Most people who start a business do so because they have the entrepreneurial wisdom to recognise a proposition of promise. But these gifted individuals may not always be experts in the legal, financial and taxation aspects of running a successful business. Such considerations can therefore seem daunting, but with our comprehensive advice you can proceed with confidence and focus on setting up a successful venture.
Working together we can decide on the most suitable structure for your business, prepare a business plan, cash flow projections, look at trading forecasts and introduce you to a suitable bank or lender.
A business should retain a natural momentum in order to stay ahead of its competition and nurture profitability. Should this momentum stall your business could decline and staff lose impetus and direction. It is the responsibility of entrepreneurs, business partners and company directors to devise a clear and structured business strategy.
Possibly beyond our perceived remit as accountants we invite our clients to draw on our depth and breadth of experience and will assist you in devising a strategy that doesn’t have to be set in stone but keeps the momentum moving in all the right directions.
We recommend that accurate management accounts be drawn up monthly to enable you to closely monitor business performance and to analyse this performance against your strategic plan.
With our extensive experience we can compare your performance with that of similar businesses with your relevant sector.
Should the production of accounts not be required on a monthly or quarterly basis they will have to be prepared annually for filing purposes with Government bodies. In preparing your annual accounts we ensure that they comply with accounting standards, disclosure requirements and Companies Act provisions where applicable. From these we will advise you on the subsequent taxation implications and also what perception they might present to third parties.
Should your accounts not be subject to a mandatory audit we can provide a tailored assurance service without incurring the associated cost and disruption of a full audit.
At Hamlyns, the perceived hindrance of audit and assurance is transformed into a value added service.
As Registered Auditors we can provide the statutory audit services required under corporate, charity and pension legislation. We also offer this service to organisations requiring a non-statutory audit. Part of this undertaking involves the assessment and review of your accounting and internal control systems. We then report back to directors on any structural or operational weaknesses and make recommendations for their improvement.Hamlyns LLP is registered to carry on audit work in the United Kingdom by the Institute of Chartered Accountants. Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C002090983.
Whether your business is new or established ensuring that you have the necessary finance is essential for achieving your business objectives. Without suitable finance in place many businesses founder. Our years of experience have borne an extensive pool of finance contacts, which we make available to our clients. Hamlyns can help you to conduct a feasibility study of your projects, identify the most suitable sources of finance, prepare the necessary documentation and present your proposal to your chosen source of finance. At the other end of the business cycle we can also assist you with the disposal of your business or in matters of mergers, acquisitions and management buyouts.
Taxes are an unavoidable yet sizeable component of your trading costs. The drain on your time resources is further amplified by the increased reporting obligations, robust investigation policies and harsher penalties imposed for non-compliance.
Whilst ensuring compliance with current tax legislation we can help minimise your exposure and ease the administrative burden.
As the UK tax system is now almost entirely self assessed the onus falls on the taxpayer, more often their accountant, to navigate the streams of legislation. With this shift in operations the Government has been able to increase its investment in compliance checks and investigations branches hence broadening the net over more taxpayers.
HM Revenue & Customs is now conducting its enquires in a more aggressive manner and we are here to ensure that your interests are fully protected and to substantiate that you have paid the right amount of tax.
Coping with a compliance check can prove to be a highly stressful, time consuming and expensive experience.
If you are selected for a tax compliance check; whether randomly or on a specific basis, we will support you throughout to promptly bring the enquiry to a satisfactory and cost effective conclusion.
The legal sector requires specialist knowledge and services and David Cooper, Partner Business Services Group, can provide this and ensure compliance with the Solicitors Accounts Rules.
David is a qualified Lexcel Consultant and can advise law firms on what they need to do to achieve and maintain the Law Society’s practice management standard; which is only awarded to solicitors who meet the highest management and customer care standards. There are many benefits of becoming a Lexcel accredited practice including effective risk management, better customer service and lower insurance premiums.
With the continued growth of e-commerce and the increasing weight of importance of the EU and the emerging economies, international business is a growing consideration for UK businesses.
We act on behalf of UK incorporated businesses trading outside the UK and for UK subsidiaries of foreign companies trading within the UK. Successful international trading requires expert knowledge – from accounting with foreign currencies and reducing your overseas tax burden to repatriating profits at a minimal tax cost, we can share our knowledge with you.
A merger or acquisition is often a necessary decision in the interest of your competitive advantage. This complex and time-consuming process, however, could prove more detrimental than beneficial without the correct support and hands-on assistance. We can help you identify potential targets, screen them for suitability, assist you in raising the necessary finance and optimise the financial and tax position of the new combined enterprise.
Alternatively, you may decide to improve your position with a disposal. Again, we can help – valuing your assets, identifying a suitable buyer and assisting with the negotiation of the deal.
The valuation process is to determine the economic value of a business or a company.
In valuing your business for disposal purposes, our view is that it is not simply a question of applying a standard multiple of earnings or adjusted profits. Your business is only worth what someone is prepared to pay for it; it is motives and not multiples that determine value. The issue is therefore more about negotiation than valuation.
Intangible assets too are often overlooked, but intellectual property, trademarks, brands and domain names all create wealth and should be considered in valuing a business. Our experienced team will not only provide an accurate valuation but also advise and assist with shareholder disputes, wills and estates, divorce settlements or the selling of the business.
The right advice at the right time is vital for the sustained success of any business and if not heeded can prove to be its downfall. Bad debts, falling demand, excessive borrowing and poor budgetary control are all too often the cause of a business failing. These can however be combated with sound financial control and due attention to financial reporting.
In maintaining a close and open relationship with you we can help identify any problem areas and recommend solutions to safeguard your financial control – and ultimately your profitability and cash flow.
As a busy company director we recognise wholly the demand on your valuable resources that often are absorbed by issues pertaining to Companies Act compliance. With the ever-changing landscape of legislation this pressure can seem to magnify drawing your attention away from the day-to-day operations of your business.
To help ease this burden Hamlyns can deal with all company secretarial requirements.
VAT is widely viewed as an undulating minefield over-burdened with complex legislation, and the surging demands of HM Revenue & Customs requires an in depth up-to-date knowledge.
At Hamlyns we provide an all-encompassing VAT service, ranging from VAT registration to the VAT implications on property transactions, partial exemption, VAT on imports and exports, VAT compliance checks etc.
The administration involved with these accounting necessities can be crippling to your resources and drive your energy away from day-to-day operations. The requirements are further exacerbated by the growing complexity of VAT, PAYE and employment legislation, along with penalties for non-compliance.
We believe your time and energy are best focused on the everyday running of your business. Until such a time when your business can justify the employment of your own in-house accounting staff Hamlyns can alleviate these pressures.
Working with you, we tailor our approach to your exact requirements and can undertake short-term projects to relieve your staff of an unachievable workload.