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Wellden Turnbull Chartered Accountant Blog

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  • Holly Diamond
  • October 06, 2016 08:20:39 PM
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A Little About Us

Wellden Turnbull's blog offers expert advice and tips on how to improve the performance and profitability of your business. There's a wealth of information for start-ups and SME's, as well as established corporates, on a whole range of business accounting, tax and legislative issues. It's business made easy and a useful resource for anyone serious about keeping their business on track.

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    Business growing pains

    Establishing and growing a business is exciting, but familiar problems often occur along the way as the business expands. Don’t worry; most businesses experience these challenges at some point. Common growing pains: Overworking – This is the most common problem in a company that’s growing quickly. A lack of work-life balance is dangerous and can […] The post Business growing pains appeared first on...

    Establishing and growing a business is exciting, but familiar problems often occur along the way as the business expands. Don’t worry; most businesses experience these challenges at some point.

    Common growing pains:

    1. Overworking – This is the most common problem in a company that’s growing quickly. A lack of work-life balance is dangerous and can lead to stress and even physical illness. Review efficiency and determine the best way to become a well organised business. This may include hiring additional staff, or restructuring and streamlining the work of existing employees.
    2. Hiring the right people – It is crucial to hire the right people, someone who can do the job required, fit in with your culture and get along with the team. It is important to have good job descriptions and always carry out a thorough interviewing process.
    3. Working towards the same goal – Every business should have a companywide strategic plan which addresses both short and long term goals. This strategy should be communicated to everyone, ensuring all employees understand how they contribute to the company’s goal.
    4. Communication struggles – As your team grows, communication becomes harder, but it also becomes more important. You will need to keep a handle on your employees by ensuring you communicate regularly and information is filtered down from managers to their teams.
    5. Systems and technology – the informality that might work with one or two employees and a handful of customers won’t work in a growing business. It is important to invest in the right systems and have documented policies and procedures in place.  This is particularly important with regard to employment procedures

    If you have experienced any or all of these common growing pains, come and talk to us.  We have experience in helping all types of businesses grow and succeed.

    Please call us on 01932 868444 or email info@wtca.co.uk to arrange a free no obligation meeting.

     

    The post Business growing pains appeared first on WTCA.


    Do you want your personal life back?

    The pressure of an increasingly demanding work culture in the UK is perhaps the biggest and most pressing challenge to the mental health of the general population. A Mental Health Foundation survey found more than 40% of workers are neglecting their personal life because of work.  https://www.mentalhealth.org.uk A key way to protect your mental health […] The post Do you want your personal life back? appeared first on...

    The pressure of an increasingly demanding work culture in the UK is perhaps the biggest and most pressing challenge to the mental health of the general population.

    A Mental Health Foundation survey found more than 40% of workers are neglecting their personal life because of work.  https://www.mentalhealth.org.uk

    A key way to protect your mental health against work related stress is to ensure you have a healthy work-life balance.

    Our aim is to help you succeed in business, but not to the detriment of your personal life. There is no point having a highly successful enterprise if it has a negative impact on your personal circumstances.

    We will provide perspective on your thoughts, plans and decisions that affect your business and its direction.

    So what does this mean for you?

    • We will help you set and achieve realistic and exciting objectives. Link to business advisory page
    • This in turn will give you a greater level of confidence in planning and understanding potential outcomes.
    • Your aspirations will be realised both in your business and personal life.
    • We can advise on the correct technology for your business.  Using the right technology leads to smarter and more efficient working. An example of an accounting system which can help you run your business more efficiently is Xero.   We are a Xero gold partner and can advise on implementation and training.

    ReceiptBank is another time saving platform, founded out of frustration from the amount of time lost in forgotten expenses, lost receipts and weekends sorting through paperwork.

    • We can advise on company structure, employee matters and recruitment.  It is important to have the right number of quality staff to allow you to delegate the tasks and work efficiently.
    • We promise to embrace a down-to-earth approach.
    • You can voice concerns in confidence and rely on our expert opinion and unbiased feedback.
    • We will proactively recommend ways in which your business will be improved, thus helping you to ‘work smarter not harder’.

    Would you like help getting your personal life back?   Contact us for more information:  info@wtca.co.uk  01932 868444 or 0207 381 2022.

    The post Do you want your personal life back? appeared first on WTCA.


    Problems with the tax man

    What is a tax investigation? A tax investigation is an enquiry into your tax affairs by HMRC. HMRC are conducting more and more tax investigations.  This means that even the most careful taxpayers could come under the microscope at some point. You may think you have everything in order, but detailed inquiries from the tax […] The post Problems with the tax man appeared first on...

    What is a tax investigation?

    A tax investigation is an enquiry into your tax affairs by HMRC. HMRC are conducting more and more tax investigations.  This means that even the most careful taxpayers could come under the microscope at some point. You may think you have everything in order, but detailed inquiries from the tax man can cause stress and anxiety and take up a great deal of your time. If you are on the receiving end of a tax investigation, it is vital that you receive expert advice.

    What happens during the investigation process?

    HMRC will send you a written notice. You will then be asked to provide information to HMRC.  It is important to respond promptly.  Help HMRC where you can and provide the requested records. However, before sending information, make sure it gives an accurate picture, and does not raise more questions. If you think that the information that you send might raise questions in HMRC’s mind, you might find it speeds things up if you explain any apparent inconsistencies when you send it.

    How long will the investigation take?

    The length of time a tax investigation takes varies widely depending on how complex it is and the size of your business. A full investigation takes on average 16 months.

    How we can help

    If you are already in dispute with HMRC our experienced tax specialists can help.

    We can help with preparing disclosure reports as required under Code of Practice 9 (suspected serious tax fraud)  and resolving tax investigations being conducted under Code of Practice 8 (tax avoidance).

    If tax has been underpaid, there may be a penalty in addition to the unpaid tax.  Penalties can vary from nil (that is, with any penalty being suspended) to as much as 200% of the tax due.  How you deal with the enquiry makes a big difference to the final amount of the penalty.

    Where we submit your tax returns, we can provide cover against the cost of tax enquiries.  For more information click here.

    If you would like more information or advice, please call us on 01932 868444 or email info@wtca.co.uk to arrange a free no obligation meeting.

    The post Problems with the tax man appeared first on WTCA.


    Thinking about starting a business?

    Everyone needs a little guidance when starting something new, particularly if you are a new business owner. Over the years we have helped hundreds of new businesses on the road to success and we can help you too.  We have helped businesses in a variety of sectors from construction and manufacturing to hospitality and leisure. […] The post Thinking about starting a business? appeared first on...

    Everyone needs a little guidance when starting something new, particularly if you are a new business owner.

    Over the years we have helped hundreds of new businesses on the road to success and we can help you too.  We have helped businesses in a variety of sectors from construction and manufacturing to hospitality and leisure.

    Most business owners are specialists in their industry in which they wish to launch their business, however they may not be as knowledgeable when it comes to dealing with the associated legal and financial aspects of setting up a business.

    This is where we can help!

    There are often hidden costs when starting a new business. I am sure you will have thought of salaries, software and rent, however there are other costs such as insurance, licences, taxes and not forgetting unforeseen emergencies.

    This is how we can help!

    We offer a range of accountancy, tax and business advice services to make sure your fledgling business gets off to the best possible start.

    • Writing a business plan – Writing a business plan is essential for a successful business.  Running a business without a plan, is like driving a car not knowing your destination
    • Preparing cash-flow projections, budgets and trading forecasts
    • Advice on choosing the right business structure – sole trader, partnership and Limited Liability companies. Getting the right structure is important and can help save you money
    • Advice on available financial sources and help with the preparation of proposals
    • Establish a working relationship with your bank
    • Complete all legal registration procedures
    • Deal with all your business taxes efficiently and cost effectively. Engaging a tax expert can often help your business save money
    • Manage all company secretarial issues
    • Manage and run your payroll
    • Advice and help with the choice of accounting software and provide training if needed.
    • Understanding the types of business insurances, some are compulsory and other advisable.  We can help you navigate the insurance world
    • Once your business is established we can help you grow your business.

    So, how would you like us to help you make a success of your business?

    Contact us for more information or help:  info@wtca.co.uk  01932 868444 or 0207 381 2022.

     

     

     

     

    The post Thinking about starting a business? appeared first on WTCA.


    Equality and Diversity

    Under our Probate licence, we are required by the ICAEW to complete a diversity data survey and to publish a summary of results on our website. We have just completed our survey and are pleased to confirm the results of the survey reflect our company policy on equality and diversity. We do not discriminate against anyone […] The post Equality and Diversity appeared first on...

    Under our Probate licence, we are required by the ICAEW to complete a diversity data survey and to publish a summary of results on our website.

    We have just completed our survey and are pleased to confirm the results of the survey reflect our company policy on equality and diversity.

    We do not discriminate against anyone of the grounds of age, colour, race, ethnic or national origin, sex, sexual orientation, religion or disability.

    Wellden Turnbull always aims to treat everyone with respect, consideration and for each employee to feel respected and able to give their best.

    We are also committed against unlawful discrimination of clients.

    The post Equality and Diversity appeared first on WTCA.


    Spring Clean your Savings

    Now there is some breathing space after the 31 January tax deadline, it’s a good time to give your finances some TLC. This could be something small – for example, in order to prevent that big January credit card bill after Christmas, I took some advice from the oracle that is my mother and set […] The post Spring Clean your Savings appeared first on...

    Now there is some breathing space after the 31 January tax deadline, it’s a good time to give your finances some TLC.

    This could be something small – for example, in order to prevent that big January credit card bill after Christmas, I took some advice from the oracle that is my mother and set up a Christmas bank account. I set a weekly standing order transferring £10 (the cost of a few coffees) from my current account to this account. By the end of the year, I save enough to not worry about whacking everyone’s presents, the turkey and the inevitable overspend on drinking during the festive period on my credit card. Simple, but effective!

    Suggestion two – we sometimes find that people struggle finding the funds to pay their corporation tax and VAT bill. Say you are a VAT-registered contractor running through a limited company, a simple, yet often ignored mantra, is to set aside 30% of any receipts from customers into a separate bank account as soon as it is received. This will cover the VAT on the invoice, and will cover most of the corporation tax due.

    For example, you receive money from a customer of £1,200. £200 of this is owed to the VAT man, leaving you £1,000. If you don’t have any expenses, you’d then generally have to pay tax on this £1,000 at 19%, which is £190. Together, this is £390, and 33% of your original £1,200. Of course, you may have some expenses such as a tax-efficient salary, claims for your use of home as office or travel costs, so maybe save 30% instead, whatever works for you, its better than dreading the bill at the end of the quarter/year.

    This way, you can also help to ensure you don’t take out too much money from the company as this can lead you to having an overdrawn director’s loan account (where you owe the company money), which has nasty tax consequences of its own.

    Suggestion three – Have a think about what VAT scheme you are on – if your turnover is £1.35million or less, you can join the cash scheme, which means you only pay VAT on your sales when your customers pay you. You do need to consider that you can only reclaim VAT on your purchases when you have paid your supplier, but this can help ease cash flow where people are a bit slow at paying you.

    Suggestion four – Go Digital. Lots of businesses are moving their accounting to cloud software such as Xero – this lets you see really clearly, how much VAT you owe at any point and what profits you have made for the year-to-date, so you can estimate your CT bill.

    The better, more up to date information you have, the more comfort you can feel that your finances are on track.

    You can update your expenses and invoice customers on the go on your mobile, link it up to your business bank account so that keeping on track of who owes you what is really easy, and is MTD (Making Tax Digital) for VAT ready, so you don’t have to worry about the changes coming in April this year.

    Its also pretty reasonable – with most business able to use their standard package, which is £22 + VAT per month.

    Get in touch if you would like more information, we’d be happy to talk through how Xero could help your business.

    e.green@wtca.co.uk

     

     

    The post Spring Clean your Savings appeared first on WTCA.


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