Looking forward to your future

Our passion as a team is to help your business to succeed as well as providing peace of mind on all compliance matters, and all built on strong client relationships and providing outstanding service.

You may have used the same accountant for a number of years, and you may well be happy with them – we hope you are! But it’s always a very useful exercise to review your accountant from time-to-time just to check that you’re getting the most appropriate service for your business.

When you do your review, it encourages you to think about the service you’re getting and assess whether or not you’re getting what you need from your accountant. Here are the questions we think you need to ask yourself in order to make an informed assessment.

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Until recently, an HMRC investigation usually meant one of two things. Either someone, possibly disgruntled business partner or spurned spouse, had tipped off the taxman or you were unlucky enough to have had your tax return picked at random.

All that changed with the advent of HMRC Connect, an £80m software system designed to join billions of dots to create a picture of who may not be entirely honest when it comes to assessing their tax liabilities.  (more…)

Doing the payroll is more than just having the bank account details of the people you employ and making sure they’re paid what they’re owed on a regular basis.

Meeting legal requirements is a huge part of the payroll process and the recent introduction of GDPR has made things more complex for most companies when it comes to record keeping, requiring them to protect their data securely and prevent unauthorised access, especially when it comes to transferring sensitive personal information.

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Car Tax

If an employee is provided with a car by their employer, tax is payable on the cash equivalent of the of car provided.
The cash equivalent of the company car provided is calculated by taking the list price of the car, multiplied by a certain percentage, this percentage depends on the amount of carbon dioxide emitted by the car.
The list price of the car is calculated using the following formula: (more…)

 

The Criminal Finances Act came into force on 30 September 2017. Part of the Act means that companies and partnerships can be criminally liable where they fail to prevent those who act for, or on behalf of, the business from criminally facilitating tax evasion.

There is, however, a potential defence against this offence by the business putting into place a system of reasonable prevention measures. The penalties for the offence include unlimited financial penalties and ancillary orders such as confiscation orders. The Act doesn’t change what tax fraud is, just who may be liable. (more…)

You’ve made the decision to set up your own business. It’s an exciting time and you’re keen to get going, but you need more startup cash than you have savings, so you’ll have to find an external source of finance to help you with your startup funding. Going to visit your bank manager is probably the first place you think of for a business loan, but it’s a good idea to look at other options available before you apply for any kind of business investment. (more…)

A study undertaken by the Centre for Economics and Business Research study found that SMEs, on average, spend around a million pounds a year on their business operations. Those with more than 50 staff spend an average of £3m every year on goods and services; micro businesses, i.e. those with fewer than nine employees, spend an average of £225,379.

The study was able to drill down into the figures, discovering that the average SME spends 24% of its budget on hiring new staff, 20% paying suppliers, and 19% on technology. The good news is that older businesses tend to spend less on expenditure. However, overall, it shows the importance of managing cash flow at all levels of business.

Here’s our breakdown of these, and other expenditures that make up the majority of an SME’s costs: (more…)

 

The Ambition conferences are a hugely important business and community initiative for two reasons. Firstly, it’s an incredible resource designed to help Hertfordshire entrepreneurs and small businesses develop their sales and marketing skills in order grow their businesses. Secondly, 100% of our ticket sales go to two amazing local charities.

I have been involved in all four Ambition conferences and am a huge advocate. The conference is organised on a voluntary basis by local SMEs who believe that if we work together and support each other, we can all benefit from the business opportunities in Hertfordshire, with a consequently positive knock-on effect on the local economy.  (more…)

HMRC allows certain gifts to be made in recognition of long service, subject to some conditions. To qualify, the gift: (more…)

Keeping accounts up to date and accurate is a vital part of running a small company, but, when it’s not part of the core business, owners tend to find it difficult in terms of motivation and execution.
That’s why accounting software packages are so popular. They make it easier for you to keep your accounts in good order, and will also help your accountant do your books at the end of the financial year quickly and more efficiently.
In no particular order, here are some of the many accounting packages on the market. (more…)