Accountancy & Tax FAQs
Frequently Asked Questions
Frequently Asked Questions
Does a limited company need an accountant?
No - UK law doesn't require a limited company to have an accountant. As a director you can file your own accounts, Corporation Tax return, VAT and payroll. However, most directors appoint an accountant to save time, avoid costly filing mistakes and penalties, and make sure everything is submitted correctly and on time. At ABLM Associates we handle the full compliance side so you can focus on running your business.
How much does an accountant cost for a small limited company in the UK?
Costs vary depending on your turnover, whether you're VAT registered, and how many services you need (accounts, Corporation Tax, payroll, VAT, self assessment). Most small limited companies pay a monthly or annual fixed fee rather than hourly rates. We provide a clear quote up front with no hidden charges - get in touch for a free quote tailored to your business.
Do I need to meet my accountant in person?
No. ABLM Associates works with clients across the UK and most of our work is handled remotely through cloud accounting, email and phone. Many of our clients we've never met face to face - it means less time in meetings for you and a faster, more flexible service. We're based in Peterborough but serve limited companies and small businesses nationwide.
What's the difference between a bookkeeper and an accountant?
A bookkeeper records your day-to-day transactions - invoices, receipts and bank entries. An accountant handles your year-end accounts, tax returns, Corporation Tax, VAT and compliance, and interprets the numbers to help you make decisions. We offer both, so your records and your compliance are handled in one place.
Are you qualified and regulated?
Yes. ABLM Associates is a team of Chartered Certified Accountants regulated by the ACCA, and we include a Chartered Tax Adviser (CTA). That means we're trained to the highest professional standard, hold the required insurance, and are subject to ongoing regulation and inspection.
What accounting software do you use?
We use cloud accounting software, giving you real-time visibility of your finances and keeping you compliant with Making Tax Digital (MTD). If you already use a cloud platform we can usually work with it or help you move across.
Can you switch me over from my current accountant?
Yes, and it's straightforward. We contact your existing accountant, handle the professional clearance and arrange the transfer of your records - there's very little for you to do. Just check your current agreement for any notice period first.
What services do you offer?
We provide limited company and sole-trader accounts, Corporation Tax, VAT returns and advice, payroll, CIS returns, bookkeeping, self assessment, cloud accounting, tax planning and business start-up support - a full service for limited companies and small businesses across the UK.