When you are running your own business, you find you are wearing every hat possible, from marketing, sales, production even accounts and payroll. You might find there isn’t enough time in the day to get all of these jobs done.
We understand the pressures of running a business – as we run one ourselves, therefore, we understand what you are experiencing. We can take away the pressures of Payroll, Bookkeeping & Management Accounts, VAT and Business tax allowing you time to concentrate on growing your business. We also find, that when we look after our clients accounts not only do we find savings for them, but opportunities for them to grow. So give us a call if you need a helping hand with your business accounting.
The number of packages available to businesses is wide and varied. However, they are only accounting systems with which we will be familiar.
With the imminent arrival of Making Tax Digital it is as well to make sure that your software is up to date and will be able to cope with the changes ahead.
The old rule of rubbish in rubbish out still applies.
Whether you are a Sole Trader, Partnership or a Limited company you will need accounts prepared in accordance with generally accepted accounting practice. This will ensure that you comply with your statutory responsibilities such as taxation but also know whether you are making a profit and provide you with management information. This in turn allows you to make business decisions about your future.
To draw an analogy – You can’t drive a car properly without having some basic understanding of what’s under the bonnet.
We are here to assist you in getting the right information in a timely fashion. Not only to avoid penalties from the late submission of returns but also provide you with decision-making information.
We can structure your monthly management meeting as well. Whilst we are doing what we regard as a basic task we are more in touch with your business, which enables us to see opportunities or improvements. Added to which you might even find that it is more cost effective to outsource this to us, simply because of the law of competitive advantage.
Please see our information sheet on competitive advantage.
“If you fail to plan, then plan to fail”
The purpose of a business plan is to answer the questions:
What is the purpose of the organisation?
What is the current position?
What are the goals, objectives and needs of different stakeholders?
How can we meet these needs by using the resources available?
A business plan is made up of seven areas:
- Mission Statement
- Goals
- Objectives
- Environmental analysis
- Position Audit
- Firm appraisal
- Gap analysis
It’s important to remember that the plan is a living breathing thing constantly revisited, amended and flexible enough to respond to change.
To find out more download our free business plan outline.
It maybe that your business needs intensive care or last rights; for which you will need an insolvency practitioner and we have contacts in that field. We can always be used as a first point of contact.
However, if your business just has the beginnings of a terminal illness we can assist in restoring it to rude health. Looking at your processes, cash flow, customer creation, business plans and finance.
Many businesses fail for quite simple and avoidable reasons; such as not issuing invoices in a timely fashion, and then failing to collect the amounts due. As with all things the earlier the diagnosis, the easier the cure and eventual prognosis.
Nobody likes paying tax but unfortunately it is a fact of life. We like to make sure you do not pay too much. Business taxation is a wide subject and covers everything and anything:
- Should I be a Sole Trader or Ltd Company?
- How do I claim my car expenses and business subsistence costs?
The rules surrounding this area come from the taxes act and many years of case law.
In nearly every case the advice will vary from business to business depending upon the individual circumstances and the interaction of other taxes.
To find out more please book a consultation.
We have extensive experience in negotiating with HMRC, and an excellent track record in defending our client’s position. Not only from a position of strength which most of our clients have as standard but also when the position may have been more uncertain.
We also deal with back duty cases for “repentant sinners”. In most but not all cases the outstanding tax will need to be paid, with a view to reducing penalties.
It is important to understand what powers HRMC have and do not have; as well as what they are entitled to ask for in tax and penalties. It is not unusual to save substantial amounts of tax from that which was originally asked for by HMRC, or calculated by the client.
HMRC do not always get things right or play by the rules so often a robust defence is necessary with taking matters to a tax tribunal if required.
We had two tax tribunal wins in 2024 but have had numerous successful outcomes that were resolved before tribunal.
We can offer a monthly consultancy/coaching service tailored to your needs.
This would typically consist of a review of the business identifying weaknesses and solutions with a plan of action and then a monthly consultation thereafter or ongoing support as long as you felt a benefit.
We can also be a useful trouble shooter but the emphasis is on problem avoidance so you can achieve your goals.
We bring to the table 40 Years experience advising all sorts of business and solving all sorts of problems.
We are set up to provide payroll services so that you are fully compliant with RTI reporting, leaving the headache with us. Unfortunately, the penalties for falling foul of this wonderful HMRC system are disproportionate to the tax involved. There are also further complications to come with the government pensions automatic enrolment.
We can also assist with your auto-enrolment responsibilities
Investment Services & Financial Advice
Although we are not authorised by the Financial Conduct Authority to conduct Investment Business, we are licensed by the ACCA to provide certain limited investment services where these are complementary to, or arise out of, the professional services we are providing to you.
Sometimes specialist legal support or other experts are required for example in making research and development claims, and we have built up a range of contacts we can refer you to if needed.
VAT is a huge subject not just 20%!! There are significant savings that can be made by making sure you are on the correct scheme.
You do not have to be registered until you reach a turnover of £90,000, (in the last 12 months or less). However, it may be beneficial for you to be voluntarily registered as this can save several thousand pounds.
We can also assist with options to tax land and buildings, partial exemption and a whole host of other vat issues that you might not even be aware of.