Accountancy & Taxation

Accountancy and taxation

We believe that for us to fulfil your compliance requirements and advise you effectively in all areas of finance, it is vital for us to have a good knowledge of you and your business. We look to turn compliance into valuable information enabling greater levels of advice to be given.

The world of tax and finance has changed significantly over the last few years mainly due to changing governments and world economies. These have resulted in changing tax legislation, government benefits and tax credits, funding arrangements and their interaction with one another. We keep up to date so you do not have to.

Changes in audit limits has led to many businesses focusing the money once spent on audit reports (that were generally seen as a compliance requirement) to obtain management accountancy and consultancy services. Many owners looking to capitalise on information created within their business appoint us to carry out this service.

Financial statements

We provide a full service for preparation of financial statements including sole traders, partnerships and limited companies.

We do not just look to ensure minimum compliance is met, we look at how the financial statements can be prepared to better communicate to stakeholders the financial position and performance of the business. Potentially identifying future opportunities and pitfalls so a strategy can be developed.  We believe this enables us to develop a greater understanding of your business and maximises accuracy of information reported.

Taxation

A full advisory & compliance service is provided to clients covering a wide range of taxes including personal, business, inheritance and capital taxes.

We look to ensure clients make full use of tax reliefs and exemptions available to them and strongly advise clients to plan ahead in order to minimise their exposure to taxes.

The UK tax system is very complex affecting more and more individuals every year. We believe it is important to have close relationships with clients to develop a greater understanding of their financial affairs and future aspirations to ensure exposure to taxes is limited.

Management accounts & consultancy

Due to the increased use of IT and the complexities of the financial environment businesses operate in; we have seen an increased demand in management accountancy & consultancy within small and medium sized businesses. Many owner managed businesses understand that the usual year end procedure is no longer enough.

The increased amount of information generated from IT and accounting systems over the years has led to clients wishing to capitalise on this. We work closely with clients looking to gather and consolidate this information to look at business patterns, perform staff appraisals, drive greater profitability, identify future problems and developing strategies ensuring long-term sustainability.

This service is all about looking to the future and capitalising on information both outside and inside of a business. Clients have also stated they value the greater contact with their advisor and have greater confidence on the information provided whereby decisions are based upon.

RAC review (Risk Assessment and Controls Review)

The complexities and volumes of transactions increases as businesses begin to develop. It soon becomes clear that the systems and processes in-place are no longer sufficient to capture the information required to prepare financial statements of a true and fair nature. In addition to this, the risks of fraud & error increase and performance appraisal becomes less reliable.

The Risk Assessment & Controls Review has been designed to assist clients in creating financial controls and processes.

Intellectual property protection

Many, if not all businesses have intellectual property. When instructed, we work with clients to identify their businesses intangible assets and their potential value. We will assist clients in making formal applications to protect these assets subject to a cost-benefit analysis (UK only). These are very usefull deterrents against competitors and new market entrants from copying. We assist clients with the following:-

Patents - To protect assets that are deemed to be inventive, new and usefull. A common example would be new products.

Trade Marks - A trade mark distinguishes the goods and services of one trader from those of another. Trade Marks commonly apply to brands.

Design registration - Design describes the appearance or 'look' of manufactured products. Commonly used to protect design ideas.

These are vital methods of protection and enables the owner to generate income from these intangible assets by issuing licenses and providing franchise opportunities.

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