Ndubuisi 'Andy' Egwim discusses the administrative downsides of running a limited company (extra paperwork like filing annual accounts, handling PAYE, tracking dividends) and recommends hiring a specialist accountant who handles filings and reminders. He frames accountant fees as a deductible business expense and an investment that provides compliance and peace of mind, reducing future HMRC problems.
But of course nothing is perfect. There are also downsides to consider. Number one, obviously with a limited company there's extra admin, extra paperwork. Running a limited company does come with administrative tasks like filing annual accounts, dealing with paye, tracking dividend. However, for me this hasn't been a headache in any way because I use a specialist accountant who knows exactly what needs to be done and they file even semi reminders. Now many doctors will hire an accountant and why is an added expense is one that you can actually deduct from your expenses before tax. I try to see it as an investment and it saves me future headaches from hmrc. I think it's well worth it and the peace of mind of being compliant. Very important.
