels earlier this month, what leaving the European Union (EU) means in terms of VAT is one of the many unanswered questions regarding the UK’s economy. As VAT was introduced by the EU and is currently imposed on all the member states, whether the UK government will alter the current taxation system when it leaves in March 2019 is under debate.

 At the moment the VAT rate in the UK is set at 20%. This is 5% higher than the minimum rate of 15% which is stipulated by the EU, but lower than some other European countries such as Sweden and Denmark (both 25%) and Hungary (27%). 

 After leaving the EU the UK government will be free to decide what to do in terms of VAT. One option is to leave rates as they are, another is to alter the percentage which needs to be paid. A further possibility still would be to scrap VAT completely, although given the amount of income the tax generates for HMRC this does not seem particularly probable.

 The decision is likely be affected by other agreements in the Brexit ‘divorce proceedings’. Amongst the most difficult of these are the negotiations surrounding trade with the rest of the EU once the UK has left, particularly in terms of export and import, where taxes as well as increased amounts of administration are likely to be levied. Perhaps the only thing that is certain at this point is that until agreements have been reached, there is still a lot more uncertainty to come.

  Lima Accountancy is based in Leeds and offers a wide range of accountancy services including value added tax, corporation tax, business and personal taxation, accounts preparation and business start-up support. If you would like to find out more about how we could help your business please get in contact on 0113 844 0402 to arrange a free initial consultation.

By 0016937722 04 Jul, 2017

Appointing an accountant is often overlooked when you are in the early stages of starting up a business . Other things are prioritised in order to minimise set up costs when you’re trying to get things off the ground. People always try and juggle every area of their business themselves, or flat out tend to ignore the accounting aspects.

Business owners don’t usually talk to an accountant until they reach the end of their first trading year or worse, when the tax return reminders start to arrive. Some wait until there’s too much paperwork work to physically keep on top of themselves. Hiring an accountant at the outset for your new business can really make the difference, as to whether it’s make or break before its even started.

A lot of new businesses fail as a result of inexperience in the accounting sector which is why hiring a professional and skilled accountant is more than a worthwhile investment.

There are many ways in which an accountant can help your small business and here at Lima Accountancy in Leeds we have listed the top ones

1.      You are going to be extremely busy.

When you first start out you could be a sole trader or working with a business partner. It is incredibly rare that you are going to start off with a team of employees, this usually comes when things are stable enough to afford their wages. There are a lot of aspects that you may be able to juggle but one sector you can’t afford to drop is accounting. Balancing the books and keeping on top of the finances is one of the most important areas, not just so you can effectively manage your cash flow but also to ensure your business is meeting its legal obligations too.

2.      Taxes.

This is the side of a business that if corners are cut not only can the business suffer from the lack of tax planning but as an owner you can also be liable. The National Federation of Independent Business  releases a monthly survey  of small business owner concerns and of these monthly concerns taxes always rank high up the list. This doesn’t need to be the case and can be one less worry having a clear understanding by seeking the advice at the outset.

3.      Third parties like accountants.

Many credit facilities that will enable you to grow your business by providing you with working capital, for example, bank overdrafts, loans, or simply trade credit accounts, will want reassurance from your trading figures, both past and future projections. An accountant can work alongside you to prepare these ensuring they are presented professionally.

Having an accountant speaks as much about you as an owner as it does the business.

It demonstrates that you are prepared, sensible and professional, these are all traits that can encourage lenders.

At Lima Accountancy, we have tremendous experience in supporting early business ventures. We understand the importance and can assist in fulfilling requirements that a new business has in order to help make it a success.

To find out how we can help your business call us now on 0113 844 0402.


By 0016937722 28 Jun, 2017

In order to help your accountant help you and to make sure you get the most value from their time it is important that you are able provide them with key documents and pieces of information each year. Knowing what you need to keep track of and having this information available means the end-of-year process will run more smoothly and efficiently for you.

Whilst every business will have slightly different requirements (depending on things such as their size, turnover and number of staff), there are several things that you need to keep a record of. First of all, it is important to make sure you keep any sales and purchase invoices and order them in a logical way so that specific ones can easily be located if necessary. Keeping a record of all your incomings and outgoings is also vital, as is any agreements for equipment on lease such as photocopiers or printers.

If you have staff on payroll then it is additionally necessary to keep those records for the year along with the PAYE figures to help calculate the amount due to HMRC. Other items such as petty cash records, bank statements and cheque book stubs are helpful too. If in doubt, it is better to keep any receipts you have for company-related business and seek advice from your accountant about whether they are required or not.

Lima Accountancy are a first-class business accountancy practice based in Leeds. We offer our clients a range of services, including start-up business advice, accounts preparation, bookkeeping, business taxation and payroll support.

For more information or to arrange a free initial consultation, please get in touch with us on 0113 844 0402.

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