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March 19, 2020 By Des Ingham Leave a Comment

New Working Practices In Light Of The COVID-19 Threat

We are writing this blog to keep you up to date on the new working practices we are putting in place to ensure we keep both customers and staff as safe as possible whilst the threat of the Coronavirus hangs over us all.

Telephone Based Service

In light of this threat we, WHR Accountants Ltd, have taken the decision to work normal hours but behind closed doors. With immediate effect we have changed our office to telephone based in order to protect both our staff and our clients.

If you need to provide us with your records, please contact reception and arrangements will be put in place. We will continue to monitor the situation and update you of any further change.

Thank you for your cooperation at this difficult time but we are sure you understand the situation. There is nothing more important as people`s health so if we can do our bit to keep everyone safe we are happy to do so.

Exactly The Same Level Of Service

Rest assured you will get the same level of service from our accountancy team as you always do, it`s just we will be communicating with people by phone rather than face to face. The threat to all of us from the COVID-19 virus is very real indeed and we believe that everyone should be doing their bit to ensure that we are not at risk of passing on this virus to anyone who may be particularly vulnerable if they contract it.

So if you want to contact us, if you are either a client or you are interested in using our services, please give our offices a call here in Armagh on 028 3752 2909 and we will be only too happy to help you.

We would like to take this opportunity to say thank you to all our clients, if you need any financial advice during this uncertain period of time please don`t hesitate to get in touch. We hope you all stay safe.

March 17, 2020 By Des Ingham Leave a Comment

Why An Audit Can Be Beneficial For Your Business

Many businesses think that having an audit of their business once a year is a necessary evil and if they had the choice they wouldn`t bother with one. What they are failing to realise is that an audit can be extremely beneficial to a business if carried out efficiently.

Keeping Compliant

In order to remain compliant and meet all the statutory and regulatory requirements in any particular industry businesses must have an audit. This gives all interested parties peace of mind that the business is being run correctly and there are no issues that could come back to bite them in the future.

Verification For The Business

An audit gives credibility to a business that everything is in order as it gives independent verification from a third party that the financial statements have been true and all is as it should be. This confidence in the business is worth its weight in gold.

Audits Can Suggest More Efficient Methods

When an in-depth audit is done the auditors look at all a businesses systems and controls, which can often throw up opportunities to improve the methods that are being used to a more efficient and effective process. Areas that auditors can find ways to improve efficiency in can include business systems, accounting practices, internal controls and the business culture and organisation that is prevalent at the time. Changes in one or two of the above can invariably lead to great increases in productivity.

Help To Devise An Improved Business Plan

During an audit the revenue, expenditure, assets and liabilities of a business are all put under the microscope. Experienced auditors can examine these and often come up with advice that can help businesses produce an improved business plan that will help their business manage their finances and encourage growth in the future.

Preventing Fraudulent Behaviour

It is an unfortunate fact that fraudulent activity by employees can still be an issue for some businesses. The good news is that a comprehensive audit can discover any discrepancies and nip this type of behaviour in the bud before it gets too serious. A good auditor can also find weak areas in a business that could be exploited and they can provide advice on how to strengthen those areas so that no issues can occur.

WHR Accountants Auditing Team

At WHR Accountants we have an experienced and skilled auditing team that can help any business large or small with their auditing. For more details on our services please get in touch with us by giving our offices a call on 028 3752 2909.

March 16, 2020 By Des Ingham Leave a Comment

Budget 2020 & Its Impact On Businesses

The Budget delivered by new Chancellor of the Exchequer Rishi Sunak last week was certainly a head turner, as the Conservatives didn`t just loosen the purse strings, they tipped the purse upside down and squeezed as much money as they could out of the coffers.

Measures To Lessen Impact Of Coronavirus

There were two reasons for this. One was that they needed to deliver on some of the promises that they made in the run up to the General Election, and two, and probably a lot more importantly, they needed to bring in measures that would lessen the impact of the coronavirus which looks like it will envelop our shores in the near future.

UK Businesses Promised £30bn In Support

The Chancellor promised UK businesses £30bn in an effort to provide them support and lessen the impact that the virus is going to have on businesses and the overall economy. £12bn of this would be for direct support to businesses and a further £18bn would be used to counteract the temporary downturn in the economy.

Here are some of the major changes relating to businesses as quoted on the Accounting Web website:

“The specific coronavirus Budget measures include:

Extended statutory sick pay entitlement from day one (previously announced), to be refunded in full by the government. “That could provide over £2bn for up to 2m businesses,” the Chancellor said.
Extended time to pay arrangements allowing businesses and the self employed to defer tax payments.
A £500m hardship fund for local authorities to distribute to vulnerable people in their areas.
Coronavirus business interruption loan scheme, offering an extra £1bn in overdrafts and short-term loans through the British Business Bank.
Business rates holiday
The Chancellor brushed up his business-friendly credentials by announcing a 100% business rates discount for 12 months starting from 1 April 2020. The holiday would be extended to any eligible retail, leisure or hospitality business with a rateable value below £51,000.

The £1,500 business rates discount for office space used by local newspapers in England will also be extended for five more years until 31 March 2025 and the government promised to bring forward legislation to provide 100% business rates relief for public lavatories in England from April 2020.

Local authorities will be fully compensated for the loss of income as a result of these temporary business rates measures, but the long awaited “fundamental review of business rates” will now get underway and report in the autumn.

Entrepreneurs Relief

Among the many Tory manifesto commitments to get a name check during the Budget speech was entrepreneurs’ relief. In AccountingWEB’s live Budget blog, PracticeWeb contributor Carl Powell predicted: “They’re going to do something, but it will probably be a fudge.”

And so it came to pass. The long-trailed crackdown took the form of a reduction in the £10m lifetime limit on eligible gains to £1m, effective immediately. The move would leave 80% of small businesses unaffected by the changes and save £6bn over the next five years, the Chancellor said.

Corporation Tax

Few surprises here, with the standard rate of corporation tax held at 19% for the financial years commencing 1 April 2020 and 2021, as already announced. There will be new restrictions in place from 1 April 2020 on how much chargeable gains companies can offset against brought forward capital losses. From that date only 50% of net chargeable gains may be sheltered , subject to the allocation of a company’s (or group’s) £5m annual ‘deductions allowance’.

The Research and Development Expenditure credit will be increased from 12 to 13% – a tax cut worth £2,400 on a typical R&D claim. There have been calls for tighter controls on what has become a popular concession, but the Chancellor signalled a more relaxed short-term approach, delaying a cap SME relief for a year and promising further consultation. The discussions will include whether or not data and cloud computing initiatives will be eligible for R&D relief claims.

The structures and buildings allowance will be increased from 2 to 3%, giving an extra £100,000 of relief if you’re investing in a building worth £10m.

For companies operating in enterprise zones, 100% enhanced capital allowances (ECAs) on plant and machinery expenditure will be extended until at least 31 March 2021. The allowances were due to lapse on 31 March 2020, but will now survive for at least one further year.”

If you have a business and you need help to steer through the choppy waters of the next few months, here at WHR Accountants we can provide you with expert support on general accounting, taxation, funding, payroll, business plans, auditing and much more. For more details please get in touch with our team by giving us a call on 028 3752 2909.

March 10, 2020 By Des Ingham Leave a Comment

Negotiating Uncertain Times Requires Planning & Expertise

We were already heading into very choppy waters after Brexit, with so much uncertainty surrounding how leaving the European Union would pan out, including what trade deals would we be able to set up, what the new immigration rules would be and what changes would there be to employment law etc.

Coronavirus Sweeping The World

Now we have a whole new issue to worry about which has certainly put Brexit in the shade, at least for the time being. Coronavirus has swept through China and the Far East, and now it is very much here in Europe with Italy in virtual lockdown as more people are testing positive for this new virus.

Unless you manufacture hand sanitiser gel or toilet rolls it is unlikely that you will be rubbing your hands with glee over this phenomenon. Coronavirus is thought by many experts to be the biggest medical crisis for decades and it is forcing many countries to bring in strict measures to control the spread of it.

Schools Closing & Sporting Events Cancelled

Those measures have included asking people with any respiratory issues to self isolate themselves in case they have caught the virus, schools have closed down, travel has been restricted and sporting events have been cancelled.

To make matters worse in the last few days the financial markets have gone into a meltdown not seen since the last financial crash.

Businesses Need To Plan Ahead

All this of course is not good for business. Any uncertainty can cause panic and can lead to a very difficult period of trading. Which is why all businesses should now be planning ahead in order to negotiate these difficult times.

The most important thing to do is to have a business plan which is flexible and can adapt to various eventualities and issues. So that whatever happens you know exactly how to proceed to ensure the business stays solvent and if possible grows.

Businesses also need to know exactly where they are financially at any given time and be in control of all their incomings and outgoings.

Efficient Financial Planning

WHR Accountants can help with all the above and ensure you get through these next few months as ably as you possibly can. We can help to prepare and develop your business plan, and help to set up appropriate and efficient financial plans to cover every eventuality. We can also help with your payroll and taxation as well of course.

Your input along with our financial and technical expertise will be the perfect combination to help you to prosper in the months and years ahead.

For more details on our accountancy services and how we can help you please give our offices a call here in Armagh on 028 3752 2909.

March 28, 2019 By Andrew Gilpin Leave a Comment

Businesses See The Need For Speed From Their Accountants

A recent survey has shown that many SME’s believe speed is one of the most essential requirements of their accountants, along with them being tech savvy. The survey was carried out by business software provider Exact in which they spoke to 2,500 SME’s and accountants.
Because their clients are looking for them to be able to work rapidly and accurately accountants are gaining more IT and software knowledge so they can keep up with the demands placed upon them. Talking about this Gavin Fell, who is the general manager of Exact, commented: “Rising demand for information ‘now’ combined with advances in new technology mean that accounting is increasingly seen as a commodity. Accountants that can keep the pace providing real-time and in-depth business insight for clients, have the best chance.”

The report on the survey in the Accountancy Age also said that:

‘The survey revealed that 67% of accountants highlighted better integration of admin software as a crucial focus area, as well as replacing paper forms with online forms (62%), and improving home/mobile access (43%). There has been a drop in ‘spreadsheet accounting’ from 25% in 2015 to 20% this year, and the number of UK SME customers that are entering their data online, are slowly on the rise from 10% last year to 16% this year.

Less than half, 40%, think that ‘robotisation’ is over-hyped, and yet 23% believe that highly-automated competitors pose a very real threat. When it comes to their SME customers, only 10% would trust a robot to do their accounting.’

In fact accountants in the UK are a lot more tech savvy than most of their European counterparts, with 45% of them using some sort of online solutions to aid their administration, which is only beaten into 2nd place by the Netherlands where 60% of accountants use digital help.

For more on this story you can visit the Accountancy Age website at the following link: Accountancy Speed Essential To SME`s

And if you require any help with your own accounts, tax advice or advice on growing or funding your business then please contact our offices here at WHR Accountants by ringing us on 028 3752 2909.

March 14, 2019 By Andrew Gilpin Leave a Comment

Calls For The Government To Give The Self Employed A Break

There have been calls for the Chancellor to make tax changes in the Autumn statement and give a break to the five million employed people here in the UK, as critics of the Governments tax policy feel that they have been targeted unfairly and punished enough.
Speciality accountancy firm Danbro feel that there are too many restrictions on the self employed and they should be treated more flexibly by the government so that they will be able to contribute more fully to the UK economy.

Speaking on this issue, the chairman of Danbro Damian Broughton said: “The UK has proved to be resilient and we consistently recover from dips in the economy faster than most of our partner nations. This is because we have been able to utilise our powerful temporary workforce.

“Everyone recognises the importance and value of this rich pool of freelance expertise and our Chancellor must use this Autumn Statement to support that workforce and avoid the mistakes of his predecessors who have restricted its potential.

“This sector has been hit with a multitude of detrimental levies, rules and regulations in the past and this has placed a drag on one of our most critical tools for economic success.

“Prime Minister Theresa May has launched a major Employment Review as she recognises employment laws must be overhauled to meet the needs of the modern workplace. I’m asking the Chancellor to follow suit and recognise that businesses have evolved. He must not impose any further rules and regulations and make it easier for this sector to operate.”

Broughton feels that the Chancellor needs to make some radical changes in order to support the UK economy in the wake of Brexit. You can read more on this story by visiting the Online Recruitment Resource website at the following link: Self Employed Need A Tax Break Says Accountancy Firm

That is all from us for today, but if you need any accountancy advice all you need to do is either drop us an email or give us a call on 028 3752 2909 and we will be glad to be of assistance to you.