'Getting Started' Guides

It can be very daunting when you decide to start your own business; you will be confident in your own knowledge and ability to make your business succeed, but many people wonder where to start with regards to keeping records, who to contact, paying taxes, etc.

The following information is designed to ease your worries, by providing you with essential knowledge.

The Guides

Click on a link below, to view each subject on the right-hand side.

Once you're under way, you can think about the type of help you may require from us. Browse through our list of services, from the tab above, for more information and email us for a quote.

Notifying HM Revenue and Customs of Your Profits

You will need to inform HM Revenue and Customs (HMRC) about your business income and expenses, on an annual Tax Return. If you also meet the criteria for Making Tax Digital for Income Tax (MTD IT), you will need to report to HMRC quarterly, too.

A tax return is prepared on the basis of 'tax years', which run from 6th April one year to 5th April the following year. Your business' financial records will need to be kept for tax periods.  The 31st March is an acceptable alternative year-end date, to 5th April.

The deadline for submitting your tax return online with HMRC is usually the 31st January following the end of the tax year. For example, your tax return for the year to 5th April 2025 will require filing by 31st January 2026. 

Your payments of any Tax and National Insurance will normally take place twice a year (see Self Assessment Payments on Account), unless your annual Tax and National Insurance liability is less than £1,000. 

We would be happy to prepare your MTD IT and annual tax return for you. Contact us for a quotation.