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Don’t Risk Poor Controls. Risk taking is an innate quality of entrepreneurs. However, those with prowess have the art of maximising beneficial opportunities and avoiding detrimental risks, thus limiting the potential for loss. With this in mind it is the responsibility of management to undertake regular risk management reviews and establish effective internal controls. Areas…

Xero’s Automatic Bank Reconciliation is a Real Benefit. We have just transferred to Xero a client in the construction sector. The system has proved particularly useful because most of his receipts and payments are made electronically and Xero enable these to be automatically downloaded from the bank. This is a real time saver. As his…

Whitings Preferred Cloud Accounting Package Xero Wins Award. Cloud accounting software company Xero are to be congratulated on their success in having their product named Client Software Product of the Year in the British Accountancy Awards 2013. We have a number of clients who have obtained this software through us and are enjoying the benefits…

Sage Update Cloud Hosted SageOne. Sage, the market leaders in providing locally and network hosted SME accounting software, launched their first serious cloud hosted variant, SageOne Cashbook, in January 2011. This product, aimed primarily at micro businesses, and costing just £5pm, was a newly written application with very basic functionality. Now, nearly 2 years later,…

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

The Start of the New Tax Year is the time for OMB’s to revise their Tax Strategy. As another new tax year begins, business owner managers should review and revise their combined business and personal tax strategy: OMB Strategies 2013-14 Depending upon how much profit the business generates, whether or not your spouse is involved in…

Most popular current tax strategies for SME businesses: Remuneration ‘Minimum’ salary, balance as dividends, to avoid NIC. Manage income below higher rate tax threshold, to avoid 40% income tax . Manager income below £100k, to avoid 60% income tax trap. Salary sacrifice with employer pension contributions, childcare vouchers and other non-taxable benefits in kind Business…

Maximise R&D Tax Relief Claims. With the ability to now claim 225% tax relief on eligible costs, those making such R&D claims will need no convincing of the merits of including as much as possible within the claim. Areas, often over-looked, where this claim can be increased include: Claiming relief on all reimbursed expenses paid…

Selling Your Business on Retirement: There is an Alternative. You’ve spent a lifetime building up your business, the thought on retirement of selling out to your business rivals may be unpalatable and selling to you own management team may not be feasible; there is an alternative. Allowing your staff to take ownership through a phased transition…

Accounts preparation, for internal and external reporting purposes, is our core disclipline. This process can begin from bringing in a bag of invoices and bank statements, or granting us access to a fully reconciled cloud hosted computerised book-keeping data set, or anywhere in between. Although the primary aim of statutory accounts is to report the…