HR Advice
Are you confident…
…that your business is legally compliant when it comes to employment law and human resource issues?
Are you:
- Struggling with employee absenteeism through sickness?
- Unsure of where you stand over holiday pay?
- Confused about whether you can fairly dismiss someone from your business?
- Realising you can’t keep up with the ever increasing number of statutory payments you have to handle?
- Unsure of the redundancy rules and the alternatives open to you?
- If the ‘nuisance factor’ of any of the above is affecting you, then we can help. Did you know that having employee contracts in place can take the uncertainty out of the above issues for both you and your staff? And that they are simple, affordable and easy to maintain?
If the ‘nuisance factor’ of any of the above is affecting you, then we can help. Did you know that having employee contracts in place can take the uncertainty out of the above issues for both you and your staff? And that they are simple, affordable and easy to maintain?
The Priory’s HR Advice Service can help:
We offer a service that is tailored to your needs, from one-off advice to a more in depth service, providing you with affordable, professional advice and assistance on all HR and employment law issues. We will help you to run your business in accordance with latest legislation, reduce the risk of costly tribunals and help you to implement best practice to improve your business’ performance through human resources.
We can support you with:
- Guidance from legal experts covering most aspects.
- Documents – we can produce over 100 of the most important documents for your business, including contracts of employment and handbooks.
- Legislation change updates – we proactively inform you of what you need to do ahead of legally required change - then help you to do it.
- Compliance reports listing a history of advice on which you have acted.
For more information or a free quotation, please call Amy Timewell on 0151 649 3900 or email atimewell@the-priory.co.uk. Either way, we would be delighted to help.
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Sage Training
Many businesses are in need of training on their in-house computer systems and it is something we at The Priory Partnership can offer to an exceptional standard.
As part of the Sage Accounting Club we can acquire the specific product required for your business at a reduced rate and install the new or upgraded software on your company's PC or network. We also offer one-to-one bespoke training for all levels of use on Sage packages from introducing the software to a business to training team members on advanced use.
The training is split into two areas - inputting information and extracting it. Plus a training helpline will be provided through to one of the trainers to provide support after the course finishes.
Our Sage trainers can also be hired to carry out group lectures for your whole team or subcontracted to training companies with a gap in their training provision.
Please contact Amy Timewell for further details on 0151 649 3900 or atimewell@the-priory.co.uk
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Accounts Preparation
Accounts are the main means of measuring your business performance. Whether you need annual accounts for tax reasons or periodic accounts, we prepare them quickly and accurately.
However, your year end accounts are the last thing we want to do! Accounts are not only used for assessing past performance. We can go beyond this and interpret the results so that they become a key part in planning your future strategy and business development. This may also include budgeting and projections, together with profit forecasts, together with other added value services.
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Audit & Assurance
It is a requirement for all limited companies, with an annual turnover in excess of £6.5million, to undertake an independent statutory audit. Rather than just a compliance necessity, we see this as an opportunity to gather an abundance of information, which will be beneficial to your business and can provide a useful foundation to business planning.
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Bookkeeping
We can relieve you and your business of a significant burden by taking care of all your bookkeeping and accounting needs. This ranges from making use of our in-house bookkeeping bureau to the preparation of your annual accounts. We will treat every business individually so that we can tailor our approach to your requirements.
Besides the core bookkeeping, we can also maintain your VAT records and take on ad hoc projects to free up valuable time for your staff.
We believe that our high level of IT literacy can help improve our efficiency and help our clients to set-up their accounting systems to be efficient and effective. We are Sage Accountants Club Members and can supply software and hardware.
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Business Planning
Every business must plan ahead in order to ensure success, but it is too easy to succumb to the daily pressures of work and delay or ignore strategic planning. The result of poor planning is often rushed and misinformed decisions, over/under capacity, inefficiency and missed opportunities.
Every business owner needs to invest time in developing a long-term plan, starting with what you want to achieve from your investment and what your reasons for being in business are, and then developing a plan to help achieve these objectives.
We are well placed to help you develop these plans and have a considerable pool of experience and expertise to draw on. The financial aspects are usually the backbone to any business plan and you need to ensure that this aspect has been adequately dealt with in your plan. Contact us today for a strategic planning review.
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Business Start-Up
Most people who start up in business do so because they have a good business proposition, not because they are experts in the financial aspects of running a business. These factors can often be quite daunting to the entrepreneur and this is where we can help by evaluating your ideas and helping you develop them into a feasible business.
We can also help you:
- decide on the most suitable structure for your business (i.e. sole trader, partnership or limited company)
- prepare a business plan, cashflow projections, budgets and trading forecasts to prove the financial viability of your ideas and demonstrate this to the bank / potential investors
- assess your finance requirements and access the most appropriate source of finance
- help you establish relationships with banks, solicitors, etc. via our well established network of contacts
- carry out registration procedures with Companies House or HM Revenue & Customs
- set up an internal accounting system which complies with statutory requirements
Call us for a FREE initial consultation to find out how we can help your ideas become reality.
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Business Valuation
One of our key objectives is to help our clients increase the value of their business. We will produce a detailed report showing the current value of the business and ideas on how you can maximise its worth.
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Company Secretarial
When running a hectic business you cannot afford to use valuable time making sure you are complying with the Companies Act. However you do need to be aware how this legislation affects your company and its directors. We can help by carrying out the company secretarial duties for you. Our services include:
- company formations
- preparation and filing of statutory returns
- preparation of all documentation (such as minutes and resolutions)
- maintenance of statutory books (share register, minute book, etc.)
- general advice on company law
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Management Accounts
The most important part of our compliance services is the preparation of periodic management accounts. Monitoring and controlling the financial performance of your business is of paramount importance and regular management information is vital to the continued success of your business. We can either carry out this function for you or help you set up internal systems to generate the information.
We will also take this service one step further by interpreting these figures for you and making suggestions to help you improve your profits or to help your business grow.
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Payroll
Running your own payroll can be time consuming and complicated, particularly with the ever increasing complexity of taxation and employment legislation. There is an increasing burden on business to comply with these issues and non-compliance can lead to substantial penalties.
Our service is comprehensive and confidential and includes:
- administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
- completion of statutory forms (including year end returns)
- summaries and analysis of staff costs
- administration of incentive schemes, bonuses and ex-gratia termination payments.
Even if you only have a few employees, you will make savings by engaging us to administer your payroll.
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Statutory Accounts
All limited companies, even dormant companies, are required to file accounts with Companies House, in a statutory format. We can prepare and file these accounts on your behalf.
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Taxation
As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Corporation Tax Services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Personal Tax (including sole-traders and partnerships)
We are specialists in income tax, capital gains tax and inheritance tax and offer a discount for submitting your records to us early. Contact our tax department for more information.
Self Assessment
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal Tax Planning
Today, more and more emphasis is being put on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
Estate Planning
No one likes to think about dying; however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of the complicated tax system.
It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime. We provide a discreet, comprehensive estate planning service that includes:
- help with planning and reviewing a will;
- making full use of exemptions and lower tax rates on lifetime transfers;
- optimising lifetime transfers between family members;
- transferring agricultural or business property;
- transferring assets into trust; and
- arranging adequate life assurance to cover potential inheritance tax liabilities.
We also have expertise in dealing with trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
VAT
Ever changing regulations and the growing demands of HM Revenue & Customs mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
- assistance with VAT registration;
- advice on VAT planning and administration;
- use of the most appropriate scheme;
- VAT control and reconciliation;
- help with completing VAT returns;
- planning to minimise future problems with HM Revenue & Customs; and
- negotiating with HM Revenue & Customs in disputes.
HMRC Investigations
Being the subject of a tax investigation by the HMRC can be a stressful and worrying experience. Revenue staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. The can also make in-year reviews and interventions which can be launched by letter or phone. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return under the Self Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are about to be the subject of an investigation, we can provide expert help and support and should be involved as early as possible. Particularly as in most cases, our fees can be covered by our Professional Fee Protection Insurance.
Research & Development Tax Relief
The Government is trying to encourage businesses to innovate by giving generous tax relief to those who are carrying out Research & Development (R&D), however, many eligible businesses are not claiming it because they do not realise that they have eligible projects or think it is too difficult to obtain. For SMEs it can double the tax relief on the eligible expenditure, thereby reducing profits by 200% of the amount spent (225% from April 2012) and reducing the company’s tax bill. Loss-making SMEs could even access a cash payment worth 25% of the expenditure (24.5% from April 2012), which could really help with cashflow.
But my company doesn’t undertake R&D work…
Are you sure? It may surprise you to know that not all claims for R&D relief are made by scientific or engineering companies. In fact, in many instances the companies making the claims are themselves surprised that their activities qualify as R&D. The claim can include staffing costs, consumable items and even subcontracted R&D. You just need to have developed (or be developing) a new or appreciably improved product or process to qualify and even failed projects can qualify for the relief.
Isn’t a grant the best way forward?
Businesses often look for grants to help towards R&D costs, but did you know that claiming a grant significantly reduces the tax relief you can claim on your innovative activities? You need to weigh up the amount of grant you will get against the tax you could save before making a decision.
Do I qualify?
If you are employing staff directly, subcontracting or paying an external provider (such as a university) for staff who are actively engaged in carrying out R&D activities on your behalf, or spending money on consumable items, maintenance, power or transformable materials used directly in carrying out R&D, then you could be missing out.
How can we help?
All we need to get started is a description of your R&D activities and some details of the project. We will then confirm your eligibility and make the claim on your behalf. You can make retrospective claims going back two years, but after that the relief is lost, so it is important to take action as soon as possible, so that you do not miss out. We have a good relationship with the R&D team and are confident that projects we take on have the best chance of being approved. This is an area that not all accountants are experienced in. You have the technical knowledge, but we have the experience of submitting successful claims. We are a local firm of Chartered Accountants who have been providing this service for our clients, not a national ‘tax loophole’ company; we can even work alongside your existing accountant with no conflict and if we don’t save you any tax, we won’t charge you a penny. You can’t lose.
Example Tax Relief:
Up to 200% of R&D expenditure, e.g. ABC Co. spends £60,000 on R&D.
If R&D is not identified and claimed, tax relief is £60,000 x 20% = £12,000.
If R&D is claimed, tax relief is £60,000 x 200% x 20% = £24,000. Additional tax relief gained = £12,000
Example Cash Credit:
Up to 25% of R&D expenditure, e.g. you employ four software developers to do R&D work (£25,000 salary each, £100,000 R&D spend). You surrender your tax losses for cash and get a cheque from HMRC for £25,000 each year. One of your employees effectively works for free.
Contact
Steve Tobin at The Priory Partnership on 0151 649 3900 or email stobin@the-priory.co.uk.
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Fee Protection
Increasingly HMRC is attempting to maximise the tax it collects by opening aspect enquiries and compliance checks, rather than full enquiries. With greater powers than ever, HMRC can turn the spotlight on your tax affairs at any time.
It's vital that you involve your accountant from the outset. Without professional representation, you could easily end up paying more tax than necessary.
HMRC enquiries are time consuming and the professional fees involved in obtaining the best result for you can be considerable. We recommend that you protect against such costs by joining our CCH Premier Protection scheme.
Whatever the nature of HMRC's investigation, the scheme will cover the professional fees involved. What's more, if you are a business client, it will give you access to the CCH Business Support Helpline, an invaluable source of guidance on a wide range of business-related law.
To join, contact Amy Timewell on 0151 649 3900. But first, take a look at our video to find out why we recommend CCH Premier Protection to all our clients.
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