Best Accountants for UK Businesses

Discover the best accountants for UK businesses and specialist services financial management.

Updated: April 3, 2024
Matt Crabtree

Written By

Matt Crabtree

 
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Are you an owner of a UK business struggling to manage your financial records?

Whether you are a self-employed individual looking for advice on business tax returns or a small business looking for precise insights into business operational costs, an accountant can support your company.

One problem you might encounter, though, is that various accountants for UK businesses are available, and selecting one can be a challenge.

However, in this article, we will look at the best accountants for UK businesses to ensure you can keep your business thriving and performing at its peak. We will explore their key services to help you select one that matches your business's needs.

In this article I'll go through which accountants are the best for UK businesses in need of financial management accounting and support.

ServiceScoreRegister
1. TWB Accountants★★★★★Click Here
2. Debitam★★★★★Click Here
3. SJPR Accountants★★★★Click Here
4. The Accountancy Partnership★★★★Click Here
5. Watermill Accounting★★★★Click Here
6. Pearl Accountants★★★★Click Here

What Are Accountants for UK Businesses?

If you are a UK business owner, you might be looking for an accountancy service — a service that professionals offer to successfully manage multiple financial recording tasks for companies.

They handle tax filings for the year, manage financial records, and provide your business with the financial advice required to thrive every year.

The services accountants for UK businesses provide are wide-ranging. They contribute to financial compliance and ensure you can optimise your company's financial performance.

With accountancy services, you can effortlessly manage your cash flow, integrate the correct accounting software into your financial requirements and work towards efficient tax planning.

How Do Accounting Services for UK Businesses Work?

An experienced accountant works with UK businesses by keeping records of income and expenses.

They work by extracting financial information from your records, ensuring small businesses succeed at managing and tracking their money effectively. 

Chartered accountants may use accounting software to complete these useful tasks and assist with day-to-day bookkeeping and financial reporting. The accounting software streamlines the reporting process and facilitates financial analysis.

Some accountants may use a cash-based accounting method, involving looking at the inflows and outflows of cash when the business gets paid, as opposed to the date it notes the expense. It is an ideal approach for a small business working as a simpler cash flow tracking option.

Alternatively, you will notice that other accountants use accrual-based accounting, involving looking at expenses and revenue at the date the business notes that cash is owed or paid, as opposed to the date the transaction is complete.

In terms of the market size, accounting and auditing sectors were worth £6.4 billion in 2022 — it is clear that businesses across the country are frequently using these services.

What Are the Features of Accounting Services for UK Businesses?

Multiple features of accounting services exist for businesses in the UK. Here are five examples of the important features your business may require from a chartered accountant.

  • Bookkeeping services and transaction recording: As part of their services, an accountant can help with bookkeeping services and transaction recording, which involves recording business purchases, expenses and income and documenting every transaction. For example, the accountant will record each transaction's amount, date and description for financial analysis purposes.
  • Preparation of financial statements: Your accountant will help you compile and present the essential financial information related to your business with accurate financial statements. A few examples of the statements you can access include income, cash flow and balance sheet statements, which reveal how well the company performs financially.
  • Financial advice: A chartered accountant can facilitate your budgeting and financial planning by providing financial advice. Other advice they may offer includes tax planning, financial risk management, and methods to enhance your company's cash flow.
  • Auditing services: Whether you need to guarantee your financial records comply with regulations or contain reliable, accurate financial information, you can rely on accounting services for your business. Some specific reasons you might want to receive an audit for your business include exposing any financial risks or ensuring stakeholders and investors can rely on your company's finances.
  • VAT and tax services: If you require support for value-added tax services, you can receive this, and tax services, from your accountant. Whether you are running a small business that needs to calculate tax returns or are one of the self-employed sole traders relying on accounting firms for tax advice, your accountant will have the knowledge and experience to support you. Even though sole traders won't need to file accounts at Companies House each year, you may still require support from a chartered accountant.

Best Accountants for UK Businesses Pros and Cons

After this section, our financial experts will look at the six best accountants you can use as a UK business to handle your financial tasks.

But here, we will explore the advantages and disadvantages of using accounting services as a UK business.

Pros

✔️ Chartered accountants have extensive knowledge — You can entrust your accounting requirements to professionals with specialised knowledge of financial challenges. From tax regulation knowledge to compliance, your accountant's experience will put you in the best position to handle your finances efficiently.

✔️ Accountancy services enhance accuracy — With the best accountancy services as a UK business, you will always receive accurate financial records. These records will mitigate any chances of incurring any financial errors.

✔️ Hiring an accountant gives access to advice — As a business owner, you can gain substantial knowledge about financial records when you hire an accountant. Their invaluable financial advice spans a range of crucial factors, from budgeting and financial decision-making to tax planning.

Cons

❌️ Accounting services can be costly — If you run a small business, you may find that your budget might not stretch far enough to cover the costs of accounting services. The main reason for this is that these services can be costly.

❌️ Chartered accountants will control your finances — Since chartered accountants will control your finances, you may take a step back from these processes. This outcome means you may lack control over monitoring issues related to your business's finances.

❌️ Hiring an accountant can take time — You will need an accountant who can work with your specific business and understands your business requirements, especially for business planning purposes. Because of these specific requirements, you may find that searching for the right accountant can be challenging.

Best Accountants for UK Businesses — Reviews

Having considered how accountants for UK businesses work and their main features, here are the reviews of the best options.

We have also provided their key features in each section to help you select one.

1. TWB Accountants

The chartered accountants with TWB Accountants specialise in working with small businesses and have offered tax and accounting expertise since 2013. They are Xero certified, partners of Xero and have experience working with various business sectors and types, including startups. Their main goals are to assist businesses with account management and streamlining cash flow.

However, TWB Accountants also work to maximise the benefits your business can receive from accounting software. For example, its team supports sole traders and established agencies using cloud accounting software. 

TWB's accountants can work with landlords to help them navigate tax implications and legislation. Specifically, they will help you understand how legislation is changing and how each change will affect your property business's profitability and success. They provide current information on investment decisions to ensure your business thrives.

To learn more about the pricing from TWB Accountants, request a quote from their team by completing their online form. The pricing will match your business and the team's professional expertise.

Key Features of TWB Accountants:

  • TWB Accountants offers tax and accounting advisory services.
  • They provide business forecasting to help with cash flow and growth.
  • This firm offers technological expertise related to accounting software to facilitate accounting processes.

2. Debitam

Debitam has supported businesses in financial management since 2018 and offers a few services. Some examples include support with tax returns and services for accounts management. This firm also offers VAT return report automation, bookkeeping and payroll support for small and micro businesses.

Some of the other specific business types Debitam supports include limited companies, LLPs, freelancers and partnerships.

For limited companies, Debitam offers a few plans, including tax planning advice, corporation tax computation, confirmation statement support, and VAT and bookkeeping services. For sole traders, this accounting firm will support you with personal tax returns, year-end tax computation and advice for tax planning.

The firm also offers a few online calculators to support your tax calculations. Some examples of the calculators they provide include business loan, dividend tax, salary tax, capital gains tax, flat rate VAT and many additional calculators for your business calculations.

Regarding pricing, some examples of what you can expect to pay include £299 plus VAT for company accounts and tax return services, £399 plus VAT for limited liability partnership account management and tax return and £199 plus VAT for self-assessment services.

Key Features of Debitam:

  • Debitam offers confirmation statement services to ensure you file them accurately.
  • This firm provides payroll support for your business.
  • You can receive bookkeeping automation from Debitam.

3. SJPR Accountants

Since 2012, SJPR Accountants have provided accountancy support to businesses and sole traders. The firm's expertise in entrepreneurial and stakeholder challenges allows it to provide tailored, targeted advice so you can achieve your company's goals. The firm has an international presence, but it is based in London and works with startups and larger businesses.

They integrate the best technologies and accounting software into their processes to handle these challenges and provide specific services. Some of the technologies they integrate include Xero, Quickbooks and Sage. 

Although SJPR also provides mortgage services, insurance and business loan options, they also offer account management services such as bookkeeping, tax planning, payroll finance, business consulting and many other accounting services.

Their services help you avoid pressing tax or accounting deadlines and include VAT, income, corporation tax and payroll calculation and processing, as well as additional tax advice.

This firm also offers self-assessment corporation tax advice to help your business achieve its goals. For information on SJPR Accountant's prices, contact their chartered accountants by phone or fill out their form.

Key Features of SJPR Accountants:

  • SJPR offers secretarial services to liaise between your business and Companies House, HMRC and other officials.
  • The firm offers auditing services to give you accurate insights into your business's performance.
  • You can receive corporate tax and planning services to reduce tax on company disposals.

4. The Accountancy Partnership

The accountants at The Accountancy Partnership are AAT, ACCA and ICPA accredited. They have the experience to support a wide range of businesses, some of which include limited liability partnerships, startups, sole traders, contractors, small businesses and more. The services this firm provides are wide-ranging.

Whether you require tax or VAT returns services or advice on your accounts, you can request this from The Accountancy Partnership. This firm will specifically provide you with a dedicated accountant to help with tax efficiency reviews, representation if your company is going through an HMRC investigation and support and advice.

As part of their process, the firm will provide reminders about tax submission deadlines, prepare your tax return and submit it after you approve it.

In terms of VAT returns services, you can receive quarterly returns services from your dedicated accountant, digitally compliant VAT returns services and frequent reviews to minimise the amount of VAT your company will have to pay.

For their VAT returns services, The Accountancy Partnership will remind you that VAT returns are due. They will complete and double-check the VAT returns for accuracy and submit the VAT return to HMRC.

Prices for tax return services from The Accountancy Partnership start at £24.50 per month for sole traders, £54.50 per month for limited companies and £24.50 per month for partnerships. For VAT returns services, prices start at £40.00 per month.

Key Features of The Accountancy Partnership:

  • The Accountancy Partnership offers self-assessment services.
  • They offer businesses services related to payroll and RTI returns.
  • You can receive bookkeeping services from this firm.

5. Watermill Accounting

Watermill Accounting has provided top accountancy services since 2009. It supports corporate businesses, startups and freelancers who must manage their accounts and grow their businesses. This firm provides multiple specific services that help businesses easily achieve these goals.

A few examples of the services you can receive from Watermill Accounting include accounts management and handling legally compliant financial paperwork, financial coaching services that help you handle and achieve your financial objectives, and tax planning.

They will also provide quarterly VAT return services and additional bespoke services tailored to your business.

Watermill Accounting offers year-end company accounts management for freelancers with a turnover of up to £100,000, growing businesses with a turnover of up to £400,000, and larger enterprises with a turnover of up to £1 million. They provide payroll services, plus access to cloud accounting software for growing businesses.

Some examples of accounting prices you can expect to pay for Watermill Accounting's financial services include £250 per month for freelancers, £750 per month for growing businesses and £1,500 per month for larger enterprises.

Key Features of Watermill Accounting:

  • Watermill Accounting offers businesses a range of bookkeeping services.
  • The firm provides PAYE and VAT setup services for businesses.
  • You can receive training for cloud-based accounting software from Watermill Accounting.

6. Pearl Accountants

Since 2008, Pearl Accountants has offered accountancy services to help businesses grow, meet tax deadlines, equip them with software tools and handle their bookkeeping.

This firm will help limited companies manage their company accounts and help them file the accounts with Companies House — no matter whether it is the company's very first filing or a filing taking place after a long period. Some specific financial records they will assist you with include cash flow statements, balance sheets, profit or loss accounts and many more.

Their chartered accountants will work with you to complete bookkeeping all through the year, year-end statements and company account submissions to HMRC. They will also offer business tax advice, VAT services and support with business tax investigation processes.

As partners to various software tools, such as Sage, Xero, Quickbooks and more, Pearl Accountants will use the best solutions that match your company's requirements. They integrate these tools for bookkeeping and productivity management.

To receive accounting services from Pearl Accountants as a sole trader, you are likely to pay £25 per month. As a business, you can expect to pay £99 per month for their classic plan, £199 for their premium plan and £649 for their exclusive plan. As a basic contractor, you can expect to pay £69 per month for their basic accounting services. Consult the website for more information.

Key Features of Pearl Accountants:

  • Pearl Accountants offers auditor reporting services to help you handle any potential issues.
  • This firm supports a range of businesses, such as contractors, landlords and e-commerce companies.
  • You can receive business tax advice tailored to your business from Pearl Accountants.

Best Accountants for UK Businesses: The Verdict

Selecting an accountant for your UK business is recommended and ideal, particularly if your business structure is complex. Although you may be unsure how to select an excellent accountant, look at the credentials and cost of using these services. 

Comparing accountants for UK businesses is a step in the right direction, as is looking at the examples in this article. Some of the best options include Debitam and TWB Accountants, but remember to meet with your potential accountants before you choose one to ensure they are a good match for your organisation.

Related Guides:

Best Accountants for UK Businesses: FAQs

Do You Need an Accountant as a Sole Trader?

How Do You Choose a Good Accountant?

Do I Need an Accountant If I Use QuickBooks?

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