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Setting up your business accounts correctly from the outset is vital if you want to stay compliant with HM Revenue and Customs (HMRC). Accurate, well-organised financial records not only help you avoid penalties but also provide a clear picture of your company’s financial health. At Stan Lee Accountancy Ltd, we specialise in helping UK businesses maintain accounts that meet HMRC’s expectations — professionally, accurately, and cost-effectively.
In this guide, we’ll walk you through the steps to set up your business accounts properly and ensure ongoing compliance.
Before you start setting up accounts, determine the legal structure of your business. Are you a sole trader, limited company, or part of a partnership? Your choice affects how you register with HMRC and how you are taxed.
Your business structure will also determine your accounting and reporting responsibilities.
Depending on your business activities and turnover, you may need to register for various taxes, such as:
Registering with HMRC early helps avoid delays or fines. At Stan Lee Accountancy, we help clients with seamless registration and provide ongoing tax advisory services.
A separate bank account for your business is essential — especially for limited companies. It helps:
Many banks offer free or low-cost business banking solutions for startups. Choose a provider that offers online access, easy integration with accounting software, and good customer support.
Digital accounting is now a requirement under Making Tax Digital (MTD) for VAT-registered businesses. HMRC expects businesses to keep digital records and submit VAT returns using MTD-compliant software.
Popular options include:
Our team at Stan Lee Accountancy Ltd can help you choose and set up the best software for your business, ensuring full compliance with HMRC requirements.
Good record-keeping is the foundation of a successful business and a satisfied HMRC. You should maintain:
Keep these records organised and backed up for at least six years, as HMRC may request them during a tax investigation.
Efficient bookkeeping keeps your business financially healthy and tax-ready. Depending on your needs, you can handle it yourself, use software, or outsource it.
At Stan Lee Accountancy Ltd, we offer tailored bookkeeping services for businesses across various industries — ensuring everything is updated monthly and HMRC-compliant.
Missing a filing or payment deadline can result in fines and interest. Key HMRC deadlines include:
Use calendar reminders or automated software notifications to keep track. We also provide deadline management support to keep you stress-free and compliant.
Hiring an experienced and ACCA-qualified accountant like those at Stan Lee Accountancy Ltd gives you peace of mind. We help clients with:
With offices in Canary Wharf, London and Essex (CEME Campus), we proudly serve startups, SMEs, and growing enterprises across the UK.
Final Thoughts
Setting up your business accounts correctly is not just about keeping HMRC happy — it’s about building a strong foundation for your business success. By following the steps above and working with a trusted partner like Stan Lee Accountancy Ltd, you can remain fully compliant, avoid penalties, and focus on growing your business.
Need help with your accounts or HMRC compliance?
Contact Stan Lee Accountancy Ltd today for a free consultation.
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We are required by our professional bodies to have separate entity and therefore, there are two firms involved. Both firms are required to have Professional Indemnity Insurance (details of the PII available in our office upon request).
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