We will help get your business officially incorporated

Company formation

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

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

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

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

Struggling with your self-assessment tax return? Learn who needs to file, ke self-assessment deadlines, and expert tips to simplify the process.

TAX  •  2 DECEMBER 2024  •  7 MIN READ

Struggling with your self-assessment tax return? Learn who needs to file, self-assessment deadlines, and expert tips to simplify the process.

Everything you need to know about self-assessment

Each year,  more than 12 million people are expected to 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 what it is, who needs to file a self-assessment tax return, to top tips on how to handle it like a pro.

Self-assessment is HMRC’s tax system to collect income tax from those who don’t have their tax automatically deducted - it requires taxpayers to report their income and pay their tax bill to HMRC.

Are you required to file a self-assessment tax return?

You may need to file a self-assessment tax return if you are one of the following:

Have income from savings, investments, or property

Receive untaxed income (e.g., rental income)

Receive income from abroad or have a foreign income source

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

Have to pay the high-income child benefit charge. 

If you’re an employee but also earn more than £1,000 from any freelancing or contracting work, you must file a self-assessment tax return to report your earnings. 

At Beany, our sole trader package takes the hassle out of self-assessment tax returns, so you can focus on growing your businesses. Whether you are just starting up or scaling up as a sole trader, we provide affordable accounting services tailored to your needs. Book a call with us and discover how we can help you.

The tax year runs from 6th of April to 5th of April. The 24/25 tax year therefore runs from 6 April 2024 to 5 April 2025.

You must register with HMRC by the 5th of October following the end of the tax year in which you began earning untaxed income. This ensures you receive your UTR (Unique Taxpayer Reference) in time to file your return. 

If you file your self-assessment tax return online, the deadline is 31st of January following the end of the tax year; however, if you decide to submit a paper tax return, the deadline is 31st of October following the end of the tax year.

It’s important to note if you didn’t file your self-assessment tax return on time, you could face fines or penalties. For example, you could potentially pay £100 for up to 3 months late; additional daily fines after 3 months; and interest charges on unpaid tax. 

Check out our key dates calendar for other important dates. 

When do I need to pay self-assessment tax?

There are 2 installments for paying your self-assessment tax:

31st of  January: payment for any remaining balance owed for the previous tax year and the first payment on account for the current year

31st of July: second payment on account for the current tax year

Payments on account are advance payments made towards your next year’s tax bill. They’re calculated based on your previous year’s tax liability, excluding any amounts paid for capita gains or student loans. Each payment is 50% of last year’s tax bill. We have a separate blog on payments on account if you’re interested in this topic.

If you’re new to self-employment, your first payment (due 31st January after your first tax year) will include 100% of your first year’s tax and 50% of your second year’s liability, so it’s essential to plan for this in your cashflow.

How to file a self-assessment tax return?

Register for self-assessment: the first step is to register with HMRC for self-assessment. Once you’re registered, you’ll get your UTR number.

Gather information: before you file your self-assessment tax return, you should have relevant information handy. This includes your unique tax reference (UTR) and your national insurance number, records of your income (e.g., invoices), details of expenses (e.g., office supplies, or other costs related to your business), information on pension contributions and any charitable donations, statements for dividends or interest earned from savings and investments.

Complete your tax return online: follow the step-by-step instructions on HMRC’s website. 

Calculate and pay your self-assessment tax: HMRC will calculate your tax liability based on the information you provided. Make sure you file and pay your tax on time to avoid penalties.

Struggling with your self-assessment tax return? Let Beany handle it for you. Our accounting experts will take the stress out of filing so you can enjoy the peace of mind. Book a call with us to get started.

Get a good accountant – it’s not too late!

Accountants help make sense of your finances and prepare your accounts and tax returns for you. You’ll want to ensure you are paying the right amount of tax, have an idea of the size of your bill and when you need to pay it, as early as possible.​​

If you’re concerned about fees for accounting services, here are two tips:​​

The easier it is to find and interpret your financial information, the cheaper your accounting bill will be. This is another reason to get a good system in place

Ask your prospective accountant for a fixed price quote so there are no nasty surprises (we only work on a fixed fee basis)

Do not underestimate the difference to your overall tax position that an accountant can deliver!

Go through your debtors (people who owe you money). If you’re sure they are a bad debt and will never pay you, write them off now.​ You don’t want to pay tax on income you’re unlikely to receive.​​

Is your mileage logbook up to date? Without this you won’t be able to claim a deduction for business travel. Take a look at our article which provides more detail on claiming for motor vehicle expenses.​

Make sure that you are carefully recording all your creditors (people the business owes money to).​ Recording all liabilities accurately can reduce your HMRC self assessment payment.

Ensure you have a record of all the donations to charity you have made during the tax year, and also all pension contributions. ​

In the lead up to the end of the tax year (5 April) it might be worth speaking to a financial adviser to see if it’s worth making any additional contributions to your pension. ​

Think seriously about using a bookkeeper. If you’re not confident about what goes where, or are as time-poor as most business people, then a bookkeeper can help input information into your system correctly. You may be surprised how little it can cost – what takes you four hours may take a bookkeeper only two. It will certainly free up your time to do something more enjoyable. Do some research online or ask your colleagues/mates – there is no shortage of good people out there.​​

Beany offers this service at £37.50 plus VAT per hour.​​

Using an accounting software package that does what you need is vital to businesses. If you haven’t updated for a while, or are new to business, you’ll be astonished at what’s available these days. The start of a new financial year is the perfect time to switch to Xero (or other accounting software). Almost all of our clients use Xero. Select a Xero pricing plan that works best for you (you can easily upgrade or downgrade later if needed).​​

The Xero Cashbook or Xero Ledger (available only through accountants) may be perfect if you don’t need all the bells and whistles.​​

Do you need all those entities and tax structures? Maybe you need two companies and three trusts – maybe you don’t.​​

Although there are short–term costs to close these down, it is well worth it to stop ongoing compliance costs.​​

New or upgraded business software seems to be available every day – is there anything you can automate to save time and money? Can your apps be integrated into your accounting system, or with each other?​​

Colleagues and friends may provide useful nuggets of information.​​

Business can get complicated and when it does, accounting records and systems often follow suit.​​

Only use multiple codes for different items if the different codes genuinely help you run your business. Sometimes more information leads to poorer decision-making or less business agility.​

Set up a system for recording your business income and expenses directly, in one place.  Some businesses keep paper invoices, which they then enter into a spreadsheet, which then gets sent to an accountant, who inputs it into their accounting software. If this works for you and your accountant, that’s fine, but there are more efficient ways of doing this.​

If you’re adding complexity – which will, inevitably, add cost – then make sure you’re getting a good return. Sometimes it’s worth it, sometimes it’s not.​​

Digitise all important paper documents and save them, along with your relevant electronic documents, in an orderly way. Key documents to save include:​​

Fixed asset invoices or large repair bills over £1,000

Year-end bank, credit card and loan statements

Ideally, you’d save them to your accounting system (e.g., Xero), but there are alternative solutions, such as Google Drive. Whatever you choose, aim for a product that is easy to use and secure, yet shareable.​ ​

It’s also helpful if you add detailed descriptions on the transactions – your accountant will appreciate it!​

At Beany, we're committed to your business' success. Our core package covers your year-end compliance, with one fixed cost split over 12 months. This includes your end-of-year accounts and tax returns, tax minimisation, unlimited support for day-to-day queries and more. We also have a wide range of other helpful services to help you as you start out or as you grow, such as bookkeeping, VAT returns, payroll and more. Book a call for a free chat about your accounting requirements.

Beany Resources delivered straight to your inbox.

Starting a limited company? Understand the key differences between company limited by shares and company limited by guarantee, choose the best structure for your needs.

FINANCIAL LITERACY  •  12 NOVEMBER 2024  •  4 MIN READ

What’s a Company Limited by Shares vs a Company Limited by Guarantee?

Choosing the right company structure is a crucial first step, and choosing between different company structures can feel overwhelming. Two popular choices are a ‘company limited by shares’ and a ‘company limited by guarantee’. Whilst both offer limited liability, they cater to different needs and goals. 

In this guide, we’ll explain the differences between 2 types of limited companies, covering definitions, key advantages, and frequently asked questions, empowering you to make the best choice for your company.

Companies limited by shares is one of the most common types of limited company in the UK. Simply put, the liability of its shareholders is limited to the amount of money they’ve invested in the company by purchasing shares. This means if the company is in debt or faces financial difficulties, the shareholders’ assets are protected and won’t be used to pay off the debts.

There are several key advantages of structuring your limited company by shares, these are:

Limited liability - the company is a separate legal entity from you, which means you’re not liable for the company’s debts. 

Growth potential - it’s easier to get investment because investors are more attracted to this company structure - it limits investors’ liability and allows them to either sell or buy more shares.

A company limited by guarantee is another type of limited company, it’s commonly used for non-profit organisations, charities, and community interest groups. Instead of having shareholders and share capital, a company limited by guarantee has members who provide a guarantee to contribute a specified amount in the event of the company's liquidation. 

Companies limited by guarantee are all about doing good, not making a profit. They can't pay profits to their members – any extra cash they make has to go back into the company to help it achieve its goals. 

Limited liability - the company is a separate legal entity from you, which means you’re not liable for the company’s debts. The members' liability is limited to the amount they agree to contribute in the event of the company being wound up. 

Perfect for non-profits - this structure indicates that the company is not driven by profit, which can build trust with donors and the public.

Democratic structure - members typically have voting rights, giving them a say in how the organisation is run. 

To make it easy to understand, we’ve outlined the key differences between companies limited by shares and companies limited by guarantee: 

1. Can a company convert from a company limited by shares to a company limited by guarantee, or vice versa?

No, it’s not possible to change your company type, but you can deregister your existing company and register a new company and transfer the assets and liabilities across. It’s crucial to seek professional advice to ensure the process is legally compliant. It’s also important to discuss the company structure with your accountant before setting up a limited company to avoid the hassle of switching down the road. 

2. How does the company structure affect my liability?

With the company structure, there is a legal separation between you and your business. For companies limited by shares, you’re not personally liable for your business’s debt; for companies limited by guarantee, you might have to contribute a small amount (the guarantee amount) if your business folds, but your personal assets are otherwise safe.

To set up a limited company, follow this step-by-step guide on GOV.UK. Or you save your time and ensure it’s done correctly by engaging an accountant, such as Beany. Book a chat with one of our team members to discuss your situation., It’s important to note that there are some key considerations before setting up a limited company, we have an in-depth guide on the top 9 things to think about when setting up a limited company.

4. What are my tax obligations if I have a limited company?

No matter if you have a company limited by shares or by guarantee, your tax obligations are largely the same. Some key tax obligations are: corporation tax, VAT (if you’re VAT-registered), and PAYE. We have an in-depth blog on limited company taxes if you’re interested to learn more.

Both companies limited by shares and by guarantee have reporting requirements, these are:

Confirmation statement, it must be filed with the Companies House every year

Financial statements, again filed annually with Companies House

Tax returns - the company will be required to submit a corporation tax return. Directors or shareholders may also be required to file an income tax return. Read more on corporation tax.

If your company is VAT registered you will also need to file VAT returns and pay your VAT liability, usually quarterly

If your company runs a payroll you will also need to fulfill your PAYE reporting requirements.

Maintaining a share register (if your company structure is limited by shares) or register of members (if your company structure is limited by guarantee)

6. How do I close down a limited company?

To close a limited company in the UK, you'll need to cease trading, settle all debts and taxes, gain shareholder approval (if applicable), and apply to Companies House for "striking off" the register. This process can take several months, and we recommend you talk to your accountant to ensure you’re compliant. If your company is insolvent, you can consider alternative procedures like liquidation.

Ditch the stress of limited company compliance. Beany makes it easy, handling everything from corporation tax to VAT returns. You’ll get a team of experts helping you stay compliant, so you can focus on growing your business. Visit our website, book a call with one of our team members or register today.

What’s a company limited by shares vs a company limited by guarantee?

Financial literacy

On 30 October, the 2024 Autumn budget was unveiled. We've provided a handy overview of the most important changes for small business owners.

INDUSTRY NEWS  •  01 NOVEMBER 2024  •  4 MIN READ

Learn how the UK Autumn Budget 2024 impacts you and your small business - tax, wages, allowance updates, and more.

Key highlights for small businesses from the UK's autumn budget 2024

On 30 October 2024, Chancellor Rachel Reeves unveiled the UK's Autumn Budget, bringing significant updates that affect individuals and businesses across the UK. 

There’s been a lot to unpack from the budget, so below we’ve provided a handy overview of the most important changes for small business owners, focusing on tax, wages and allowances. Below we highlight the key changes that will impact the financial landscape for small business owners and their teams.

Employer’s National Insurance and Allowance

One of the most impactful announcements from the budget was around employer’s national insurance. From April 2025, employer National Insurance contributions (NICs) will rise by 1.2%, bringing the rate to 15%. Additionally, the income threshold at which employer NICs apply will drop from £9,100 to £5,000. This dual adjustment increases NIC costs for employers and, small business owners will need to prepare for these cost hikes as they budget for their teams.

It’s not all bad news, however, in response to calls from the small business community, the Employment Allowance will more than double from £5,000 to £10,500 starting in April 2025. This increase provides significant National Insurance savings for smaller businesses. With the updated allowance, a small firm could employ up to four individuals on the National Living Wage without paying any NICs. 

The government also removed the NICs cap, meaning that businesses of all sizes can now access this allowance. For the smallest employers, this relief effectively shields them from the NIC increase.

Remember, that companies where the only employee earning above the secondary threshold is a company director will continue to not be eligible for the employment allowance.

In a move aimed at balancing fiscal responsibility with economic sensitivity, personal tax thresholds for income tax and NICs will be indexed to inflation beginning in 2028. This will be the first change since thresholds were frozen in April 2021.

The National Living Wage for workers over 21 is set to rise by 6.7%, reaching £12.21 per hour in April 2025. This increase provides a considerable boost to employees, translating to an extra £1,400 annually for a full-time employee. Employers should plan to accommodate this increase in payroll costs, which will be an added consideration alongside NIC changes.

Business rates relief for SMEs in retail, hospitality, and leisure sectors will continue at 40% until 2026, though this represents a reduction from the previous 75% relief. From 2026 onwards, a new structure of permanently lower business rates will be introduced, aimed at stabilising this cost for SMEs in the long term. This relief remains capped at £110,000.

For broader CGT changes, the higher rate will rise from 20% to 24%, and the lower rate from 10% to 18%. Capital gains tax on residential property remains the same.

Changes to Business Asset Disposal Relief (Entrepreneurs’ Relief)

Business Asset Disposal Relief (formerly Entrepreneurs’ Relief) will continue to provide discounted Capital Gains Tax (CGT) for those selling a business, though at slightly increased (and therefore less beneficial) rate. The rate will move from 10% to 14% in April 2025 and up to 18% in 2026. For entrepreneurs relying on this relief as part of their retirement planning, the change brings some additional tax burden but preserves the relief’s value for the foreseeable future.

Corporation Tax, R&D Relief, and Annual Investment Allowance

Encouraging investment in growth, the Annual Investment Allowance remains at £1 million, and R&D tax reliefs stay at their current levels, providing ongoing support for business reinvestment and innovation. The Small Profits Rate for Corporation Tax is also retained, which is especially beneficial for smaller firms looking to manage their taxable profits.

Read more: Understanding the basics of Corporation Tax

Inheritance Tax Adjustments for Business Assets

Effective April 2027, pensions will fall within the scope of inheritance tax (IHT) calculations, impacting long-term estate planning. Additionally, Business Property Relief and Agricultural Relief will only apply to the first £1 million of combined assets, leaving higher-value businesses and farms with some potential IHT exposure. Small businesses and farms with significant asset values should assess their succession plans to mitigate potential IHT liabilities.

The budget keeps fuel duty frozen, with a 5p cut extended for another year, a relief for transport-reliant businesses. Meanwhile, alcohol duty will increase by the RPI rate of inflation, except for a 1.7% cut on draught drinks, benefiting hospitality businesses.

The Autumn Budget 2024 reflects a balanced approach, offering relief to small businesses while setting out fiscal measures to support broader economic stability. With changes in National Insurance, wages, and tax thresholds, small businesses will see both cost increases and areas of support.

For more specific guidance tailored to your business, feel free to reach out to us here at Beany. 

Need a helping hand? At Beany, we specialise in making accounting and tax a breeze. Our team of experts can handle your tax compliance so you can focus on what you do best – running your business. Let Beany be your trusted accounting partner. Get in touch with us or book a call to discuss your accounting requirements.

Key takeaways from the Autumn Budget 2024 for Small Business Owners

Industry news

Discover how Polymodels Hub capitalised on an opportunity in the pharmaceutical tech space and how Beany's support helped the business thrive. 

CUSTOMER STORY  •  30 OCTOBER 2024  •  5 MIN READ

Polymodels hub - accelerating drug development with modelling, simulation, data and the accounting support of Beany

Meet Antonio Benedetti, Co-Founder of Polymodels Hub

Drawing on past experience, Polymodels Hub is capitalising on an opportunity to accelerate the development of new drugs and deliver them to patients faster.

“We are a venture-backed business that supports pharmaceutical companies with digital tools in the development of new molecules and products.” Antonio explains, “We work on the development side of things. How to bring a drug from the lab to the manufacturing facilities and how to do that in a digital manner.”

With three co-founders developing expertise in differing scientific domains, Antonio believes their business provides a unique mix of product and service for the industry.

“Two of us worked together at a large pharmaceutical organisation, so we explored firsthand the actual pain and benefit of trying to implement some of these solutions, and where there was a bit of a gap, particularly from the product standpoint, but also positioning in terms of types of services offered. We’ve seen the big opportunity and return on investment that this type of tool brings to the actual pharmaceutical organisations and that gave us the confidence that we could scale across the industry in a similar manner. Our third co-founder has expertise in the product side of things, so in order to build our product it was a good move to add an additional person that could bring that.”

In a journey that’s spanned less than nine months of full-time operation, they are already making exceptional leaps beyond their initial starting plans and vision.

Antonio expresses his excitement: “I’m happy about the type of partnerships we’ve already established. Getting to work with three of the top 10 is priceless for a start-up and it’s very exciting. Being able to grow the team from day one and create a team of fantastic individuals has been another key success. Every time a new team member starts with the right attitude and skill set it feels like a win.”

Amongst their wins so far is also getting a seed round of investment.

As a small start-up, Polymodels Hub’s biggest challenge is trying to get into large pharmaceutical companies.

“You need to have the right type of conversations with the right people to convince these businesses you can effectively provide more value than other companies out there.” Antonio admits.

Although being a challenge, it’s one that they also consider a win when they can celebrate the success of obtaining a new client.

“I would say it’s really about showcasing what kind of value we can bring to the table to this large organisation, and showing we are solid enough to give them the confidence to partner with us for the years to come. It’s a nice challenge to have and we’re up for it, and I think so far it’s materialising well.”

Antonio shares the role Beany has played in helping with the start-up journey so far.

“I’ll be fully honest, it has been a fantastic experience so far.” he says. “Finding a good lawyer and accountant was the first tip I got when digging deeper into how to set up a company.”

Speaking of the partnership that’s developed, he shares “I’ve been lucky that with Beany we’ve found a perfect partner from an accountant standpoint to really satisfy the type of needs that we have as a small business. In my case, it was also coming from abroad even though I’ve lived here for a few years. I wasn’t really familiar with the accounting rules and good practices in this country and Beany was the perfect partner to navigate me through that and provide the support I needed.”

Having professional support has helped Antonio and his co-founders be able to focus on the business and what they’re trying to achieve.

“I think it’s extremely important. It's important not to cut costs when it comes to legal or accounting services. Most importantly, you need to find the right people. It’s easy to spend it but if the service is not good it’s not really going to work in the end. With Beany I was really impressed by the quality of the service and the efficient response that we also always get whenever there is a problem or a question or an issue that we need to face.”

Reflecting on his journey so far, Antonio emphasises the value of patience, knowing your vision and the people. 

“One key thing is you need to be patient for things to materialise. The second is that you need to keep strong on the vision and the strategy that you put together. I think another thing I’ve learned is to invest as much as possible in people. This is something I had the chance to explore when I was in previous roles, but with a start-up, it’s even more important. At the end of the day we are a group of people working towards a vision and a goal, so it’s crucial to find the right people to start the journey. So far it’s been great.”

When asked for advice for other business owners, Antonio gave us the following two gems:

Speak as much as possible with other founders and understand some of the challenges they face. Try to find common ground that you know may save you quite a bit of time and money.

Don’t get too distracted by all the advice out there, just try to find what works for the company you’re trying to build. There are playbooks and those are important, but everyone needs to find their own way of doing things and their own approach to business. That ultimately helps the product but also the culture of any company.

For Antonio and the team the next step is to expand as much as possible. “We want to expand the type and number of customers we have, and also try to push a lot on the product. I think the objective for next year is to start to deploy the product at scale, reach a wide number of companies and try to really shape it in the best way possible.”

With a strong belief in the importance of team, Antonio shares with us the potential to also grow in that space and create an impact that’s more than just business.

“We’re expanding the team and looking forward to seeing what else we could build on top of what has already been achieved to really create value for the companies first, but most importantly the patients.” he shares. “The ultimate goal is to reduce the timelines for the development of drugs and bring medicine to patients faster, so that’s really what creates impact. And not just a business impact, but an impact for society.”

We can’t wait to see the difference Polymodels Hubs will continue to make with their technology and the lasting impact on the acceleration of drug development and the overall healthcare industry.

You can find Polymodels Hub at https://www.polymodelshub.com/

As a business owner, we know you value your time. That’s why we designed the simplest and most pain-free online accounting service around. Our team of experts handle the number crunching, so you can focus on what you do best - starting and growing your startup. From filing year-end tax returns to bookkeeping and VAT, we're here to support you every step of the way.  Ready to simplify and unlock your business's potential? Visit our website, sign up, or book a call today!

Customer story

If you find yourself wanting more from your current accountant, it may be time to switch. We provide some guidance on how to make the transition.

FINANCIAL LITERACY  •  29 OCTOBER 2024  •  3 MIN READ

If you find yourself wanting more from your current accountant, it may be time to switch. We provide some guidance on how to make the transition smooth.

How to handle transitioning from your previous accountant

Is it such a stretch to expect excellent service from your accountant? We don’t think so! 

If you’ve been finding yourself constantly nudging your accountant for responses, deciphering vague replies, or feeling like your business is just another file on their desk, it could be time to raise the bar. Why? 
Because it’s crucial to have an accountant who not only understands your present needs but also strategically prepares for your future. After all, an effective accountant is one who values your time as much as you do, offering swift, clear, consistent support tailored to your business needs.

Assess your current situation and identify what’s lacking with your current accountant. Is it about responsiveness, expertise, or something else?

Look for accountants who resonate with your business ethos, and prioritise those with a strong understanding of modern business dynamics.  

Set up meetings and don't be shy to reach out to discuss your business needs. It's your chance to lay out exactly what your business requires in terms of accounting services. 

Be specific and candid about your needs, whether it's detailed financial reporting, strategic tax planning, diligent bookkeeping, or expertise in certain industry areas. Inquire about their experience with small businesses and how well they understand the tax nuances in your specific region. For businesses operating in the UK, it's crucial to choose an accountant who has a deep understanding of both areas to ensure seamless financial management.

Compare what’s on offer from potential accountants, looking beyond just the fees. Consider the overall value and personalised service you'll receive. In your search, keep an eye out for options like Beany's monthly accountancy package. Our transparent, fixed monthly pricing not only helps you budget effectively but also ensures you stay on top of your administrative needs without any surprises.

Inform your current accountant politely that you’re switching. It's not just courtesy; it's good business karma. If you maintain professionalism and provide adequate notice to ensure a smooth transition, you should avoid any potential friction. And don’t forget to request copies of your financial records, tax returns, and other relevant documents! (Some accountants will handle this process for you so you don't even have to do it yourself).

Work with your new accountant to transfer files and information. Make sure to grant your new accountant access to all the essential documents, and prioritise the secure handling of sensitive information during this transition. If you’re not already set up with accounting software (like Xero), your accountant should be able to help. At Beany, we offer a range of Xero services including Xero setup and training.

Settle up with your old accountant and grant them permission to pass on the relevant information to your new accountant.

Establish your communication expectations. Regular chats and updates with your new accountant can do wonders for your business health. If you’re seeking further support or clarity around switching your accountant, please contact our team.

Not at all. With the right approach and guidance, it's very straightforward and can be instrumental for improving your business.

Absolutely. There's no 'wrong' time to make a change that benefits your business.

What if I've prepaid my current accountant?

No worries, you can still make the move. Any prepaid fees can often be adjusted or refunded (depending on work they've completed and their client terms and conditions).

At Beany, we're 100% committed to your success. Our core package covers your year-end compliance, with one fixed cost split over 12 months. This includes your end-of-year accounts and tax returns, tax minimisation, unlimited support and more. We also have a wide range of other helpful services to help you as you start out or as you grow, such as bookkeeping, VAT returns, payroll and more. Book a call for a free chat about your accounting requirements - we'd love to help.

You may want to show your appreciation by giving employees or clients gifts during the festive season. However, here are some employee benefits and tax rules you need to follow. 

EXPENSES  •  25 OCTOBER 2024  •  3 MIN READ

You may want to show your appreciation by giving employees or clients gifts during the festive season. However, there are some employee benefits and tax rules you need to follow.

Understanding employee benefits & tax: can I make a gift to employees and clients?

You may want to show your appreciation by giving employees or clients gifts during the festive season. However, here are some tax rules you need to be aware of. 

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