Accountancy & Tax In Scotland

Accountancy & Tax In Scotland
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 Scotland, it makes sense to use Accountants or Bookkeepers also based in Scotland. Local accountancy firms that are prepared to help small business and new business start ups in the area are listed below.

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 Template
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.

Latest Accountancy Articles

If you run your own business in Scotland 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.

Tips to Keep Your Business Healthy

Bookkeeping tips for start-ups and self employed

Free Cashflow Template and Instructions

How to stay on top of late payments

How an accountant can help your business

See Full List of Accountancy Articles

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 primarilly 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

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, or You expect your taxable turnover to exceed the VAT threshold within the next 30 days, or 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 £82,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT for 2015-16 is 20%.

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

Scotland Accountants

Useful Start-Up Resources
If you can help new business start ups or existing small businesses in the Scotland area, we would love to promote you here free of charge. (Add Your Business)

Free Tax E-Learning Course (HMRC)

Working for yourself? Got a lot of questions about tax, National Insurance, business records and expenses? If so, this HMRC e-learning course is for you.

Australian Securities and Investments Commission (ASIC)

To register your Australian company, contact the Australian Securities and Investments Commission (ASIC) on 1300 300 630 or visit Registration costs will vary depending on your business type and it can take ASIC 1 week to process your application. Before you register, you need to know how many directors your company will have.

Budgeting for your first self-employed tax bill

When you start working for yourself, you do not get your first tax bill for a while, so it may help your budgeting to start putting money aside now. The ready reckoner tool can help you with this. It shows you roughly how much money you might need to meet your Income Tax and Class 4 National Insurance bill. It doesnt take into consideration any Payments on Account you may have to make.

Institute of Chartered Accountants Australia

The Institute of Chartered Accountants is the professional body for Chartered Accountants in Australia. It has over 70,000 members who operate both in Australia and around the world. You can search their database to find a local Chartered Accountant and are able to specify which area of expertise that you are looking for.

Living and Doing Business in Cyprus

An informative website which covers property advice, business advice and legal advice on Cyprus. The business section is supported by KPMG and explains the different business types on the island

Online seminars for businesses and the self-employed

HM Revenue & Customs (HMRC) offer a series of free online presentations or

Simple record keeping applications for mobile devices

To help small businesses with record keeping on the go, the commercial software industry, following consultation with HM Revenue & Customs (HMRC), are producing simple record keeping mobile applications for businesses below the VAT threshold. These applications may help you with maintaining good records and include links to HMRC guidance related to record keeping that you may find useful. The majority of these applications are free.

Why choose a single accountant when you can choose a team

Members in practice (MiPs) are chartered global management accountants in professional practice. They provide accounting services to businesses, but are not direct employees of these businesses. We will work together to achieve your goals, we support each other using our strengths to best advantage. You might only need one of us at first, but its reassuring to know that when you need specialist advice you can access our full team. There are 1,400 members in practice in the UK.

Are You An Accountant
Seahorse (UK) Limited offers a range of services to accountants and bookkeepers. Whether you are thinking of starting your own practice, have recently started, or are in practice and are looking for a new direction. We aim to give you the support you would expect from a franchise but without the tie in, so you can be free to run your practice the way you want to. 01268 417631

Company Formation
Starting a New Zealand company is simple. Weve helped thousands of small business owners, lawyers, and accountants set up legal structures for over ten years. Apply online, sign electronically using your mouse, and receive all the documentation you need to legally operate your company.

Free Break-even calculator
Making sure that you charge the right price is essential if you want your business to be profitable. This online calculator will help you determine how much you need to sell to break-even. It also allows you to change the figures to see how the bottom line is affected.

Free Charge Out Rate Calculator
This calculator will help you to work out how much you should charge for someones time. It takes into account how much profit you want to make from them, a contribution to overheads and also unproductive time such as meetings and paperwork. You might be surprised how quickly it adds up.

Kaitakawaenga M
Kaitakawaenga M

Click here to add your details.

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