If you are the founder of a limited company in the UK, you can do the work yourself and do not legally need an accountant. However, usually when Novabook takes on clients who have done the work themselves, there are niche things that only accountants know, that then have to be updated, amended and re-filed. However, there are a lot of things like filing a declaration with the pensions regulator, declaring employment-related securities (which are broader than they sound) and other things that make working with an accountant advisable. 

Once your business starts generating revenue, you hire your first employee, or register for VAT, your bookkeeping and financial records are likely to get more complex, and you’ll need to spend more time reconciling your transactions, preparing returns, and filing your payroll with HMRC. Hiring an accountant saves you all of the time that would take and lets you focus on growing your business. Novabook can support all of these services and book-keeping costs begin at £22/month. 

Novabook’s accountants, trained at the likes of PwC, work to take this work off your plate, providing clear responses to all of your ad hoc accounting queries and the lowest admin way for founders to track all of their accounting and finance needs in the Novabook portal. 

FAQs

Can I do my own bookkeeping?

• You can do your own bookkeeping, but as your company grows this will take more and more of your time, meaning that offloading it is often one of the first things founders want accountants to do. Novabook can do this for £22/month.

What records do I need to keep for a limited company?

• As a limited company, you need to keep detailed records of all incoming and outgoing transactions to and from your business, payroll records, VAT receipts (if you are registered for VAT) and bank reconciliation statements. It can pile up quickly and Novabook can support you with this, making sure that any relevant records are saved and available whenever you need them.

What is the best accounting software for a UK startup?

• Xero, Quickbooks and Sage are three of the most popular accounting softwares that startups use for bookkeeping and other services. However, most companies opt to use both an accounting software package and an accountant. Novabook gives you direct access to a Big 4 trained accountant who can take this off your plate and allow you to focus on running and growing your business.