For many of our clients — small businesses, freelancers, and growing teams — we’re a sounding board, a strategist, a network matchmaker, and sometimes, even a bit of IT support. Here we explore five surprising ways our team goes beyond the books to support the real people behind the businesses we work with.
New financial year… new business?
Using the excitement and ambitions that a new year provides, launching a new business seems like the perfect move right now.
However, it’s not an easy process and can quickly become overwhelming if the appropriate steps aren’t followed. Turning your entrepreneurial dream into reality requires careful financial planning and an understanding of key regulatory requirements.
This guide covers essential financial tips for startups in Scotland, including choosing the right business structure, breaking down tax obligations, and managing your startup finances effectively.
Before you start trading, you need to decide the structure of your business. The legal structure of your business will dictate your tax obligations, liability, and overall operations. In Scotland, you can choose from the following common business structures:
For many startups, forming a limited company is an attractive option due to its ability to limit personal liability. However, it comes with additional administrative requirements. Many businesses start as sole traders and transition to a limited company as they grow.
Consider seeking advice from an accountant or business advisor to determine the best structure for you.
Once you’ve chosen a business structure, you’ll need to register it with the appropriate authorities. Here’s what you need to do:
Keeping personal and business finances separate is essential for accurate accounting and tax compliance. Most high street banks offer business accounts with features tailored to startups. When choosing a bank, consider factors such as:
A well-thought-out budget helps prevent overspending and ensures financial stability. Key elements to include:
Use budgeting tools like Xero, QuickBooks, or FreeAgent to track your cash flow and expenses efficiently. We have experience with all platforms, but as a proud Xero partner, we cannot recommend it enough!
New business owners must understand their tax obligations to avoid fines and compliance issues. Key taxes include:
Working with a qualified accountant can help ensure your tax affairs are in order and that you’re taking advantage of any available reliefs.
Many startups require external funding to get off the ground. There are several options available:
Before seeking funding, ensure you have a solid business plan and financial projections to demonstrate viability. Lack of a strong business vision will not lead to strong results.
Poor cash flow management is one of the leading causes of business failure. To maintain healthy cash flow:
Consider using accounting software to automate invoicing and cash flow tracking.
Starting a business can be complex, and professional guidance is simply invaluable. Some key resources are:
Starting a business in Scotland is an exciting journey, but financial planning and compliance are crucial for long-term success. By choosing the right legal structure, understanding tax obligations, securing funding, and managing cash flow effectively, you can set your startup on the path to growth in the new year. Don’t hesitate to seek professional advice and use available resources to make informed financial decisions. It’s recommended to find a trusting business advisor or an accountant who specialises in helping startups thrive.
The 2024-2025 financial year is coming to a close, and it’s your last chance to get your tax affairs in order! HMRC tax deadlines don’t wait around for anyone, and missing them can result in hefty penalties that impact both individuals and businesses.
Instead of wasting money on penalties, you could reinvest those hard-earned funds into your business, your pension, or even your next holiday.
Staying on top of these tax dates is crucial, whether you’re a self-employed individual, a small business owner, or a larger corporation. If handling finances feels overwhelming, consider contacting a tax professional, (like us!), who can ensure your filings are submitted correctly and on time.
To help you navigate the upcoming financial year 2025/26, here are the 13 key tax deadlines you need to know.
By this date, any unpaid Self Assessment tax for the 2023-2024 tax year will incur additional late penalties. If you missed the 31st January deadline, this is your last chance to settle your tax bill before HMRC applies a 5% surcharge on outstanding amounts. Penalties can reach up to £1,500 — don’t let this be an expensive mistake!
Top Tax Tip: Set a reminder and pay early to avoid unnecessary fines!
Another Top Tax Tip: Keep on top of your emails from your accountant – they’ll make sure you don’t miss due payments!
Employers must submit PAYE and NIC for the period ending 5th March 2025.
Top Tip: If you’re paying electronically, ensure payments clear by this date and that you received confirmation of the payment from your bank or HMRC.
For many businesses, 31st March marks the end of the financial year 2024/25. This means:
Failing to prepare now can lead to unnecessary stress when the Corporation Tax deadline UK rolls around.
This is the final day to make use of any and all tax allowances and reliefs for the financial year, such as:
New tax regulations, thresholds, and rates will take effect from this date. Businesses and individuals must review updates from HMRC to ensure they remain compliant.
Employers must submit PAYE & National Insurance Contributions for the period ending 5th April. If your business is part of the Construction Industry Scheme (CIS), ensure all tax returns are filed on time.
If your business is VAT registered, the VAT return deadlines require you to submit your return and payment for the quarter ending 31st March 2025.
All VAT-registered businesses must submit VAT returns digitally via MTD-compatible software. By 2026, most businesses will be required to use fully digital tax systems.
Employers must provide P60 forms summarizing employees’ total earnings and deductions for 2024/25. Late issuance can result in penalties from HMRC.
Businesses must report expenses and benefits provided to employees via P11D forms. These must be submitted to HMRC by 6th July to avoid penalties.
If you pay tax via Self Assessment, this is the deadline for your second payment on account for 2024/25. Missing it could result in interest charges on overdue amounts.
This date only applies for new self-employed individuals and company directors.
Most businesses file electronically now, but if you’re submitting a paper return, this is your deadline. HMRC is actively digitalizing tax services, so electronic filing is strongly encouraged.
Winter is when accountants go into full tax-season mode, ensuring every Self Assessment deadline is met before the first payment on account for 2025/26. If you miss this deadline, expected penalties with big interest.
Usually, VATs are filed and completed quarterly as HMRC separates them like that by design. From an accountant’s perspective, every month will have a VAT deadline as different businesses and individuals will have different deadlines. Makes it more manageable for everyone.
Failing to meet HMRC tax deadlines can lead to serious consequences, including:
To stay on top of these deadlines:
If you’re feeling overwhelmed, we’re here to help! Our team of expert accountants ensures your filings are submitted on time, avoiding penalties and maximizing savings. Get in touch today!
Understanding your payslip is a crucial step in managing your finances and ensuring compliance with tax regulations. That is because a payslip provides a detailed breakdown of your earnings, deductions, and net pay.
This amount of information can seem overwhelming at first glance, but it doesn’t have to be difficult. Here you’ll learn not only how to read your payslip successfully in under 10 minutes, but also why should you make sure all your payslips are kept safely.
Is there a better Christmas gift than the peace of mind that comes with the knowledge you’ve taken care of your tax for another year?
Well, maybe. But you can’t deny that it’s a great feeling. Getting it out of the way with sooner rather than later means that you can spend more time growing your business, working with your clients, and enjoying a stress-free winter break – unlike the 4,757 people who submitted their returns on Christmas Day last year!
To help you achieve this, we’ve put together our top 10 tips for getting your Self Assessment tax return in order before the deadline of 31 January.
When you started your business, you’ll likely have registered as a sole trader. But if you’ve been trading for some time now, you might be thinking about setting up a Limited Company.
Incorporating has significant implications, but if it’s the right move for your business then you’ll reap the rewards. It doesn’t have to be difficult if you know what to expect – so here’s what you should do if you’re thinking about becoming a Limited Company:
The world of accounting is known for being a little heavy on the jargon and technical terms. According to Go Remotely’s Accounting Statistics, 60% of small business owners don’t think of themselves as being knowledgeable about finances and accounting.
Sound like you?
While you won’t need to know everything when it comes to accounting terminology, there are a few key terms that will help you out – a little knowledge of good accounting practices can make all the difference for your business.
So, here’s our list of the 16 most useful accounting terms to know as a business owner, in alphabetical order.
Choosing accountants to work with is no easy task.
Perhaps you’ve just started your business and the accounting demands have begun to take up too much of your time. Or maybe you’ve had somebody taking care of your tax needs for years and you just need a change. Either way, it’s important to find an accountant who can meet your needs.
The truth is, the decision depends on you and your business circumstances.
So, while we’re not going to tell you that we’re the perfect accountants for you (although there’s a good chance that we might be – discover who we work with to find out!), we are going to talk you through the steps you should take to make an informed decision, so that you can find the perfect accountant for you.
Owning a business isn’t easy: you’re in charge of finding customers, building your brand, looking after your employees, managing funds… and that’s before you consider the fact that you have to sort out your own income too!
It’s fairly straightforward for sole traders and partnerships who can simply withdraw cash from their business.
However, things are a bit more complicated if you’re the director of a limited company as you’re technically an employee of the firm. This means that you can pay yourself a salary as well as dividends – but they’re not one in the same, as they’re subject to different types and rates of tax.
In short, the best way to pay yourself is by taking a modest director’s salary and supplementing your earnings with regular dividend payments. But what’s the most tax-efficient way to go about this so that you can maximise your earnings? Keep reading and we’ll talk you through it.Continue reading
Making Tax Digital has been a hot topic for some time, but it can be confusing to figure out how MTD applies to your business and understand what you need to do to become MTD-compliant. In this guide, we’ll break down what Making Tax Digital is, explain who it applies to, and outline the steps you need to take in order to make the digital transition.