Accountancy & Tax In Aberdeenshire

Accountancy & Tax  In Aberdeenshire
Accountancy & Tax  In Aberdeenshire

Having a good firm of accountants on your side will ensure that you have all the information and support that you need to help your business grow and flourish.

They can offer advice and help you comply with accounting and tax requirements.

If you are self employed or run a small enterprise in Aberdeenshire, it makes sense to use an Accountant or Bookkeeper who is keen to help small business and new business start ups rather than struggle with the task yourself.

Recommended Local Partner

Its not always totally obvious which route to take when you are starting up on your own. We support Contractors, Sole Traders and Limited Companies and will make sure you choose the option that is best for you. We look after you right through the process of starting a business so that you understand from the outset your responsibilities, the dates you need to submit tax returns, and everything else that is involved.

FW Accounting
Tel: 01224 585599

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Accountancy & Tax in Aberdeenshire

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Your Accountancy Questions Answered

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If you run your own business in Aberdeenshire and would like to learn more about accounts, bookkeeping, National Insurance, or VAT, we have compiled a library of useful resources and frequently asked questions which we hope that you will find both interesting and useful.

See Full List of Accountancy Articles

Free Accounting Resources

The following items are in our FREE start-up pack and can be download individually or as part of the whole pack.

Personal Survival Budget
Personal Survival Budget

This template will help you to identify how much profit your business needs to make to cover your own personal outgoings.

Cashflow Forecast
Cashflow Forecast

An easy to use template. Instructions are included - just input your figures and the spreadsheet will perform all of the calculations for you.

Business Plan Template
Business Plan Template

One of the most important steps but is often ignored. This document will provide you with a clear road-map for your business.

Please note that one-time registration is required to unlock all of the free items on this site.

Main Accounting Considerations

Main Accounting Considerations

One of the first decisions you will need to make is which legal structure is likely to suit your new business and this will affect your accountancy obligations.

You can read a detailed article about your various options at: Sole Trader or Limited Company?

The information below primarily relates to self-employment but if you decide to trade as a limited company, you can read more here: Running a Limited Company.

Becoming Self-Employed

You should tell HMRC as soon as you start self-employment, otherwise you may face a penalty. You are considered to have started self-employment when you have something to sell and either have a customer for your goods or services, or you are actively marketing your business.

You can let HMRC know about your self-employment by registering online for business taxes. A Self-Assessment Online account will automatically be set up at the same time. This allows you to send your Self-Assessment tax returns online. You will receive an Activation Code. You need to activate the service within 28 days. If you don’t, you will have to ask for a new Activation Code.

You can register online at

National Insurance

As a self-employed person, you pay a fixed amount of Class 2 National Insurance contributions (NIC). If your profits are above a certain limit, you may also have to pay Class 4 National Insurance contributions.

See Self-employed National Insurance rates for full details.

Statutory Records

It is very important that you set up a record keeping system and keep all records and supporting documents. Records for the current tax year must be retained until 31 January 2022.

You must keep records of all money coming into and going out of your business. This includes all cash, cheques and credit card transactions.

Your records should be adequate to allow you to complete an accurate Self Assessment return. You will be expected to keep a full record of:

  • All sales made and other business income, as it is earned.
  • The cost of all business expenses and purchases as you pay them, no matter how little they cost.
  • All purchases of business stock, goods and raw materials.
  • Mileage records.
  • Capital expenditure; keep a separate record of all purchases and sales of business equipment, machinery and vehicles, together with the receipts.
  • Keep a record of the market value of equipment or vehicles introduced into the business that you owned before starting your business.

See Business records if you're self-employed for full details.

Key Dates

There are key dates that you need to be aware of during the financial year. These relate to reporting and payment of any monies due. A list of dates and full explanation can be found here.

Value Added Tax (VAT)

You must register for VAT if:

  • Your taxable turnover exceeds the VAT threshold in any 12 month period
  • you expect your taxable turnover to exceed the VAT threshold within the next 30 days
  • you take over an existing VAT registered business as a going concern

You have 30 days from the date you meet any of these criteria to register.

Usually, VAT registration can be completed online and if you apply online, you will be enrolled automatically so that you can submit your VAT return online (there is no longer a paper version).

The current VAT threshold is £85,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT currently is 20%.

See the official VAT website for full up to date details.

Accountants in Aberdeenshire

Useful Start-Up Resources

If you can help new business start ups or existing small businesses in Aberdeenshire , we would love to promote you here free of charge (add free listing).

The best time to talk to an accountant is when you first think about starting or buying your own business. The next best time is now. A little bit of time and money invested in timely advice could save you thousands of pounds and make the difference between success and failure, particularly if start-up funds are limited. We’d love to get to know you better & take some of the work off your plate. Call to book a FREE consultation or request a call back today!
Accounting For Start Up Business Owners Choosing the correct business vehicle – sole trader, partnership, or limited company – and having a sound, well-prepared business plan are essential elements to setting up a successful business. If you are thinking of starting your own business, then setting it up properly is just as important as running it well, which is why it’s beneficial to have a start up business accountant to help you. If the business is properly set up you can spend your time and use your talents in your business, developing it and making it good at what it does. However, if your business is poorly set up you will waste your valuable time merely administering your business. Your business will not then earn its full potential. Grampian Accounting, based in Westhill near Aberdeen, will help you make the right set-up decisions, implement them and set-up an efficient administration system making accounting for start up business owners simple and effective. With years of experience in the industry, if you need a start up business accountant, our team are more than suited to assist you. New businesses start all the time, and the number that fail is quite startling. Don’t be one on those and let us help you make the right decisions from day one. We’ll be a ‘safe pair of hands’ you can rely on any time you’ve got a question or need information. After all, accounts, finance and tax are probably not your area of expertise, so it makes sense to have someone on your ‘team’ who can handle all those matters, quickly and easily, so you can look after the essentials of running your business and making money!
Accountant extraordinaire to SMEs and private individuals. Professional advisor for QuickBooks accounting software so I can get by in basic Geek. Anything more complicated I hand you over to my IT engineer who is wholly conversant in Geek. If you are a small business and in need of a computer solution designed to your specific requirements and cannot find a retail solution, then there is a strong possibility that we can help. We can build computers from scratch and integrate them into a network.
I know by now most of you will be switching off and thinking nerd but listen what do you want from your accountant but someone who likes numbers – right?? And if you thought that was bad enough wait till I knock your socks off with the statement that I have a Maths degree – yep sure do. But please don’t let that put you off cause I also love getting to know people, so I’m a nosey mathematician turned accountant. Just the type of person you need on your team; someone who is ‘integral’ to your business. You may even enjoy talking numbers with me especially ones linked to how much will it cost to hire me? Don’t worry I’m worth every penny very reasonable and I’m ‘differential’, ’binominal’, ‘hyperbolic’ and modest too. If it helps we can arrange a monthly retainer fee so you can cover my costs over the year. I should probably mention, if modesty didn’t forbid, that I’m good at what I do. My clients seem to agree, and say nice things about me. So give me a call and if you’re lucky I may solve some of your problems – ouch!!
Its not always totally obvious which route to take when you are starting up on your own. We support Contractors, Sole Traders and Limited Companies and will make sure you choose the option that is best for you. We look after you right through the process of starting a business so that you understand from the outset your responsibilities, the dates you need to submit tax returns, and everything else that is involved.