Designed for non-VAT registered businesses, we'll do your bank reconciling so you can relax knowing it's done right, and on time.

Bank reconciliation - non-VAT registered companies

A 12-month plan designed for new business owners who may want some extra guidance around business structure, accounting software setup and training, and more.

We will provide you with guidance and support on what you'll need to do to establish and commence running your new business

We can provide advice on the best business structure for your needs and take care of establishment and registrations

Set up your Xero file so it's optimised for you and give you initial training so you start off in the right way

Preparation of a budget tailored to your business and input into Xero so you can track how you're going

Starter Pack

We will help get your business officially incorporated

Company formation

Designed for sole trader businesses, we'll do your bank reconciling so you can relax knowing it's done right, and on time. Take one less task off your plate.

Bank reconciliation - sole trader businesses

A 12 month plan designed for established businesses. Additional support in the form of management accounts and time with your accountant

Completing quarterly management accounts tailored to your business requirements and aligned to your VAT quarters

Quarterly meetings with your accountant to chat business planning, strategy, or questions about your management accounts

Success pack

The initial setup of your Xero accounting software tailored to your business's needs, plus a one hour training session where you'll learn the best practices for bookkeeping and financial tracking.

Xero setup & training

We prepare your quarterly VAT returns ready for you to review and pay.

Prepare VAT

Rising costs and weaker demand are hitting UK businesses. Use your numbers to stay ahead of the curve.

INSIGHTS  •  30 APRIL 2026  •  5 MIN READ

Discover why 2026 feels harder for UK businesses and how management reporting can help you stay ahead of rising costs and cautious customers.

UK business outlook: rising costs & falling demand

UK businesses entered 2026 in a fragile position. Many are still facing tight margins and uneven demand from prior years despite signs of improvement throughout 2025.  

Now, pressure is building again. Energy and fuel costs are rising, suppliers are adjusting prices, and delays in materials are becoming more common. At the same time, customers are taking longer to commit or ordering less. That means costs are increasing just as revenue becomes harder to secure.  

The current pressure is not just from a single source. Several cost drivers are moving at the same time, and most of them stem from global events rather than local conditions.  

Energy and fuel costs: UK businesses are still dealing with elevated electricity and gas prices. Recent global tensions have pushed oil prices higher again, which feeds quickly into fuel and then into transport, delivery, and supplier pricing.  

Supplier price adjustments: Businesses are receiving updated quotes, surcharges, and revised terms. These often come through gradually, but with all of them combined, they point to broader cost pressure building upstream.  

Supply chain disruption: Longer lead times for raw materials and components are becoming more common. This adds uncertainty to purchasing and can affect production timelines.  

Freight and logistics costs: Changes in fuel prices tend to flow straight into transport costs. Businesses that rely on imports or distribution networks often see this early, before it shows up in official inflation data.  

These pressures are pushing costs higher across multiple areas at once, rather than through a single increase.  

This isn't the first time UK businesses have faced rising costs. The difference in 2026 is the starting point.  

Many businesses are entering this period with less flexibility. Margins are already tight and while trading conditions improved through 2025, that recovery hasn't been enough to rebuild strong buffers.  

At the same time, customers are more cautious. That makes it harder to pass on cost increases without affecting sales. In previous cycles, businesses could often adjust pricing to protect margins. Now, those decisions carry more risk, especially in competitive markets where customers are actively looking to reduce spending.  

There's also less room to absorb shocks internally. Higher operating costs over the past few years have already reduced the capacity to take on additional increases without impacting profitability.  

As a result, businesses are dealing with pressure on both sides. Costs are rising through suppliers, energy and logistics, while demand is becoming less predictable. That combination makes it harder to plan, price, and manage cashflow with confidence.  

In this kind of environment, the earlier you see changes in your numbers, the more options you have. 

A few areas worth paying closer attention to include:

Margins: Rising costs don't always show up immediately in profit. Tracking margins regularly helps identify when supplier pricing, freight, or operating costs are starting to erode profitability.  

Cashflow forecasts: Forecasts need to reflect current conditions. Updating them more frequently can help anticipate pressure points, especially if costs are increasing while revenue becomes less predictable.  

Supplier cost trends: Individual price increases can be easy to dismiss. Patterns across multiple suppliers are more important, as they often indicate broader cost pressure building.  

Pricing assumptions: Pricing based on last year's cost structure may no longer hold. Reviewing assumptions regularly can help ensure margins are still protected.  

Receivables and payment timing: Changes in how quickly customers pay can indicate wider financial pressure. Monitoring outstanding invoices and average payment times can help avoid unexpected cashflow gaps.  

Global developments may feel distant, but their effects tend to show up relatively quickly in costs, supply chains, and customer behaviour.  

Changes in supplier pricing, freight costs, demand patterns, and payment timing often provide earlier signals than headline economic data or new publications.

With costs and demand moving at the same time, staying close to these indicators can make it easier to adjust decisions before pressure becomes visible in financial results.  

At Beany, our management reporting and advisory services can help business owners turn financial data into clear insights, so you can respond earlier and make data-backed decisions.

Beany Resources delivered straight to your inbox.

UK businesses are getting hit from both side in 2026

Business advice

The true cost of minimum wage increases and its impact on businesses beyond the hourly rates.

EXPENSES  •  16 APRIL 2026  •  5 MIN READ

The 2026 minimum wage increase is more than a payroll update. Learn the true cost for SMEs, from NI and pensions to margins.

2026 minimum wage increase and what It means for UK businesses

From 1 April 2026, the minimum wage increased again. While the rate change is clear, the wider financial impact is often less visible.

For many businesses, the real effect shows up later in tighter margins and increased pressure on cashflow.

The new minimum wage rates are simply the starting point:

£8.00 for apprentices (under 19 or in their first year)

The rate changes are only part of the story. An increase in base pay triggers a domino effect across the entire cost base. When wages move, everything connected to them shifts as well, from National Insurance to holiday pay.

The true cost of your employee is not just their hourly rate. You should account for all the other costs that rise in parallel.

National Insurance: As gross pay increases, so does the National Insurance. Recalculate the employer NI per employee and check who crosses new thresholds.

Pension Auto-Enrolment: Higher earnings might push more employees into the threshold for pension auto-enrolment. This brings ongoing contribution costs you may not have budgeted for.

Holiday and Overtime Pay: Since statutory leave and many shift/overtime rates are calculated based on earnings, these costs automatically rise alongside the base wage.

Once you put this all together and see the true cost per role, you can see the actual numbers hitting your margins.

After working out the true costs, the next step is to look at the impact at a business level, as even small individual increases can multiply quickly across an entire team. What looks manageable per employee can feel very different at a business level.

It might even pay to pressure-test your new wage bill against different figures.

Compare your updated wage bill against current profitability. Has the margin quietly narrowed?

Map the timing of these costs vs cash coming in. Wages, National Insurance and pensions are fixed and predictable, unlike revenue. This pressure point is often where cashflow tightens, even if sales remain steady.

Review your current pricing. If your labour costs have increased but your service or product prices haven't, that gap is being absorbed somewhere in your numbers.

These are the points where many businesses feel the impact of minimum wage changes. Not when the rates increase, but when it starts to show up in margins, cashflow and day-to-day decisions.

When minimum wage rises, the gap between roles naturally compresses too.

An entry-level role moves up to meet the new rate, but employees with more experience, responsibility or tenure may now earn only marginally more. This often leads to staff questioning why their pay hasn't moved in line, causing morale and retention issues.

Map your current pay bands: look for gaps between roles, not just whether they meet the minimum wage

Identify risk areas: focus on roles with added responsibility or skill where the gaps have narrowed too far

Decide whether adjustments are needed: not every role will necessarily need an increase, but some will if you want to maintain morale

Make adjustments: Factor any adjustments for non-minimum wage roles into your forecasts

Even when the rates are clear, mistakes still happen.

A few areas that come up frequently include:

Deductions that reduce pay below minimum wage: Things like uniforms, tools, or salary sacrifice schemes can push pay below the legal threshold without it being obvious. 

Apprenticeship rate changes: Once an apprentice turns 19 or completes their first year, they must be paid their age-based rate. This often gets missed mid-year. 

Assuming directors are covered: Company directors are classed as office holders, not workers. Minimum wage rules only apply if they also have a separate worker contract. 

Misunderstanding family business extensions: The exemption is narrow. It only applies where the worker lives in the employer's home. 

Not keeping enough records: You need to be able to show you've paid correctly HMRC expects records to be kept for at least six years. 

National Minimum Wage increases may look straightforward on paper, but the real challenge is understanding the full impact beyond the headline rates.

At Beany, we help clients look beyond payroll adjustments and understand the full cost and margin impact these changes can have on the bottom line.

What the 2026 minimum wage increase means for businesses

Expenses

Practical actions for the start of a new financial year to improve control, cashflow and tax planning.

BUSINESS ADVICE  •  8 APRIL 2026  •  6 MIN READ

Practical reviews and actions business owners should take at the start of a new financial year to improve control, cashflow, and planning.

8 key business reviews for the start of a new financial year

The start of a new financial year is often treated as a compliance milestone. However, it can also be an important time for a different reason. It is one of the few natural points in the year where you can step back, reset your roadmap, and make deliberate decisions about how the business will run over the next 12 months. 

Regardless of when your business's year-end falls, the start of a new financial year is a chance to take back control. And when done well, the groundwork will support better cashflow planning, clearer decision-making, and fewer surprises as the year unfolds. 

We've put together a list of useful things to review to help start a new financial year on the right foot.

1. Confirm your tax and reporting deadlines for the year ahead

Map out every major tax and reporting deadline for the next 12 months. Many issues around cashflow, missed filings, or rushed decisions come down to poor visibility and planning. 

At a minimum, your calendar should clearly show: 

Annual accounts and confirmation statement filing dates

Making Tax Digital reporting requirements that apply to your business

Seeing these dates laid out gives you a clear picture of when large sums of cash will be leaving the business and where pressure points are likely to sit. 

This is especially useful for tax planning. When deadlines are visible early, you can plan for liabilities rather than reacting to them, adjust drawings or dividends with confidence, and avoid the common cycle of last-minute payments and funding scrambles. It also creates a single source of truth for anyone involved in the business. 

2. Close off the previous year promptly and accurately

Before you focus on forecasts and plans, it is worth making sure the last year is properly closed off. This means finalising bookkeeping, completing reconciliations, and resolving any outstanding queries with your accountant as early as possible. 

A clean close gives you confidence in the numbers you are working with. It allows management accounts, budgets, and cashflow forecasts for the new year to be built on accurate data rather than assumptions. It also reduces the risk of duplicated work later.

3. Review last year's performance before setting new targets

It is also worth taking a look at what actually happened over the last 12 months. Skipping this step often leads to targets that feel ambitious but are disconnected from how the business truly performs. 

Start by comparing actual results to what you originally planned. Look at income, profit, and expense levels, and pay attention to how cash moved through the business rather than just the final numbers. Patterns around seasonality, slower-paying customers, or rising costs are often more revealing than headline figures. 

This review should directly inform your new budget and cashflow forecast. Adjust assumptions based on real-world performance. When last year's data is properly understood, forecasts become more reliable and decisions around pricing, hiring, and investment are grounded in evidence rather than hope. 

KPIs tend to accumulate over time, and not all of them remain useful as a business evolves. Identify the metrics that genuinely support decision-making and consider whether anything needs to be added or removed. For many, this might include metrics such as gross margin, debtor days, the cash-conversion cycle, or operating expense ratios. You might even have sector-specific metrics that you track and are important to your business's efficiency or profitability.

The goal is not to track more data, but to track the right data at a frequency that encourages action. Aligning KPIs early in the year helps keep attention on what matters most.

5. Conduct a check of your internal processes

Review whether your internal processes are still supporting the way the business runs today. 

Begin with core areas such as banking and payment controls, invoicing and billing cycles, and how expenses are submitted, approved, and recorded. Even minor delays or inconsistencies in these processes can affect cashflow visibility and increase admin time across the year. 

It is also worth reviewing any updates or new features within your software stack. Many platforms release improvements that go unused simply because no one revisits the setup. Small changes to automation, reporting, or integration can materially improve efficiency and reduce the risk of errors if they are adopted early rather than mid-year under pressure. 

6. Review pricing, terms of trade, and key contracts

Review your pricing structure in light of cost increases, margin targets, and the time involved in delivering your products or services. If prices have not moved in a long time, there is a risk that profitability has been quietly eroded without being addressed. Alongside pricing, look at payment terms and whether they support healthy cashflow or create unnecessary delays in getting paid. 

It is also worth revisiting key contracts and agreements to ensure they remain fit for purpose. As the business grows or changes, terms that once worked well can become restrictive or misaligned. Addressing these early in the year avoids difficult conversations later, when time or cashflow pressure is higher.

7. Review costs and cut or switch where needed

Recurring costs can slowly drain profitability when they are left unchecked. This is a good opportunity to challenge whether every ongoing expense is still earning its place in the business. 

Insurance and utilities: Check whether your current cover and providers are still competitive or if switching could reduce costs without increasing risk.

Software subscriptions: Identify tools that were added for short-term needs and are no longer being actively used. 

Service providers and suppliers: Review pricing, scope, and whether you are receiving the value you expected. 

Licenses and memberships: Confirm they are still relevant to how the business operates today. 

Making these decisions early in the year means any savings flow through the business for the full 12 months, improving cashflow and profitability rather than being delayed until issues become more visible under pressure. 

8. Factor in new legislation and rate changes early

Each new financial year brings legislative changes that can materially affect payroll costs, staffing decisions, and cashflow. 

Understanding how these changes apply to your business allows you to adjust budgets, pricing, and hiring plans before costs are locked in. It also reduces the risk of compliance errors.

A new financial year is one of the few points where you can step back and reset how the business runs before momentum takes over. Taking the time to review deadlines, numbers, systems, and relationships early creates clarity that lasts well beyond the first few months. It reduces reactive decisions, supports healthier cashflow, and gives you a stronger base for the year ahead. 

If you want help turning these reviews into practical actions, Beany can support you with budgets, forecasts, tax planning and ongoing guidance. Get in touch to make sure your next 12 months start on solid ground.

Key reviews to complete at the start of a new financial year

Understand the ins and outs of corporation tax, from who needs to pay it to key deductions, deadlines and more.

TAX  •  13 MARCH 2026  •  4 MIN READ

Learn the ins and outs of corporation tax, from who needs to file to key deadlines and common deductions.

Understanding the basics of Corporation Tax

For new and growing businesses, navigating the corporation tax landscape can feel like deciphering a complex puzzle. But don't fret, we're going to break down the essentials of corporation tax, making it easy to understand who needs to pay, what rates apply, and when those crucial deadlines are. 

Who needs to file and pay corporation tax?

Clubs, societies, and associations - certain unincorporated associations may also need to pay corporation tax

Business owners trading as a sole trader or partnership are not liable for corporation tax as they pay personal income tax on their profits (or their share of the profits).

2026 corporation tax rates and thresholds

For accounting periods beginning on or after 1 April 2026:

Profits up to £50,000: Corporation tax at 19% (small profits rate)

Profits between £20,001 and £250,000: Marginal Relief applies to smooth the rate between 19% and 25%

These thresholds and rates remain unchanged from recent years following the 2025 Autumn Budget and the UK's ongoing tax roadmap commitments. 

This is usually the last day of the month your company was incorporated. You can change it later if another year-end date works better for your business. Some common year-end dates are 31 December (for businesses wanting to operate on a typical calendar year) or 31 March (for businesses wanting to operate on a fiscal year that runs close to the UK tax year).

Statutory accounts must be filed with Companies House within nine months of the accounting period end. 

Corporation tax is due nine months and one day after the end of the accounting period.

The CT600 must be submitted to HMRC within 12 months of the end of the accounting period, even if the tax has already been paid.

The Confirmation Statement must be filed within 14 days of the review date to keep company details up to date. 

If your company's year-end date was 31 December 2025, your deadlines would be:

Statutory accounts filing deadline = 30 September 2026 

Corporation tax payment deadline = 1 October 2026

Tax return (CT600) filing deadline = 31 December 2026

Information you need to file a corporation tax return

To complete your corporation tax return you'll need the following documentation:

Company details, including UTR and company number

When filing your corporation tax return, there are numerous allowances and tax reliefs that can be deducted to reduce your taxable income and therefore the corresponding tax liability.

You can claim most business-related expenses.

The golden rule is that they must be related to generating revenue.

Professional fees (including accountant costs)

It’s important to note that not all expenses are deductible for corporation tax. For example, entertainment costs or fines are not deductible.

Capital allowances let companies deduct the cost of certain assets, such as equipment and machinery, over time (sometimes referred to as depreciation).

From 2026, changes to capital allowance rules affect how quickly some investments can be written off for tax purposes. These include adjustments to writing-down allowances and the introduction of new first-year allowances for certain types of expenditure, alongside the continued availability of the Annual Investment Allowance. 

These changes will affect timing, which can influence when it makes sense to invest in assets. For companies planning equipment purchases, professional advice becomes even more important. 

Research and Development relief (R&D relief)

Terminal, capital, and property income losses

Visit HMRC’s website for more information on corporation allowances and reliefs.

File it yourself: You can submit accounts and a CT600 directly to HMRC. This may suit very simple companies, but errors and missed reliefs are common. 

Use a local accountant: A traditional option if you prefer face-to-face support and have time to get in-person help.

Use an online accountant: Online accountants offer flexibility, expert support, and typically lower fees (less overheads). It suits business owners who already use tools like Xero or QuickBooks. 

At Beany, our online process includes a guided questionnaire that integrates with some accounting software (like Xero) to reduce the amount of questions you need to answer.

What happens after you submit your information?

If you file yourself, HMRC will review your return and issue a corporation tax calculation. 

If you work with an accountant, they will: 

Review your records and make any necessary adjustments and calculations

The timeframe depends on a number of factors, from time of year to whether you’re self-filing or using an accountant.

If you submit via HMRC you’ll typically have your corporation tax return confirmed immediately or within 72 hours.

With an accountant, it can take 8-14 weeks once you’ve provided all your information. Outside the busy season, it’s often much faster.

Once your accounts have been finalised, you’ll be informed of the amount owing or whether you’re due a refund.

HMRC will issue a Notice of Assessment with your corporation tax liability.

Keep digital records and file receipts as you go. Don’t make it a chore where you get to year-end and have to sift through your emails and/or wallet for receipts. You’ll likely miss or forget about something and every missed receipt is a potential claimable tax deduction.

Reconcile your bank accounts and card statements regularly. The more you get behind, the more painful it is to catch up. Instead of only needing to reconcile a handful of transactions, it may suddenly be a thousand.

Work with an accountant year-round. Contrary to popular belief, an accountant can do a lot more than prepare tax returns. They’re a valuable resource for many things related to business finances, from budgets and forecasting to strategic advice and tax planning.

Set aside money for tax in a separate bank account. Consider opening a savings account with another bank to reduce the temptation to dip into the ‘tax’ account.

What are my tax obligations as a business owner?

Tax obligations can vary based on business structure, whether you’re registered for VAT, if you have employees, among other things.

Learn more: tax responsibilities for limited companies.

You can choose to register via post, through an accountant, or online. 

To register for corporation tax, you’ll need:

Visit HMRC’s website for more information.

What do I file if I haven’t made any money this year?

If you’ve incurred a loss: Filing a Corporation tax return when your business has incurred a loss allows you to carry the loss forward i.e. you’re able to offset the current year’s loss against future profits to reduce your tax liability in the following year, provided you meet certain tests.

If you weren’t trading: You need to file a nil return to stay compliant. This lets HMRC know that your business is still active, even if you didn’t trade.

You can usually amend your corporation tax return through HMRC or your accountant. If you’ve forgotten something that HMRC will be able to track back to you or your business, it’s best to correct it before they contact you as penalties may apply if they discover an error first.

If you miss the filing deadline, HMRC usually applies an automatic £100 penalty. Further penalties may apply after 3 months, 6 months and beyond this point.

If you file on time but do not pay by the deadline, HMRC may charge interest and apply late payment penalties that increase the longer the balance remains unpaid. 

If you know you won't be able to pay your tax bill in time, it's important to act early. In many cases, HMRC will allow a Time to Pay arrangement, letting you spread payments over an agreed period. An accountant can help you assess your options and communicate with HMRC if needed. 

You can choose to pay your corporation tax through one of the following ways:

If the payment due date falls on a public holiday or weekend, it’s your responsibility to make sure the payment clears before the deadline. If you miss the deadline, you may need to pay interest on your bill.

Beany supports UK limited companies with corporation tax, statutory accounts, and ongoing compliance. With fixed pricing, clear guidance, and online support, we make corporation tax simpler and easier to manage.

Get in touch to see how Beany can help you stay compliant and confident at tax time.

Contact

Get in touch

Client Support