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Accountancy & Tax in Edinburgh

Key start-up information and list of local accountants

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Edinburgh Accountancy

Choose a local accountant

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 Edinburgh, 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.

We have been helping start-ups in Edinburgh since 2005.
Start Your Own Business in 2021
Free Resource
Download our free start-up guide

Packed with the information that you need to start or grow a business in Edinburgh.

Local partners

We are happy to promote anyone who is prepared to offer friendly support to local start-ups.

Our local partners have been kind enough to help us and are keen to help you too.

Free Friendly Advice

If you would like some free friendly advice from a trusted local partner, please complete the form.

There will not be any pressure nor will you be under any obligation to buy paid services.

Alternatively you can contact Andy Pringle at and he can help guide you with more information or suggest the best person to contact.

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, which you can download here .

Business Plan Template

You don't know what you don't know!"; Plot your progress with this 125+ point checklist and make sure that you have considered all the key factors prior to starting your business.

Personal Survival Budget Planner

Worrying about paying your personal bills will distract you from the running of your business. This template will help you to identify how much you need to make each month to cover your outgoings.

Cashflow Forecast Template

An easy to use template, created in Microsoft Excel. Instructions are included - all you have to do is unput your figures and the spreadsheet will perform all of the calculations for you.

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Main Accounting Considerations

Sole Trader or Limited Company

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.

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Edinburgh Accountants

Bridgewells Ltd
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.
Accountancy (Scotland) Limited
The landscape for small and medium business is ever more competitive. The market is forever changing, and its easy to get left behind. One of the most important decisions that you will make is choosing the your accountant. Choose the right one and you will get all the help and support you need to get your business off to the right start. Choose the wrong one and you are left in the wilderness trying to figure out what to do next. A good accountant does so much more than just your books. A good accountant agrees to fixed low monthly fees so that you dont get any unexpected nasty surprises at the end of each year. A good accountant doesnt charge you by the minute for every call you make. A good Accountant helps you get more sales and pay less tax! Visit our Website and contact us today.
AccountsNet Chartered Accountants
We provide all accountancy and taxation services required to get your company up and running. Thereafter, our ongoing advice and support enures that you operate in a profitable and tax efficient way.
TaxAssist Accountants
The team at our Corstorphine office see clients as more than numbers... In fact, they see them as more than clients! You see, its their view that were all in this together and the more we can do for each other, the better. Thats why, when you sign up as a client, youll find that you actually like paying a visit to the accountant; something that doesnt happen very often.
The Number Crunchers
Accountancy, Book-keeping and Taxation services for Businesses