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

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.

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Learn who needs to file a self assessment, key deadlines, what info you'll need and tips to simplify the process.

TAX  •  13 MARCH 2026  •  7 MIN READ

Learn how HMRC self assessment works, who needs to file, key deadlines, and how to complete your self assessment tax return in the UK.

Self Asessment filing guide

Each year more than 12 million people file their self-assessment tax return. Yet for many, the process feels like a real chore. In this guide, we’ll explore the essentials of Self Assessment, from who needs to file a self-assessment to key deadlines and tips to make the process easier.

You'll usually need to file a Self Assessment if any of the following apply to you:

A company director or shareholder (unless all income is taxed through PAYE)

A partner in a partnership business structure

Have income from savings, investments, or property

Receive income from a foreign/overseas income source

Have capital gains to declare from selling assets that have increased in value

Have to pay the high-income child benefit charge

The Self Assessment process is a way for HMRC to calculate your yearly tax liability, accounting for all income sources and any allowable deductions and reliefs.

Even if you didn't make a profit, you may still need to file a Self Assessment. Losses can often be carried forward and used to reduce future tax bills.

The UK tax year runs from 6th of April to 5th of April. Following the end of this period, individuals have a period of time to get their records organised and information submitted to HMRC.

If you’re new to Self Assessment, you must register with HMRC by the 5th of October to receive your Unique Taxpayer Reference (UTR). This is required for submitting your Self Assessment.

31 October - if you submit your Self Assessment by paper

31 January - if you submit your Self Assessment online

Any tax owed must be paid by 31 January following the end of the tax year.

If your tax bill is over £1000, you’ll need to make payments on account towards the following tax year (think of it as pre-paying tax).

First payment on account: 31 January (50% of the previous year's bill)

Second payment on account: 31 July (remaining 50%)

Balancing payment: 31 January following the end of the tax year

If you're new to Self Assessment, your first payment will include 100% of your first year’s tax bill and 50% of your second year’s liability (calculated based on the first year).

To receive tax relief, personal pension contributions must usually be made before 5 April.

This can be an effective way to reduce your tax bill while saving for the future, particularly for higher-rate taxpayers.

Information you need to file your Self Assessment 

Being organised for the end of the tax year makes filing significantly easier. For Self Assessment, you'll typically need: 

Income details from all sources including: 

Student loan repayments and child benefit information (if applicable)

Details of allowable deductions and reliefs

When filing your Self Assessment, you can claim business-related expenses.

Work-related mobile phones and phone bills

The key rule is that expenses must be related to earning that income. Your accountant can help ensure everything claimed is accurate and compliant. 

File it yourself: submit online through HMRC's website. This may suit simple situations, but errors and missed deductions are common and may come under HMRC scrutiny.

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: an online accountant offers flexibility, expert support, and typically lower fees (due to less overheads). It suits people who already use digital tools to run their business. There are options for tax filing only or firms who provide a full suite of accounting services (i.e. they can also help with forecasting, management reporting and year-round guidance and insights).

Regardless of the option you choose, you’ll need to gather your income details, expense receipts, and any other relevant information (as outlined further up).

If you choose to file yourself, follow the guided questions on the HMRC website. 

If you use a registered tax agent or accountant, they’ll have a questionnaire you complete which enables them to complete your Self Assessment. 

At Beany, our online questionnaire guides you through the process with explanations and space for you to attach any relevant documentation where needed. If you’re using Xero, it’s even quicker as some of our questionnaire is integrated with your Xero file so the data feeds through, reducing the amount of questions you need to answer.

If you file yourself, HMRC will review your information and let you know how much tax you owe (or if you’re due a refund).

If you work with an accountant, they will thoroughly review your information, and produce a set of accounts (the Self Assessment and financial statements). If there are any follow-up questions they’ll get in touch. If your accountant does draft accounts as part of their process, they’ll get you to review and approve your accounts before they finalise and file them with HMRC.

If you submit via HMRC you’ll typically have your Self Assessment confirmed immediately or within 72 hours.

Once your Self Assessment has been finalised, you’ll be informed of the tax owing or whether you’re due a refund.

If you’re owed a refund, HMRC will deposit the money into your nominated bank account.

If you owe tax, you’ll receive both a Tax Calculation and a Self Assessment Statement from HMRC outlining what you owe and when.

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

Tax obligations vary depending on business structure, whether you’re registered for VAT, and whether you have employees.

If you’re a company owner, you’ll have Corporation Tax obligations.

If you have employees, you’ll have additional obligations such as PAYE and National Insurance. 

If you sell assets during a tax year, you may also have Capital Gains Tax (CGT) to pay.

We recommend seeking professional advice for your situation to ensure you’re meeting all your compliance obligations.

If you’ve incurred a loss: Filing a Self Assessment 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.

You can usually amend your Self Assessment 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 if the return remains outstanding: 

After 3 months: Daily penalties of £10 per day (up to £900)

After 6 months: An additional £300 or 5% of the tax due

After 12 months: A further £300 or 5% of the tax due

The easiest is via bank transfer, credit/debit card, or setting up a direct debit.

You can find all the options for paying your Self Assessment tax bill at https://www.gov.uk/pay-self-assessment-tax-bill 

We work with UK sole traders and company directors/shareholders to make Self Assessment simpler. For companies, we include 2 Self Assessments (for directors/shareholders) as part of our accounting packages. For sole traders, we have a special sole trader package.

With fixed pricing, clear guidance, and online support, our accountants handle your filing and help you stay compliant with confidence. 

Get in touch to see how Beany can help with your Self Assessment. 

Learn how accountants support business growth through data-driven insights, tax planning, and more.

BUSINESS ADVICE  •  13 FEBRUARY 2026  •  5 MIN READ

Learn how accountants support growing businesses by improving profitability, strengthening cash flow, guiding tax planning, and aligning financial systems with long term growth.

How an accountant helps accelerate business growth

If you've been in business for 5 or 10 years (or even more!), you typically don't need help recording numbers at this point. You want help understanding what those numbers are (quietly) telling you. 

When you have come this far in business, accountants are no longer a service provider but a strategic partner who understands how your business works and finds where opportunities sit. 

Here's how an accountant supports a business that is already past the startup phase and looking to grow.

1. Turn financial data into strategic clarity

Experienced business owners make decisions backed by data. This means that the data should be interpreted correctly. 

Go beyond balance sheets and profit/loss statements

Interpret trend data to forecast cash flow, margins, and operational efficiency

Understand how revenue drivers and cost centres impact future growth

Instead of reacting to numbers, you can gain predictive insights that shape strategic priorities and resource allocations with confidence. 

2. Build financial systems that match the size of your business

A lot of business owners don't realise that they have outgrown their financial setup. This shows up in messy reports that lead to answers taking too long to find. 

What worked when you had a small team, a handful of clients, and simpler transactions often becomes strained once you have multiple revenue streams, more staff, higher expenses, and more complex reporting needs. This is detrimental in the long run.

An accountant can help redesign the reporting environment so that finance connects with operations, sales, and staffing. They help rebuild your financial environment so it reflects how the business operates today. That alone can dramatically improve visibility across the business.

3. Improve profit without needing more revenue

At this stage of business, you might have already come to the realisation that growth often comes from efficiency, not just increasing revenue.

A good accountant ensures you stay efficient by helping you identify which services or products are most profitable. They will also help uncover where small costs are leaking money and how pricing or expense adjustments can improve margins quickly. Over time, these small changes can have a huge financial impact on your business.

4. Use tax planning as part of your strategy

Aside from being an annual task, tax planning might now be part of your long-term thinking as a business owner. Now that you deal with larger profits, retained earnings, asset purchases, expanding teams, and sometimes multiple entities, the decisions you make during the year have compounding tax and cash flow effects that are easy to miss. 

This is where an accountant becomes crucial. They map out how these decisions affect your effective tax position, your available cash, and your ability to reinvest. Accountants also look at how profits are being extracted from the business, whether the current structure is still efficient, and whether upcoming investments or expansions should be timed differently for better outcomes. 

5. Keep payroll and workforce costs aligned with growth

If your company now has a bigger workforce with layered roles, senior hires, contractors, casual staff, bonuses, allowances, and rising overhead, labour becomes one of the largest costs in the business. Yet many business owners still look at it as a total figure rather than understanding how it relates to productivity, cash flow, and revenue. 

This is where problems start to creep in. Teams often expand in a way that pushes payroll up faster than revenue, with overlapping roles and uneven contribution only becoming obvious once margins start to feel the pressure. 

An accountant can see this pattern in the numbers long before it becomes a visible issue. They can analyse how labour costs sit against revenue, whether staffing levels make financial sense for the current stage of the business, and highlight when hiring decisions may be better delayed, restructured, or approached differently to avoid unnecessary strain.

6. Free up your time to focus on leadership and growth

Perhaps, the bigger benefit here is mental space. When someone else is managing and interpreting your financial position, you spend less time worrying about reports and more time focusing on customers, strategy, and opportunities. 

For experienced business owners, an accountant should feel like part of your leadership team. They help you understand what the numbers mean and provide insights that assist businesses in moving from stable to scalable.

How an accountant helps drive business growth

Business advice

Metrics every business should track to improve cashflow, margins, efficiency, and resilience, and turn data into smarter decisions.

FINANCIAL LITERACY  •  12 FEBRUARY 2026  •  5 MIN READ

Key financial metrics every business should track to improve cashflow, margins, efficiency, and resilience, and turn financial data into smarter day-to-day decisions.

Key financial metrics all businesses should monitor

Healthy businesses don't just look at how much money came in. They monitor how money moves, where it's made, where it's lost, and how resilient the business is when conditions change. 

The right financial metrics act as early warning signs. They show problems before cash runs out, margins erode, or growth stalls. They also show where to double down when things are working. 

Here are the core financial metrics every business should be watching consistently.

Profit does not guarantee cash in the bank. What keeps the business operating daily is a healthy cashflow. 

This shows whether the business is generating enough cash from its normal activities to sustain itself without relying on loans and owner injections. 

This is the cash left after covering operating costs and necessary capital expenses such as equipment, vehicles, or technology. Free cashflow shows how much flexibility the business truly has to reinvest, pay down debt, or build reserves. 

How long customers take to pay you. Rising debtor days quietly drain cash and are often missed until pressure builds. 

How long you take to pay suppliers. This needs to be balanced carefully because paying too fast can strain cash. On the other hand, paying too slowly can damage supplier relationships. 

These numbers show whether cash is moving through the business efficiently or getting stuck. 

Revenue can grow while profits shrink. Margins tell the real story. 

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