5 Reasons Why Your Small Business Needs a Professional Accountant
Running a small business comes with many challenges—from managing day-to-day operations to keeping up with customer demands. But one of the most critical areas often overlooked by small business owners is financial management. That’s where a professional accountant can make a real difference.
At Prime Accounts Manchester, we work with small businesses across Greater Manchester to simplify their finances and help them grow with confidence. Here are five key reasons why hiring a professional accountant is one of the smartest decisions a business owner can make.
At Prime Services Manchester, we believe in keeping our clients informed about the key changes that may affect how they manage their tax affairs. HMRC has recently released new updates and webinars to help taxpayers and agents prepare for the next major phase of Making Tax Digital (MTD) — this time for Income Tax.
In my previous article “Mind the Gap”, I highlighted the common pitfalls small business owners face when structuring their income. Let’s now look at the practical impact for sole directors without employees – and why it often makes sense to take a minimum wage salary, even if it means paying some National Insurance.
Mind the Gap: How Low Director Salaries Could Affect Your State Pension For years, many company directors have followed the same pattern: take a low
The 5 October 2025 deadline is approaching for notifying HMRC of untaxed income from the 2024–25 tax year. This applies if you earned income outside of PAYE, such as self-employment, rental property, investments, or cryptoassets.
From 18 November 2025, all company directors and people with significant control (PSCs) will need to complete identity verification with Companies House.
Making Tax Digital (MTD) is the UK government’s initiative to modernise tax reporting. From April 2026, it will apply to self-employed individuals and landlords whose annual turnover from self-employment or property exceeds £50,000.
Starting a business is exciting, but scaling it is a completely different challenge. The transition from a small, agile startup to a growing, structured organisation brings new demands, risks, and opportunities. Many entrepreneurs underestimate how different the skills, systems, and mindset required for scaling are compared to those for starting up.
Pensions have long been treated differently from other assets when it comes to Inheritance Tax (IHT). Under the current rules, if the owner of an uncrystallised pension dies under the age of 75, payments made from their pension within two years can be received by beneficiaries completely income tax-free.
From 1 April 2023, the UK introduced new Corporation Tax (CT) rates, which vary depending on a company’s profits:
• Main rate: 25% for profits over £250,000