Frequently Asked Questions (FAQ)
Getting Started with BB Accounting Solution Ltd
Do you work with businesses outside Glasgow?
Yes! While we are based in Glasgow, we provide expert accounting services across the UK through remote consultations and online support.
What’s the first step in working with you?
Simply Book a Free Consultation. We’ll discuss your business needs and recommend the best solutions.
Do you offer one-time services or only monthly packages?
We offer both! Whether you need ongoing support (monthly accounting) or a one-time service (tax returns, business setup, or financial advice), we’re here to help.
Tax & Compliance
What records do I need to keep for accounting?
For tax and financial compliance, you should keep:
- Income records – Sales invoices, bank statements, and receipts
- Expense records – Purchase invoices, receipts, utility bills
- Payroll records – Payslips, pension contributions, employee details
- Tax records – VAT returns, self-assessments, corporation tax filings
- Other business documents – Contracts, insurance, and company registration documents
We can help organise your records and ensure you’re fully compliant with HMRC.
How long do I need to keep my financial records?
For HMRC compliance, businesses must keep records for at least six years. Some industries or cases may require longer retention.
When is my tax return due?
- Self-Assessment Tax Return – Due by 31st January (for the previous tax year).
- Corporation Tax Return – Due 12 months after the end of your company’s accounting period.
- VAT Returns – Usually quarterly, deadlines depend on your VAT period.
Missed deadlines can result in penalties—we ensure your returns are filed on time.
Do I need to register for VAT?
You must register for VAT if your taxable turnover exceeds £90,000 (as of 2024). However, voluntary VAT registration can be beneficial in some cases. We provide expert guidance on whether VAT registration is right for you.
Business & Accounting Services
Should I be a sole trader or set up a limited company?
It depends on your business goals, tax efficiency, and risk tolerance. A limited company offers liability protection and potential tax advantages, but a sole trader setup is simpler and has fewer reporting requirements. We’ll help you make the right choice.
How can I improve my business’s cash flow?
Effective cash flow management includes:
✔ Tracking income & expenses regularly
✔ Cutting unnecessary costs & budgeting properly
✔ Sending invoices on time & following up on payments
✔ Planning for tax obligations to avoid last-minute surprises
We offer cash flow management services to help you maintain financial stability.
How can I reduce my tax bill legally?
✔ Claim all allowable business expenses (travel, office costs, insurance, marketing, etc.)
✔ Use tax-efficient salary & dividend strategies (for limited companies)
✔ Make pension contributions for tax relief
✔ Plan ahead for capital allowances & investment deductions
We provide tax planning strategies tailored to minimise liabilities and maximise savings.
Can you help me secure funding or investment for my business?
Yes! We offer business planning, investment advice, and financial forecasting to help you prepare funding proposals and attract investors or lenders.