Spring Budget 2024
This week Chancellor Jeremy Hunt delivered his Spring Budget. With a General Election on the horizon, many questioned how the Chancellor would balance sensible fiscal decisions with voter-pleasing political plays. Talk beforehand largely centred on further national insurance cuts and also reductions in inheritance tax. There was also t...
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Understanding the Importance of Cash Flow Management
Understanding the nuts and bolts of cash flow management could mean the difference between a flourishing enterprise and a floundering business. At its core, cash flow reflects the heartbeat of your company, revealing the money coming in and flowing out—a true measure of financial health and liquidity. With positive cash flow indicating ...
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Understanding the Differences: Accountant vs Financial Advisor vs Mortgage Broker
In the complex world of finance, it's easy to feel overwhelmed by the different roles that professionals play. It can be confusing to understand what each professional does and how they can help you. In this blog, we're going to break down the roles, highlighting their similarities, differences, and how each can support your needs. Under...
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Why Management Accounts are a key tool for Business Growth and Success
As a business owner, you may have heard of management accounts and wondered what they are and why they are important. In this blog, we explain what management accounts are, why they are essential for business growth and success, the benefits of management accounts, the key components of management accounts, how to use management accounts ...
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HMRC is Cracking Down on Side Hustles
There’s been a bit of a commotion recently from people who sell their old clothes on sites such as Vinted and Ebay. The reason being that it was recently announced that with effect from 1st January this year that these online platforms would need to start passing information about you onto HM Revenue & Customs (HMRC). Many have v...
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Protection from Redundancy
From 6 April 2024, employees who are pregnant or returning from maternity, adoption or shared parental leave will gain priority status for redeployment opportunities in a redundancy situation. Under the current law, employees on maternity leave, shared parental leave or adoption leave already have special protection in a redundancy sit...
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Claiming Expenses For Working From Home
Working from home has become a new norm for many UK businesses. With this shift, the concept of 'business use of home' has become more prevalent and crucial. It refers to the expenses you incur by using your home as a workplace. These expenses can be claimed as tax deductions, reducing your overall taxable income. But, understanding what ...
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Changes to Companies House
It’s not often that rules and regulations relating to Companies House change. However, we’re about to experience multiple changes, starting in 2024. The reason being that the Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023. The ECCTA is a key part of the Government's ongoing legislat...
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National Insurance Contributions Cut
On 22 November the Chancellor presented his latest Autumn Statement. You can read our summary here. Within the Statement he announced that National Insurance Contributions (NICs) would be either reduced or cut altogether (depending on the type of contribution class). You can see an overview of the changes below. As well as being awa...
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What happens if my tax return is submitted late?
The process of tax filing in the UK is fairly straightforward but requires a thorough understanding of the various tax codes, allowances, and deductions. Typically, tax returns have to be filed by the 31st of January following the end of the tax year, which runs from 6th April to 5th April the next year. Despite this, there are instanc...
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Autumn Statement 2023
This week the Chancellor presented his Autumn Statement. This was an eagerly anticipated Statement, as we waited to see if he would act based on the recent positive financial results (lower inflation, improved GDP predictions, etc), or whether he would take a more cautious approach. The Chancellor answered that question during his init...
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Navigating Property Investment: Sole Trader Vs Limited Company
The world of property investment is indeed a fascinating one. It offers numerous opportunities for investors to potentially grow their wealth, while also providing a tangible asset that can be beneficial for long-term investment. In the UK, property investment has always been a popular choice among investors due to the stability of the ma...
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Choosing the Right Path: Best Legal Structures for a Joint Venture
The term 'joint venture' has become quite prevalent in the business world today. But what is a joint venture? A joint venture is an arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture, each pa...
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Accounts Assistant Opportunity
Due to expansion plans we have an exciting opportunity for an additional Accounts Assistant to join the team. About Us We’re a rapidly growing accountancy practice based in North East Bristol, whose client portfolio comprises growing SMEs across the country ranging from start-ups to much larger groups of companies. We ...
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Getting clear on protecting data (guest blog)
Do you understand what is required of you when it comes to holding and using personal data? Do you know what happens if you breach those requirements? To help you understand the importance of protecting data, and why it matters, Chris Burn, data protection specialist at CSRB has kindly written a guest blog for us: Introduction P...
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Expanding Our Services
At WCL we’re always looking for ways to better serve our clients, whether this be improvements to our current services, or offering additional services. To allow us to identify where we can improve or what additional support is required, the best source of information is feedback from our clients. And based on feedback we’re excite...
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Spring Budget 2023
This week Chancellor Jeremy Hunt presented his Spring Budget Statement. In the lead up to the Budget, many experts were predicting what was supposed to be a relatively ‘dull’ Budget, with few surprises expected. And whilst it was a fairly basic Budget in terms of the number of announcements, the announcements were anything but dull. ...
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Super Deduction Tax Relief
As we count down to the Spring Statement, we’re also reminded of the upcoming deadline of a benefit introduced back in the 2021 Budget by then Chancellor, Rishi Sunak. Following two years of economic slowdown, one of the measures brought in by Rishi Sunak to help kickstart the economy post-Covid, was what is known as the Super Deduct...
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Client In Focus: Commercial Property Advisors
Welcome to ‘Client In Focus’, where we introduce you to one of our many wonderful clients. If you would like to be featured, please get in touch. In todays article we would like to introduce you to Ben Sayer of Commercial Property Advisors. What does your business do? We provide a business rates review service on a risk free ...
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Involving your children in your business
Have you ever wondered about succession planning or involving your children in your business? We often get asked what options are available when it comes to adding children as shareholders, employees or both. In this blog we’ll cover the various scenarios. Why involve your children in the business? Having worked hard to build up a...
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January: here to stay?
If you’ve been following our blogs and newsletters, you will have noticed we’ve mentioned Making Tax Digital (MTD) once or twice. The reason being that MTD represents a significant change to the way self assessments will be submitted/managed. Thus it’s not something that can or should be ignored. As a reminder, MTD is the new sel...
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Autumn Statement 2022
On Thursday 17 November Chancellor Jeremy Hunt announced his first Autumn Statement since being called to the position of Chancellor. This was never going to be a Statement of exciting promises. Rather, it was more a case of damage limitation. Unfortunately the Statement delivered what many predicted – higher taxes and spending cuts....
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Meet Payroll and Pensions Administrator, Amanda Bailey
What do you do at Whittock Consulting Ltd? I look after payroll and pensions end to end. I set up new employers PAYE scheme with HMRC, set up new pension schemes, organise declarations with the Pension Regulator, manage auto enrolment, reassessing staff, keeping up to date with legislation and new procedures. All in all, quite a varied...
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Bouncing Bounce Back Loans
In 2020, against the backdrop of a global pandemic, as a measure to help businesses who were struggling, the British government launched a solution known as the ‘bounce back loan scheme’. The idea was that businesses would be able to easily raise finance, at a low rate of interest in order to help with their recovery. The problem i...
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Reversing the budget
Anybody for a round of Hokey-cokey? It's hard to keep up with Downing Street right now. Kwasi Kwarteng's "mini budget" turned out to be anything but “mini” in terms of the repercussions. As a result, he was swiftly removed from position, and Jeremy Hunt installed in his place. And as the new Chancellor, Jeremy Hunt was certainly not s...
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The Mini Budget
A month ago we discussed the campaigns and proposals of Liz Truss and Rishi Sunak as they went head to head to vie for the position of Prime Minister. You can read the blog here. Now, as we know, on 5 September, Liz Truss was announced victorious, being confirmed the UK’s new Prime Minister. Her victory was built very much on her pro...
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Electric cars on the charge!
It’s no secret that the world of petrol and diesel powered cars is coming to an end. And to help speed up the transition, the government have been offering various incentives to encourage limited companies to switch over to electric vehicles. But with so many different ways of purchasing a vehicle, it can be quite confusing as to wha...
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The countdown to be the next Prime Minister – and what it means for you
After the past few years it’s hard to imagine a time where politics haven’t formed such a prevalent part of our daily discussions. Whether it’s been Brexit, lockdowns, or recessions, there seems to have been no shortage in political headlines. And over the next couple of weeks it’s only likely to intensify as the campaign to be...
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Meet Accounts Assistant, Jed Hughes
What do you do at Whittock Consulting Ltd? My role is quite varied and includes amongst other things: Bookkeeping on a weekly/monthly/quarterly basis Preparation of monthly payrolls including pension submissions Preparation of monthly CIS submissions Preparation of management accounts for board meetings Assisting with ...
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Meet Client Manager, Claire Smyth
What do you do at Whittock Consulting Ltd? I’m involved in a variety of different activities including: Preparation of management accounts for board meetings Preparation of statutory accounts and CT returns Preparation of self assessment returns Overseeing self assessment process and ensuring all the returns are filed o...
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5 Benefits of Making Tax Digital
Making Tax Digital (MTD) is the HMRC plan to switch tax administration from paper-based systems to a digital tax platform. Getting ready for Making Tax Digital (MTD) can seem like an effort, but the good news is that it will almost certainly make life easier. The aim of MTD is to help individuals and businesses manage their accounts m...
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Meet Senior Accounts Assistant, Gemma Bayly
What do you do at Whittock Consulting Ltd? My role is quite varied and includes supporting clients with their bookkeeping, either completing the book keeping myself or helping clients on Xero when they get stuck. I help with year end accounts and CT600 preparation. I support Brad with management accounts and cashflow preparations. I...
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Making Tax Digital for Income Tax Self-Assessment
What is MTD for ITSA? Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is due to launch in 2024, but you need to start preparing now. To help you, we’ll be releasing a series of articles to explain everything you need to do to get ahead of the curve and ensure a smooth, stress-free transition. From the basics, ...
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Checking Your Xero Set-Up
Xero is about as reliable as you can get if you’re looking for ease, efficiency, and accuracy for your accounts. But like any smooth-running machine, from time to time it benefits from a thorough health check to make sure its systems, and yours, are operating at their best. The benefits of running a Xero health check: Update inf...
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Company, Finance, Uncategorised
How to get ready for Making Tax Digital for VAT
If you’re a business registered for VAT with a turnover of under £85,000, you need to know about Making Tax Digital for VAT (MTD). Your deadline is April 2022, so now is the time to sign up, do your research, and choose the right software. What is Making Tax Digital for VAT? The aim of MTD for VAT is to make it easier for busin...
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Government announces pay rise for millions of people
Millions of UK workers are to receive an increase in pay from April 2022 following rise in the National Minimum Wage. The Government have announced the rise in the National Minimum Wage and National Living Wage from April 2022. In full, the increases are: National Living Wage (23+) to increase from £8.91 to £9.50 National Mi...
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Meet Whittock Consulting Ltd Director, James Comer
This month we’re shining the spotlight on Director James Comer. James joined Whittock Consulting Ltd 3 years ago and was recently promoted from Practice Manager to Director. He is our resident MTD and Xero Accounting expert and has helped make many of clients’ lives easier through helping to streamline their systems. What’s you...
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The Benefits of Terms & Conditions
Running your own business is tough. It demands time, energy and commitment, and inevitably there is always something else that needs to be done. As a business owner, you therefore have to prioritise, which can sometimes lead to a focus on service delivery with administrative tasks slipping down the to-do list for later. However, the...
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The Benefits of a Shareholder Agreement
Can you answer the following questions? a. Do you know what your internal company rules are in relation to a share sale? b. Do you have a mechanism to value your shares? c. In what circumstance can you force a shareholder to sell? d. Do you know what happens to shares if a shareholder dies? If the answer...
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Meet our Apprentice Troy Groves
Meet our Apprentice, Troy Groves. Already a valued member of the team, Troy is contributing his growing expertise to benefit Whittock Consulting Ltd's clients while continuing to develop his career in finance. He recently passed his Level 2 AAT exam with flying colours and has now commenced his level 3 qualification. What’s your back...
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Congratulations Troy Groves
At WCL, we see investing in our team as key to the success of the business and in developing our service offering. On this note, we are pleased to congratulate our Apprentice Troy Groves who has passed his latest Level 2 AAT exam with flying colours. Troy will now commence his level 3 qualification and we are delighted he can build his...
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Company, Employment Law, Finance
Customer Success Story: Conversational AI
Established in 2020, Conversational AI Limited (“CAI”) provides specialist consulting services to Enterprises in Artificial Intelligence, helping them deploy intelligent solutions, such as chatbots, to automate customer interactions. Their services range from ideation and strategic planning through to solution design and build of chat...
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The Benefits of Management Accounts
When you are busy running your business, why then spend time preparing management accounts? How do they actually help your business? Is it time well spent when you could be running other areas of your business? Other than needing to produce statutory accounts, why then produce more financial information? Management accounts can help...
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Welcome to the team Mackenzie Winbow
This month we welcome our new Senior Accounts Assistant, Mackenzie Winbow. Mackenzie is highly qualified and thrives on getting to know clients so he can find the perfect accounting solutions to suit their needs. What’s your background and what made you the perfect fit for Whittock Consulting? I grew up in Yate, so the South West...
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Our Top 10 Contract Tips (Part 2)
We have continued to share our series of Top 10 Contract Tips on our social media channels over the summer. Here’s Part 2 of our Contract Tips blog with tips #6-10: #6 TURN YOUR CONTRACT INTO AN ASSET As well as protecting your business and managing risk, a contract can also be an asset. A well-defined contract pos...
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Company, Company Secretary, Finance
Should my business have tax investigation insurance?
More than ever before, HM Revenue and Customs (HMRC) are cracking down on individuals and businesses who aren’t paying the right amount of tax. Investigations can be invasive, worrying, long and expensive. But you can avoid those sleepless nights and make sure you’re protected. Here’s what you need to know. What is a tax inves...
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Whittock Consulting Ltd is awarded Xero Gold Partner status.
We are delighted to announce that Whittock Consulting Ltd have achieved Xero Gold Champion Partner status. With the additional training our team receive, we are now able to provide the highest level of service and value add to our clients. Whittock Consulting Ltd was set-up in 2013 with a view to supporting growing businesses with outs...
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Whittock Consulting Limited acquires client base of TJS Business Solutions Limited
July 2021 Whittock Consulting Limited (WCL) are pleased to announce its successful acquisition of the accounting client base of TJS Business Solutions Ltd (TJS), allowing its current owner to focus on its coaching business. WCL, based in Warmley, Bristol, has seen significant organic growth over recent years and has now taken the pl...
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Our Top 10 Contract Tips – Part 1
Over the past few weeks, we’ve been sharing our best contract tips via our social media channels. For most small businesses, employing an in-house legal counsel is not an option, but our outsourced business law service could be the perfect fit. If you’d like to follow our series of tips, you can follow us on Linkedin, Twitter or Fa...
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How Xero accounting software makes life easier for us and you
Whittock Consulting Ltd are proud of our Xero Certified Silver Partner status. As you’d expect, we use Xero a lot here, and in tandem, many of our clients do too. In this latest blog, we thought we’d share some of the benefits we deliver to our clients through our Xero partnership. What is Xero Accounting Software? Xero is a cloud-b...
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Small business pessimism highlights the need to take insight from your numbers.
According to a recent survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network, 1 in 5 small businesses believe full trading recovery following the COVID-19 pandemic will take two years. This gloomy prediction came from a survey of accountants representing 7,065 clients. The same articl...
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Company, Company Secretary, Finance
Post-lockdown Intel for Company Directors
Are you a company director seeking guidance as we exit lockdown? Want to know the potential pitfalls and opportunities that lie ahead? To help you chart the way, here’s our intel on 5 areas on which Company Directors need to be aware. 1. Dividends timebomb? If you’ve taken dividends this year, you need to be sure the busines...
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Companies House – a few changes
Companies House has issued guidance to its customers regarding accessing its services during the ongoing pandemic. Companies House is trying to make access easier utilising electronic means. As such it is encouraging us where possible to meet filing requirements via the online portal. Currently accounts, confirmation statements, certai...
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Have referees blown the whistle on IR35 rulings?
When the English football season was paused due to Covid-19 you may have been missing your football fix. However, during this time a very important football match was being played out. The two teams? HMRC v Professional Game Match Officials Limited (PGMOL) or referees to you and I. What happened pre-match? Premier League referees are em...
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Company, Employment Law, Finance
Goodbye Job Retention Scheme, Hello Job Support Scheme
As of 31st October 2020, the Government’s current job retention scheme will cease. Currently employers can claim up to 70% of an employee’s wages who is on furlough subject to the salary cap. However, last week the Chancellor announced a further scheme aimed to continue to assist employers and prevent unnecessary redundancies. Wha...
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Finance Director MOT
WCL is offering a new service to assist companies in understanding what their business finances look like as things start to slowly return to normality. Monitoring financial performance is key to any successful business. We are now offering a limited number of FD MOT’s to new customers in the run up to Christmas. The scope of work ...
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What’s your Lockdown story?
At a recent networking event, I heard someone explain what their company did and didn’t do during lockdown. This started us thinking as to what we did and didn’t do at WCL over that period and we would like to share these with you. 3 things we did do: Called (rather than e-mailed) clients regularly to check on how they were ...
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What does your business look like post Covid?
As lockdown restrictions ease and companies start to see an increase in business; now is the time to plan what the next few months and even years start to look like. Decisions made in the next few months could have far reaching consequences. The Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan (BBL) have b...
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TOP CONTRACT TIPS
#15 GET ADVICE Of course we would say that wouldn't we! Yes, but we are often met with the phrase "I wish I had spoken to you first". You don’t have to spend a fortune on advice. Whoever it is you want to engage with, that professional adviser's review of your contract can give you great peace of mind. They can: point out the...
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TOP CONTRACT TIPS
#14 TURN YOUR CONTRACT INTO AN ASSET Think of the contract as a strategic tool to protect your business and manage risk. In our prior blog about negotiating contracts we set out key clauses to include. These are central to managing risk in your business. However, it can also be a positive asset as well. Why not use it is a marketing to...
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TOP CONTRACT TIPS
#13 ALWAYS REVIEW, NEVER FORGET Following on from our post about understanding the contract, it is just as important to review contracts as well. They are not a one off; they should almost be thought of as fluid. Why? Even if you have a very detailed scope of work, clients tend to ask you to add services. Don’t be afraid to upd...
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TOP CONTRACT TIPS
#12 IS MY CUSTOMER BOUND? How do you ensure your customer knows they are bound by your contract terms? It is frustrating when someone says they are not subject to the contract because they have never seen it. The first step is to send a copy of your contract to your customer or certainly tell them where to find them. If you email co...
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TOP CONTRACT TIPS
#11 DO NON COMPETES REALLY WORK? Non-compete clauses (also known as restrictive covenants) are commonly found in employment contracts. They are also used in many other business relationships. They are designed to prohibit third parties from offering business to the marketplace in competition with you. Provided they are appropriate a...
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New National Minimum Wage and National Living Wage increases and what you need to do
The national minimum wage applies to anybody that has reached the school leaving age, with the national living wage applying to those aged 25 and over. The current rates along with the new rates are below: Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice April 2019 (current rate) £8.21 £7.70 £6.15 £4.35 ...
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TOP CONTRACT TIPS
#10 SHOULD I BE EXCLUSIVE? Exclusivity in a contract will mean you are the only supplier supplying that particular service or product to the customer. If you are the supplier, this is great. It means you know there will not be anyone else there to compete for the potential orders the client makes. Plus, it can create customer loyalt...
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Coronavirus Business Interruption Loan Scheme – some top tips
Here at WCL clients have been asking for assistance with regard to their applications for the Government's Coronavirus Business Interruption Loan Scheme (CBILS). Here are a few pointers as to what we see banks needing ahead of granting a loan under the government’s CBILS: They will only lend to businesses that can pay the money ...
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TOP CONTRACT TIPS
#9 DON’T LOSE THE LEGALESE Legalese can look complicated and is not always easy to understand. However it is included in contracts for a reason. It is a technical language. It has been developed to summarise and provide standard wording for contract issues which have arisen historically. Contract law has taken centuries to evol...
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COVID-19 – Latest update on Job Retention Scheme
Latest guidance on the Government's Job Retention Scheme has been published. Please click on the link below: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme Headlines are: 1. Scheme open to anyone who had PAYE scheme in place from 28 February 2020. So new hires after that point will n...
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TOP CONTRACT TIPS
#8 WHO IS THE CUSTOMER? Have you used the right contractual terms for the right customer? Contracts can look very different dependent on who the ultimate customer is. Business to business contracts (B2B) will likely use quite harsh language and look to for example limit liability to maximum levels possible. Business to consumer cont...
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TOP CONTRACT TIPS
#7 CLEAR LANGUAGE, CHECK THE GRAMMAR There is no requirement to have complicated and archaic language running through a contract. It confuses and frustrates people. Language in the contract should where possible be kept simple and clear. Legalese is still an essential part of contracts. So whilst the language can be confusing, it is...
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TOP CONTRACT TIPS
#6 CHECK WHO YOU ARE CONTRACTING WITH Have you entered into the contract with the right person? Often clients make a presumption about the business name. It is very important to ensure you are contracting with the right entity. Without the correct name in the contract, when it comes to trying to enforce it particularly if you don’...
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Company, Employment Law, Finance
IR35 – the new regime
What is it? IR35 are tax rules which to try and prevent workers/contractors who claim to be self-employed benefitting from better rates in relation to income tax and national insurance. In essence HMRC are targeting those individuals, who but for the intermediary (usually a company) through which they offer their services being in pla...
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TOP CONTRACT TIPS
#5 DON’T RUSH – TAKE YOUR TIME TO NEGOTIATE – 2 As previously mentioned it is important to understand what your contract says. So take your time to review the document so you can determine what you definitely want to include in the contract, what you definitely don't want to see and areas where there is scope for movement. Key...
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The Power of Profit & Loss Analysis
When it comes to financial reports there is no other report that is more anticipated by business owners, directors and senior leadership teams than a profit & loss report. It’s the report that lets them all know if all their efforts are paying off in the form of a profitable business. Analysis: If the gross profit and the bottom l...
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We’ve moved!
And we are in.... We are excited to announce that we are now in our new office premises. The new address is Unit 4, Corum 2, Crown Way, Warmley, Bristol, BS30 8FJ. We quickly outgrew our old premises and are now looking forward to seeing our increasing client base in more contemporary offices. We would like to thank in particular ...
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TOP CONTRACT TIPS
#4 DON’T RUSH – TAKE YOUR TIME TO NEGOTIATE - 1 Contracts should never be entered into on a last-minute basis. You may be desperate to get going because you have just landed your largest client; however, rushing can sometimes force you into signing something you later regret. Wherever possible do not start work without a contract i...
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TOP CONTRACT TIPS
#3 UNDERSTAND YOUR CONTRACT You may have the best contract. It has been professionally written and it is absolutely watertight! However, if you don't understand even the basic terms you are unlikely to be using the contract in the best possible way. If you understand your contract and can talk in confident terms about your contract;...
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TOP CONTRACT TIPS
#2 GET IT IN WRITING! Contracts are either verbally agreed or they are written. Some people prefer to do deals on a handshake. Sometimes due to timings this is the only way to make the agreement work. This does require a lot of trust. Further if it goes wrong, when you end up in court the arguments will simply centre round “he sai...
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TOP CONTRACT TIPS
#1 WHY HAVE A CONTRACT? A contract sets out the relationship between two (or more) parties creating legal obligations for them to perform. The reason you have contracts is to provide clarity in the relationship. This can help avoid needless litigation and prevent misunderstandings. If the contract is clear on matters such as the sco...
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New Year, New You?
Christmas time allows people to take stock of which direction their careers are heading. For those amongst you who are thinking about going it alone in 2020, here at WCL we are brilliantly placed to cover off the things you need to know from both a legal and accounting perspective in setting up your own business. According to officia...
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Xero Silver Partner
It's official! We have just been awarded Xero Silver Partner status. Well done to the team on achieving this in such a short space of time. https://www.linkedin.com/feed/update/urn:li:activity:6619910813991882752/ ...
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Are you looking at the whole picture?
One of the strengths of WCL is ensuring clients to get a better grasp of all their numbers at any point in time. There are traditionally three main financial statements that any business owner should aim to understand. These are: Profit and Loss Account Cashflow Statement Balance Sheet We find that clients are well vers...
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Employment law, is it such a headache?
Whether you are a first-time employer or an established business with several employees, trying to keep up with the requirements of employment law can be at times feel like walking through a minefield. Below are some simple steps to take to help give you confidence that you can navigate through that minefield! Who is responsible? Rev...
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How to make a cup of tea?
We will start this blog post with a very simple question “How do you make a cup of tea?” That’s an easy one you may say. There are simple steps and order in which you must do things: 1. Fill up the kettle with water 2. Boil the kettle 3. Place a teabag in your favourite mug 4. Pour boiling water into your favourite mug 5. Brew ...
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Finance Business Partnering and the benefits
Businesses today are seeking more from the people who handle their accounts above just the delivery of the numbers. Whether that is from an in house or outsourced finance team via an external accountant. Historically the statement of profit and loss has been the primary deliverable from such finance teams. Business owners and management t...
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Company Secretary, Company, Finance
Is it time to invite a new shareholder into your business?
Many businesses owners will find themselves in situations where they want to invite new shareholders into their business. This can be new investors, business partners or key employees in an organisation. This is exciting however business owners should have the following three practical considerations in mind: Control If you are the majo...
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Making Tax Digital – ready to go?
Making Tax Digital (MTD) for VAT commenced in April 2019. The first VAT quarter to be affected by the new regime is for the quarter ending 30th June and this is due for filing by 7th August. Are you ready to go? We are... Whittock Consulting Limited is both Xero partner and Xero MTD certified. If you would like any assistance with t...
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New Opportunity!
We have a new opportunity to join our team! Due to our rapid expansion, we have created the new role of part time office administrator to provide support to our team. The role will be varied and require someone who is adaptable and able to manage their own workload and ensure that deadlines are met. The role will be part time, 9am t...
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The Problem with Payroll
Let’s face it, if there’s one thing you need to get right as a business owner, it’s payroll. I mean how would you react if you weren’t paid the right amount come payday? Exactly. Getting payroll right is absolutely fundamental to maintaining trust and a positive, confident workplace. Unfortunately, while payroll sounds as if it...
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Making Tax Digital for VAT – Update
After much publicity, Making Tax Digital for VAT finally took effect on April 1st, and the new rules require most VAT registered businesses with a taxable turnover over £85,000 to maintain digital VAT records and to submit their VAT Returns using MTD for VAT compatible software. However, as with all things tax the devil is very much in ...
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We Are Hiring!
We are looking to recruit an Accounts Senior, based here at our offices in Saltford. The details of the role are: Purpose of Role Preparation of limited company year-end accounts (FRS102 and FRS105) and associated corporation tax returns up to Manager Review stage using TaxCalc Preparation of client VAT returns, agreement wit...
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Company, Company Secretary, Finance
The benefits of terms and conditions
Running your own business is tough. It demands time, energy and commitment, and inevitably there is always something else that needs to be done. As a business owner, you therefore have to prioritise, which can sometimes lead to a focus on service delivery with administrative tasks slipping down the to-do list for later. However, the...
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And in the beginning there was SAGE …
Modern, cloud-based accounting software like XERO can transform your business and offers you a solution if you are worried about the arrival of Making Tax Digital for VAT on April 1st. But choose carefully, plan ahead and invest in your new software ... Maybe you set-up in business to follow your dreams and to do the thing you love. O...
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Welcome to the gig economy
The world of work has changed, and we are starting to live in a gig economy in which temporary positions are common and workers are engaged for short periods or on a piecework basis, often under complex working arrangements. Such arrangements can benefit all parties. However, they are in contrast to the traditional job and employment con...
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So, what’s Phil done for you?
It's been a couple of weeks now since the Chancellor delivered his budget speech, confidently announcing an end to austerity and outlining the government’s spending plans for the coming year along with a range of supporting tax and other measures. Generally, the speech was well received although it has been pointed out that, should the...
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Self Assessment – Don’t be an ostrich!
Business owner, self-employed or company director? Then don’t forget that the deadline for submitting your Self-Assessment return is just around the corner. Paper returns for the year to April 5th 2018 are due later this month. Online returns are due by the January 31st 2019, and any tax due needs to paid by this date as well. Rem...
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Are you ready for Making Tax Digital for VAT?
What is Making Tax Digital for VAT? Making Tax Digital for VAT is perhaps the most significant change to VAT law in recent history and reflects the government’s commitment to ‘the digital revolution’ and ‘to transform tax administration so it is more effective, efficient and easier for taxpayers’. From April 1 2019, VAT reg...
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New Accountancy Vacancy With Client
A client has asked us to post the following job vacancy for them: Role: Company Accountant (FT or PT) Reporting to: Managing Director Salary and Bens: £33,000 to £35,000 per annum (pro ra...
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Company Secretary, Company, Finance
Sole trader or limited company?
Maybe you have been trading as a sole trader for a while, or maybe you have just got your new business idea down. Either way, you are wondering about how being a sole trader compares to trading as a limited company. Here are some of the things you should be thinking about…. Personal risk This is a biggie. As a sole trader you are the ...
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