Skilled in Accounting Specialist in Tax Experienced in Business

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Bookkeeping and Real Time Reporting – Let Us Take The Burden Off Your Accounts Department

Some businesses seek to do this activity themselves. Often, however, it is more sensible for us to do this on your behalf as it almost always results in a direct cost-saving. We have an experienced team of bookkeepers who are trained using our proprietary systems which allow them to complete this activity quicker and therefore at a lower cost. In addition, we also have an online reporting system that allows all our clients to access their bookkeeping reports and records at any time. We can also arrange for your reporting to be undertaken on a daily, weekly, monthly or quarterly basis so you are provided with real-time management information to help you run the business. For many clients, we also offer dedicated personnel to ensure you only have one point of contact for all requests and enquiries. Act as your accounts department.

Outsourcing your bookkeeping to Hudson Conway also reduces the time spent on human resource activity, allowing management to get on with the important job of running and growing the business. It can also help reduce your year-end accountancy costs, make VAT inspections less worrisome and also deal with any tax enquiries by making sure your bookkeeping accurately reflects the business’ transactions. It’s quite simple really, irrespective of the size of your business, we can act as your accounts department – This solution is invariably far cheaper and more efficient than employing your own staff.

The most cost-effective alternative is to scan your records and upload the documents to your dedicated folder in our highly secured server, which is also accessible to you 24/7. We will carry out the assignment using the most appropriate bookkeeping software often or any software of your choice. Alternatively we can also provide you with training to allow you to keep your books yourself in the way best suited to your business.

All bookkeeping work we perform adheres to the key principles of our quality assurance whereby:

  • We ensure we have full understanding of clients’ requirements, needs and expectations.
  • We review and approve complete work prior to sending it to the client.
  • We plan and complete assignments as required.

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Business Plans

A clear business plan is vital if your business is to be successful. Whether you are an existing business or a potential new venture, having a comprehensive business plan ensures you map-out your thinking and pen your thoughts on the most critical areas of your business e.g. from marketing strategy to business location, through to gauging income, expenditure and how much funds and employee resources you need. Essentially a business plan provides you with a road map which your business can follow, helps handle unforeseen circumstances and ensures the proper allocation of resources – it is the foundation for good decision making. Indeed, this map will change as your business grows and develops. In addition, if you are seeking funding for a business idea, having a sound business plan is critical. Ultimately, a good business idea needs a good business plan with sound financial information and a strategy to make the idea become a reality.

Hudson Conway can review your business plan and help you complete it, highlighting areas of weakness and suggesting different options and ideas. We see many different types of businesses on a daily basis and can therefore help you with the financial section of the business plan where we can help you to accurately model and forecast the profit and loss and cash flow statements. Most start-up businesses will need funding and a business plan not only allows you to see if the idea can be profitable but it also allows a bank or equity investor to understand your idea and how the business finances will shape itself going forward.

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Business Start Ups

Starting a business is an exciting yet anxious time. We at Hudson Conway understand this and also appreciate the countless number of tasks that need to be undertaken when setting-up a new business. However, we can help lighten the load, and have helped many businesses during their formative stages. Our wide-range of services include assistance in writing business plans, setting-up your new business entity (whether it is a limited company, sole trader or partnership), registering your business with HM Revenue & Customs, Companies House, and for VAT, to also helping you set up your internal accounting systems. Our large and diverse client base enables us to make intra-client referrals i.e. between our clients i.e. we can recommend bankers, solicitors, web design and marketing agencies etc.

Every successful business is based on more than just a good idea. We can help structure your business and accounting systems, whether it is via a Limited Company, Partnership or Sole Trader. At the outset of the new enterprise, we advise on the formation of the best business vehicle and then assist in the formation of that entity.

Together with our clients, we help to create a series of business projections including a business plan and forecasts for cash flow and profit & loss accounts. We ensure that all business plans and projection are created prudently so that capital and cash requirements are not underestimated.

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Cash Flow Forecasting and Budgeting

Budget and cash flow projections are probably the most important management reports one should have. These reports show how cash is expected to flow into and out of the business, and therefore how much capital investment your business requires. These reports are typically required by lenders and equity providers. Hudson Conway can help you accurately model and forecast your budget and cash flow projections in detail to suit your business needs or capital provider’s requirements.

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Company Formation and Company Secretarial

Whether you want an off the shelf company, a tailor made company or a Limited Liability forming we can help form the company for you. We can also arrange same day formations. We take care of all the paperwork needed.

Time is money and it’s all too easy to spend a great deal of it meeting all of the statutory requirements laid down by HM Revenue & Customs and Companies House. Let us carry out your company secretarial duties for you, an area many small businesses neglect but one that is vital.

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Corporate Finance

Transactions occur at every stage of a business, from start-up, early stage finance, funding for growth and acquisitions, through to the final disposal of the business and possible management buy-outs. Our holistic approach includes taxation advice – a critical area in determining the success of any deal, where minimisation of the tax liabilities for all parties can make or break a deal. We apply original thinking, proactive management, creative finance arrangements and innovative solutions to meet any and all challenges a transaction may expose.

We are also very conscious of the high levels of personal stress that a complex deal can generate and we strive to provide clear, reassuring and supportive advice throughout the process. We advise on Strategy, Management Buy Outs, Disposals, Acquisitions, Valuations, Joint Ventures and Mergers, Transaction Support, Due Diligence, Reporting Accountants, Viability Reviews, Financial Modelling, Tax Support, Post Transaction Support, and Fundraising.

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Credit Control and Supplier Payment Management

As accountants and business advisors, we fully understand that the lifeblood of a business is converting sales invoices into cash. We are also aware that unless you are a retail or cash-transaction business, pursuing your outstanding debtors for payment is usually a continuous, painstaking, tiresome and sometimes a contentious task. We therefore have a specialist department that focuses on assisting companies with this. Over the last ten years, our team has helped hundreds of companies, and in the process, have devised methods to successfully ensure we obtain full payment on all your outstanding invoices whilst maintaining your relationship with your customer.

We also offer a Supplier Payment Management service where we manage payments that need to be made to all your suppliers. Specifically, we ensure that delivery of the goods or service was made, or if made incorrectly we raise and resolve the dispute on your behalf, we also check to ensure the same invoice is not issued twice, and ensure payments are made so as to maximise your credit period. We usually tie in these services with our bookkeeping service so that we essentially act as your own in-house accounts team – your one-stop-shop finance department without the HR hassle.

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Management Reporting and Accounts

All businesses can benefit from quality management information on which to make the right decisions, but only a minority of businesses can afford a dedicated finance function. It is important that all business owners and managers monitor and assess the business’ progress. We can prepare your Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, in order to help you track how your business is performing, and identify strengths and weaknesses in advance.

Alternatively, we can also design and implement systems so that you can produce management accounts on an on-going basis. If you are unfamiliar with accounting, we can help you understand and get the best out of your management accounts.

Management accounts are designed to monitor whether you are meeting your budgets that have been set i.e. to make sure that the company is on target for reaching its budgeted annual profit. The accounts will also enable you to make management decisions about when to purchase new items for the business.

On an ongoing basis we can assist with the preparation of meaningful monthly management accounts in order to ensure you have access to up to date figures on which to base day to day key financial decisions.

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Payroll

With legislation continuously changing and having increased over the years, payroll has become a more complex and onerous task for employers. As an employer of finance manager, you are ultimately responsible to ensure payments for tax and employee payroll is accurate. For many small and medium-sized businesses, providing payroll services in-house can also be time-consuming and costly due to recruiting and retaining qualified staff and maintaining up to date payroll software. In addition, with the introduction of Real Time Information (RTI), employers now share information with HMRC about their payroll on-or-before payments are made to employees, giving businesses less time to sort their payroll administration. We understand and appreciate that the obligations of payroll bookkeeping and payroll services is an additional resource drain on certain businesses.

We can help. Hudson Conway employ experienced payroll professionals who can provide bespoke payroll bookkeeping services to meet your individual needs and strategically relieve your HR burden. Whether you are a small company or a large business, our experienced team run payroll ranging in size from one employee to hundreds. By outsourcing your payroll function to Hudson Conway, you can rest assured your staff are paid accurately and on time with utmost confidentiality. We offer free initial set up consultation.

Transferring your payroll to us is effortless. We ensure that it is run according to the date that you wish to pay your staff and we will advise you in plenty of time of the PAYE and NIC payable. If you want to completely outsource your payroll function we can even deal with the payments to HMRC for you.

Transferring your payroll to us is effortless. We ensure that it is run according to the date that you wish to pay your staff and we will advise you in advance of the PAYE and NIC payable. If you want to completely outsource your payroll function we can even deal with the payments to HMRC for you.

Our payroll department works closely with our other departments. For example, when we prepare your management accounts we ensure that the payroll is processed and the PAYE and NIC account reconciled. Any payment discrepancies are highlighted on a monthly or quarterly basis which is particularly important given that late payment penalties apply on PAYE amounts due that are not paid in full on time. This close relationship also assists with the preparation for the year end P35.

Other benefits of letting Hudson Conway manage your payroll:

  • Avoid late filling penalties.
  • Provide your employees comfort and reassurance that their payroll calculations are being undertaken by an external accountant and that the right tax is deducted.
  • Not being solely reliant upon an in-house employee.
  • Avoid spending money to continuously update your software.

Hudson Conway’s Payroll Service:

  • Payroll Processing: BACS and e-payslips options provide fast, reliable payment.
  • Payroll Allowances and Additions: For tax credits, pension deductions, student loan payments, employee expense claims.
  • Flexible Payment Periods: Pay your staff weekly, fortnightly, 4 weekly, monthly, quarterly, annually.
  • Telephone Support: From trained staff provides reassurance regarding all PAYE matters. We will deal with all your third party enquiries and payroll queries from your HR team or even directly from your own employees.
  • Fixed 12-Month Fee: So you can manage your costs.
  • Monthly Reports: Monthly payroll reports tailored to your needs.
  • Completion and Filing Year-End Returns.
  • Directors NI35.
  • PAYE Audits: Support during.
  • Statutory Pay: Sick Pay, Statutory Maternity Pay, Statutory Paternity Pay.
  • Statutory Deductions: Income Tax, PAYE, National Insurance, Attachment of Earnings.
  • Voluntary Deductions: Union fees, healthcare, childcare vouchers.
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P11Ds and Dispensations

A form P11D is a return of expenses and benefits. If your employees have company credit cards and/or reimbursed expenses then it is likely that P11Ds will be required. We can assist you to ensure that controls are in place so that your company can apply for a dispensation. A dispensation notice from HMRC removes the requirements to report expenses and benefits at the end of the year on forms P11D or P9D. There is also no need to pay tax or NI on items covered by a dispensation.Dispensations last indefinitely although HMRC does review them regularly. Certain items cannot be covered by a dispensation. If you would like to reduce the compliance burden please contact us for more information on applying for a dispensation.

PAYE Settlement Agreements (PSAs)

A PSA is a more flexible way of dealing with certain expenses and benefits. It is a voluntary agreement between you and HMRC whereby you agree to meet the tax payable on certain expenses and benefits in kind that you give to your employees. Certain deadlines need to be adhered to in respect of agreeing the PSA, submitting the benefit calculations to HMRC and paying the tax and NI.

Depending upon complexity and budget, there are two Payroll service levels you can choose from:

Payroll Bureau: You supply the details and calculate your payroll for you. We shall also provide you with all the necessary reports and send you payslips for distribution.

Managed Payroll: Hudson Conway will manage everything from HMRC and staff queries, calculation of pay and deductions to distribution of payslips.

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Personal Tax Returns

Nearly ten million people in the UK need to complete a self-assessment tax return. HM Revenue & Customs are not tasked to inform you on whether you have to file a tax return or not how to organise your affairs and minimise your tax. At Hudson Conway we can analyse your self-assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted. We use HM Revenue & Customs approved software to complete your tax return, calculate your tax liabilities, file the return and liaise with you on the amount to be paid and when they are due.

Specifically, you’ll need to fill in a tax return if:

  • You are self-employed, a business partner, or a director of a limited company.
  • You are an employee or pensioner with annual gross income of £100,000 or more.
  • You are a CIS contractor or sub-contractor?
  • A trustee or representative of someone who has passed away?
  • No-UK domiciled or live/d or work/ed abroad.

You’ll also usually be sent a tax return if:

  • You have annual gross income more than £100,000?
  • You have income from savings or investments (e.g. Property, Pensions, Inheritance).
  • You make capital gains above the annual exempt amount (£10,600 for 2011/12 and 2012/13).
  • You or your partner receive Child Benefit and your income is greater than £50,000.
  • You receive income from trust, settlements and estates or receive income from overseas.

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VAT

VAT is a constantly changing and complex tax which affects most businesses and organisations. Whether it’s completing and submitting quarterly VAT returns or considering the implications of specific transactions, getting it wrong can be a costly mistake. In addition, efficient management of VAT can have a considerable impact on cash flow and profitability, often saving substantial sums of money. With our collective experience and expertise in VAT compliance, consultancy and planning, our specialist VAT expertise provides cost-effective advice and assistance and helps businesses to avoid the many pitfalls presented by VAT and the other indirect taxes administered by HM Revenue & Customs.

We offer a full VAT consultancy, planning and execution service to steer you through the minefield of regulations and set up the appropriate recording systems so that the hassles of an investigation are minimised. For example, we will advise you on when it is advantageous to register or deregister, prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. We will also ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs. As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HMRC or your behalf.

We cover VAT for businesses, as well as trusts, charities and public sector organisations including, registration and de-registration, land and property, partial exemption, tour operators margin scheme, buying and selling a business, review of assessments and tribunal handling, farmers and landowners, health, motor trade, and trade with other countries.

The team also deals with other indirect taxes including customs and excise duties, insurance premium taxes and environmental taxes. These taxes are ruled by complex legislation and are often overlooked. The team can help manage your indirect tax requirements and assist with obtaining reliefs such as inward processing relief, duty deferment. We can get involved at the planning stages, carry out efficiency reviews and also help with disputes with HMRC.

Investigations

We’ll also help in dealing with HMRC inspections and will provide you as much support and assistance as needed should you be singled out for special examination. In representing clients to HMRC, we regularly achieve the best possible settlements in relation to particular transactions, structures or cases involving assessments.

When you become a client of ours, you may qualify for insurance against the cost of tax investigations, so if HM Revenue & Customs randomly select you, at least you won’t have to worry about paying additional accountancy fees.

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Year-End Statutory Accounts

Every business in the UK has a statutory obligation to produce their annual accounts for the relevant authorities, typically HM Revenue & Customs and Companies House. In addition, the year-end accounts provide invaluable management information about the performance of your business over the last 12 months. Specifically, your year-end accounts will be needed if you are seeking to make a mortgage application or raise external debt or equity.

We shall prepare all your accounts in accordance with relevant accounting standards and we will check and ensure that all your entitlements and allowances are fully claimed so that your company is placed in the most tax efficient position.

At the end of your financial year we will need to collate all your information in the production of your profit and loss trading account and balance sheet. The information will show you how much profit you have made for the year and how much your business is worth (in terms of assets owned). If you are a limited company then we will produce the accounts in the correct format and submit it to Companies House. The year-end accounts will provide us with the information we require to prepare your tax returns.

Many business owners whom we take on as new clients do not fully understand or appreciate what the year-end accounts mean. It is important to us that all our clients understand their Year End Accounts and that is why once we have produced them we sit down with you at your premises to go through them with you. These are very important documents that can assist you in strategizing your business and personal financial goals.

Your accounts will be prepared in accordance with the UK regulated accounting standards and we will check and ensure that you are claiming everything that you are entitled to.

Finally, we also seek to advise you on how to strengthen your record keeping procedures which in turn will help you run your business more effectively i.e. having accurate, timely management information can assist you in managing your inventory levels, outstanding debtors, your outstanding supplier balances and your cash flow situation. It ultimately helps you understand the cash drivers of your business i.e. major cash draining and cash replenishing items.

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