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Accountancy & Tax in Glasgow

Key start-up information and list of local accountants

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Glasgow 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 Glasgow, 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.

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Start Your Own Business in Glasgow
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Packed with the information that you need to start or grow a business in Glasgow.

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 andy@syob.net 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 www.hmrc.gov.uk/online/new.htm

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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Glasgow Accountants

JCWallace & Co
We are a firm of Chartered Certified Accountants based near Anniesland in Glasgow. We have modern offices and ample parking. We specialise in small and medium sized businesses and have clients throughout Scotland. We can provide clients with web based accounting software to assist with record keeping and it provides the added benefit that we can also access the entries and amend or assist as required. We provide fixed fee quotations on request and can help you get your business on its feet in compliance with HMRC regulations. Give us a call to see how we can help you.
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MZK Financials
MZK Financials is a family run firm of Glasgow accountants offering a full range of financial services primarily aimed at small and medium sized businesses. We aim to provide a professional but personalised service at cost affordable to small and growing businesses. We offer accounting services such as Accounts preparation, VAT, Payroll, Taxation, business projection, Cashflow Statements and Bookkeeping. We help you understand yours businesss unique financial requirements
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Bookwise Bookkeeping Limited
We aim to provide bookkeeping and accountancy services in Glasgow and surrounding areas. Bookwise Bookkeeping Ltd can help you reduce costs by providing your accountant with accurate financial records. We are members of the International Association of Bookkeepers and with 20 years of experience in accountancy practice and industry we have the expertise required to meet your expectations.
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Campbell Dallas LLP
Campbell Dallas is one of the most dynamic and progressive firms of accountants & business advisors with offices around Scotland.
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FW Accounting
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.
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Lettings Agents Glasgow South
Martin & Co Glasgow South proudly announce that they have been voted by Landlords as Best Letting Agent in the UK. The Shawlands office and its team have been recognised and honoured with two prestigious Gold Awards (Scotland & UK) at the Estate Agency and Letting Awards 2010.
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Traynor Accounting Ltd
We are a small family firm of Accountants offering accountancy, taxation, payroll & business consultancy services to small or medium sized businesses in Central Scotland. We offer a more personal service to all our clients, fixed price fees agreed at start of work & we will even visit you at your home or premises. Free initial consultation.
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