Category Archives: Accounts and Accountancy

Accounts and Accountancy, Midlands News, News

Shrewsbury accountancy firm relocates following sustained growth

DRE & Co Ltd, the chartered accountancy and taxation firm established in 1957 with offices across Shropshire and Mid-Wales, has announced the successful relocation of its Shrewsbury base as it seeks to capitalise on its continued growth.

Located, since 1994, in a five-storey townhouse on Claremont Bank in the town centre, DRE & Co’s Shrewsbury team has a client-base that spans individuals, partnerships, LLPs, companies, charities and trusts across a wide range of business sectors.  The firm has enjoyed year-on-year growth, but the senior team became increasingly aware of the limitations that the layout and location of its existing premises presented.

Kieran Pinches, a senior member of DRE & Co’s Shrewsbury team, comments:

“Over the past 28 years, we have welcomed countless businesses and individuals through the doors of our Claremont Bank offices and seen many of these to go on to achieve quite remarkable things. 

“However, there have been many changes in that amount of time, and we became aware of the need to find a more appropriate home to meet the needs of our Shrewsbury client base both today and as we continue to grow.”

Following investment in Kingsland House in the Abbey Foregate area of the town, a comprehensive refurbishment programme was undertaken, and DRE & Co’s Shrewsbury team officially moved in earlier this month.

A Grade II listed building arranged over four floors, Kingsland House offers flexible accommodation which is 40% larger than the firm’s previous Shrewsbury base and which, significantly, offers on-site parking.  Kieran continues:

“The last two years have highlighted to many the importance of trusted business advisers working alongside them both in respect of their personal affairs and at all stages of their business lifecycle.  We take this role very seriously and take great pride in the work we do for our clients. 

“We’ve made a significant investment in the IT infrastructure at Kingsland House so that the building is future proofed as far as possible.  Likewise, we continue to invest in our team which has grown consistently since day one.  The move to larger offices will enable this to continue, supporting the ongoing development of talented young professionals who serve our much valued and varied client base.”

Accounts and Accountancy, News, North of England

Prescot Accountants Butterworth Barlow Grow 50% Overnight As Part Of Merger

Prescot based accountancy firm Butterworth Barlow has merged with neighbouring practice Kingham Accountants as part of its medium-term expansion plan.

Partners Gavin Butterworth and Barry Barlow made the decision to take their 13-year-old business to the next level after a successful 2021, which saw some 19% year-on-year growth.

As part of the move, the team has now welcomed four new members of staff, taking the total number from 10 to 14.

Partner Gavin Butterworth said: “When the opportunity to join forces with another long-established firm arose, it seemed like the perfect next step in our journey as we knew that there was so much more that we could achieve. It’s hoped that we will now aim towards increasing our staffing number to 20 in the next twelve months as we look set to hit £1million in turnover in 2023.

“We’ve always continuously adapted and evolved our offering, services and processes to meet with the needs of our clients and to make sure they’re accessible for everyone we work with. This is what drove us to implement online and digital tools in recent years so that our approach is as varied as the businesses on our books.”

Butterworth Barlow, who are located in the former Police Sergeant’s House on Derby Street, offer a range of bespoke accounting and advisory services to businesses of all sizes throughout the North West and North Wales, building on their core accountancy services by providing year-end accounts, taxation, VAT, bookkeeping and payroll.

Partners Gavin and Barry have 25 years of experience in the accountancy sector.

Barry added: “Since our inception, we have continued to develop the business with our dedicated team, some of whom have been with us for more than 10 years now. We’ve always valued people at the firm and that will be something we continue to invest in. Internal development along with recruitment opportunities at the apprentice level will be a major focus for the team as we enter this next phase.

“Our success is thanks to a committed and collective input, and we are really excited to see what’s next for Butterworth Barlow.”

Accounts and Accountancy, Appointments, News

Senior Appointment and Promotion at Azets South Wales

Ritchie Tout joins as Tax Partner from Mazars and Paul Haley is promoted to Partner and Head of Internal Audit for the West

Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has appointed Ritchie Tout as Tax Partner in the South Wales area and promoted Paul Haley to Partner and Head of Internal Audit for the West.

Newly appointed Tax Partner, Ritchie Tout, trained in a Big Four firm with a portfolio including personal, corporate and professional partnership clients. After qualifying as a Chartered Tax Adviser, he spent 15 years at PwC as part of the management taxes team. Most recently he was a Director at Mazars, where he spent six years specialising in merger and acquisition tax work and employee incentive plans.

Ritchie has experience across private and listed companies, venture capital and private equity backed businesses, as well as subsidiaries of non-UK companies, and joins Azets to offer broad tax support to local businesses and to provide specialist advice around all types of share-related transactions.

Previously Director of Audit & Assurance for Wales and the South West, Paul Haley joined Azets in April 2021, and leads the internal audit services. Since joining the firm, Paul has led the internal audit team to grow the service line, as well as increasing the regional presence of the business. He now holds the position of Partner and Head of Internal Audit for the West and will continue his role of growing the client base, and making up part of the senior leadership team.

Richard Goddard, Partner at Azets South Wales commented: “It’s with great pleasure to announce the promotion of Paul, and the appointment of Ritchie to our growing team in South Wales. Paul’s ambition to grow the already strong internal audit credentials has shown, and this promotion marks his dedication to the business, in a variety of capacities.

Ritchie brings a wealth of experience in a variety of sectors and his professional knowledge is a huge asset to our team. He’ll be leading on a number of accounts in the tax division, and also sit within the senior leadership team.”

Ritchie is the current chair of the South Wales branch of the Chartered Institute of Taxation (CIOT) and Vice Chair of the CIOT’s Welsh Taxes technical sub-committee. He also edits Croner-i’s on-line tax valuation material.

Azets is a top 10 accountancy firm and focuses on delivering a highly personalised service, though a local office network and proprietary digital workplace technology. Career opportunities are available at Azets, visit www.azets.co.uk to find out more

Accounts and Accountancy, News

Duo strengthen tax team at accountancy firm HURST

Accounting and business advisory firm HURST has expanded its tax advisory team with two senior appointments.

Lindsey Egan and Liza Whiley have joined the firm from KPMG and Catax respectively as a senior tax manager and research and development specialist.

The new roles have been created to meet growing demand from an expanding client base at HURST, which focuses on advising entrepreneurial companies with turnover of £5m and above.

Lindsey was a senior tax manager at KPMG, which she joined in 2016 from Mazars. She has more than 15 years’ experience of managing a diverse portfolio of clients.

Liza previously worked for seven years at Altrincham-based Catax as a manager in the R&D department.

The duo are the latest arrivals as HURST, which is celebrating its 40th anniversary this year, experiences strong growth across its operations.

Recently the firm announced three additions to its corporate finance team and six new arrivals in its business services team.

Lindsey and Liza take the number of staff at HURST to 96 and the firm expects the figure to top 100 in the near future in line with its growing client base and a buoyant deals pipeline.

The firm acts for a diverse range of clients, include leading entrepreneurial businesses such as Kinaxia Logistics, M&I Materials, London Lash, Beechfield Brands, Duerr’s, Oliver Valves and Delamere Dairy.

Liz Gallagher, HURST’s head of tax advisory, said: “Lindsey and Liza are tremendous additions to our team. They bring a wealth of experience to the practice and enhance our capabilities to serve our client base of entrepreneurial north west businesses.

“These new roles will help us meet increasing demand for high quality tax advice to our ever-growing client base.”

Accounts and Accountancy, Midlands News, News

Derbyshire Institute of Sport gives a warm welcome to new board member, David Nelson

PKF Smith Cooper’s David Nelson – who has a huge love of sport – has been appointed to the Derbyshire Institute of Sport’s board.

Keen cyclist and golfer David Nelson is Senior Partner at leading Midlands-based accountancy and advisory firm PKF Smith Cooper and has joined the board as the institute enters a new stage of sustained growth.

David has a long association with amateur sports having spent seven years as finance director at UCI Professional Cycling Team Raleigh GAC – later known as Vitus Pro Cycling – as well as running local Under 13s football team Allestree Romans FC.

David said: “Both myself and PKF Smith Cooper have been supporters of DIS for some time and have watched with great interest the success they have had over recent years.

As a gold sponsor, I am proud that we have helped fund vital training for young athletes in the region. Having been involved in amateur sport for many years, I know the dedication and commitment it takes both by the athletes themselves and the support teams around them.

With a passion for sport, I look forward to working alongside Chloe and the board at DIS to see where we can take the Institute over the coming years. With the Commonwealth Games coming up just down the road in Birmingham, there is no better time for businesses to come together to support our local athletes.”

DIS board chair Michael Kirkland said: “I am absolutely delighted David Nelson from PKF Smith Cooper is joining our board.

David brings a wealth of financial and operational experience with him which will be invaluable as we push on to our next period of growth.

Both myself and my fellow board members wish David a very warm welcome to the DIS and we look forward to working with him through 2022 and beyond.”

DIS managing director and founder Chloe Maudsley said: “A warm welcome to David Nelson, who I know will make a huge difference to us as we plan our commitments for the next few years.

I’m proud of the resilience the board members and staff have shown through the pandemic. We are now working on our plans to raise more money in 2022 and help even more athletes in Derbyshire.”

The links between PKF Smith Cooper and DIS are strong. The DIS’s Dr Phil Clarke has held sports psychology sessions for PKF Smith Cooper staff to encourage high achievers and improve wellbeing.

Also on PKF Smith Cooper’s payroll is elite athlete and trainee accountant Alex Knibbs, aged 22, from Duffield, who became 400m British champion at the 2020 British Athletic Championship.

Alex said: “DIS has helped me greatly since I was 15 and I’m now back in Derby after studying at Loughborough University and on the DIS ambassador program, focusing on my strength and conditioning.

I have enjoyed my first few months at PKF Smith Cooper and the team’s hard work and driven ethos reflects my attitudes on the track. I can’t thank the firm enough for supporting me in achieving my goals in athletics and starting my accounting career off the track.

DIS have been a huge part in my development as an athlete so far and I wouldn’t be the athlete I am today without them.

Hopefully, with their continued support, I can work to achieve my Olympic dreams and beyond. The opportunity they give local young talented athletes is perfect for the development to reach elite level within their sports.”

* DIS had ten athletes represent Team GB at the Tokyo Olympic Games in 2021 and is aiming for a bumper turnout at next year’s Commonwealth Games in Birmingham.

Its latest initiative is the Performance Prep squads at three Derbyshire schools for youngsters aged nine to 11.

Accounts and Accountancy, Midlands News, News

PKF Smith Cooper announce latest promotions

Starting the year on a positive note, and effective from 1st January, the award-winning accountancy and business advisory firm announces a string of promotions across a number of divisions.

PKF Smith Cooper’s promotions across their Derby, Nottingham, and Birmingham offices follow a period of sustained, strategic growth for the Midlands firm, not only signalling its aim to continue expanding but also the focused investments in team members, which Managing Partner James Bagley cites as their “most important asset”.

Within the Corporate Finance division, Tom Joy has been promoted to Corporate Finance Manager, which acknowledges the integral nature of his role in a number of deals for the team throughout 2021. His talents have already earned him a nomination for Insider Media’s ‘Emerging Dealmaker of the Year 2021’, marking him as ‘one to watch’.

The Audit and Tax teams have also been strengthened by promotions, with Beckie Furniss and Charlotte Martinazzoli being promoted to Assistant Managers in Derby, while Jessica Richardson has become Assistant Manager in the Nottingham office.

Stacey Sykes, who joined the firm in 2018 as an Assistant Manager, has continued to climb the ranks and has now been promoted to Senior Tax Manager, recognising her role in developing and growing the tax compliance service in Derby.

Meanwhile, Charlotte Smith has been successfully promoted to Senior Executive within the marketing team, a move that celebrates her fundamental role in shaping the firm’s marketing strategy.

James Bagley, Managing Partner comments: “Nurturing and growing talent is something we pride ourselves on here at PKF Smith Cooper, which is why I am particularly proud to announce these latest promotions. These team members have been with us since very early in their careers – with the majority initially joining us as an apprentice or graduate – and have worked their way up through the ranks.

All six promotions are really well deserved, and I wish Tom, Stacey, Jessica, Beckie, Charlotte, and Charlotte all continued success in the future.”

Accounts and Accountancy, Appointments, News

New Partner steps up at Kilsby Williams

Leading independent accountancy firm, Kilsby Williams, has promoted Jonathan Harrhy to partner.

Jonathan joined Kilsby Williams in 2007 and since then has established a wide portfolio of clients. As an associate in the business services department, Jonathan was responsible for carrying out audit, business valuations and financial due diligence on behalf of clients.

In his new role Jonathan will continue to oversee client accounts as well as being more closely involved in the day-to-day running of the business, including onboarding new customers.

In 2021 accountancy and taxation specialist Kilsby Williams celebrated many lucrative client wins including both Newport and Cardiff Bus, Fordthorne, Pensord Press, Poundstretcher and London-based Cutler and Gross. Added to existing gains this new business saw the firm’s annual growth rate rise to a record 20%.

Jonathan said, “I’m honoured and excited to begin my new role as a partner. I’ve been part of Kilsby Williams for 14 years and realised quite quickly that this was a firm where I could really develop in my career.

“One of my key aims as a new partner is to continue to grow my client portfolio which will in turn help grow Kilsby Williams.”

Simon Tee, Managing Partner at Kilsby Williams, said: “As a firm which prides itself on its high level of partner involvement on client accounts, a strong partnership team is key to the business’ ongoing success. We are always on the look out for talented, driven individuals who could be potential partners, either now or in the future, and we identified those attributes in Jonathan early on.

“We are pleased to welcome Jonathan as our newest partner and are confident that he will thrive in his new role.”

Established in 1991, Kilsby Williams works with clients from across South Wales, the Midlands and London, ranging from sole traders to companies in international quoted groups.

Accounts and Accountancy, Finance and Banking, News

The Welsh Budget’s green emphasis welcomed by ACCA Wales

The green focus in the recently announced Welsh Government’s draft Budget places Wales at the forefront of tackling the climate emergency, says the Head of ACCA Wales Lloyd Powell, who also welcomes the co-ordinated approach to investment and budget planning for 2022 to 2025.

Targeted, green investment of more than £160m revenue and a total investment of £1.8bn capital will be committed over the next three years, in a growing overall budget.

Lloyd Powell says: “What’s commendable about the draft budget is that it’s collaborative and future-looking – after all green investment cannot be done in silos, and it needs to be planned for the short and longer term. Green investment will be targeted across a wide variety of policy areas, and impact on all areas of government and society, with the Minister for finance and local government emphasising the need for a collective effort.”

Highlights in the draft Budget include:

  • Investment in the NHS, social care and local authorities: helping to address the on-going impact pandemic and to build back after it. This is essential spending.
  • Skills and employability support are also welcomed with an additional £61 million of spending, but it is disappointing that higher level apprenticeships (Level 7) still do not appear to be an area of focus.
  • Business support: the non-domestic rates relief measures for businesses in retail, leisure and hospitality are most welcome, and especially so for smaller businesses. But it’s likely further support will be needed depending on any further restrictions. Although additional funding was announced in the Budget to support businesses across Wales over the next three years, there were very few details. It will be interesting to understand what support will be available to support SMEs which represent such a large part of the Welsh economy.

Additional spending across a range of areas and sectors will be used to invest in net-zero technology and energy efficient building upgrades. However, for businesses it’s vital that investment in adaptations, such as energy efficient property fit-outs does not materially alter the rateable value and result in a business rates uplift.

ACCA Wales is also keen to see this investment reported appropriately. Lloyd Powell explains:

“There are also implications for net zero reporting in Wales for many organisations in all sectors. As part of global climate plans, we expect to see an expansion of monitoring and reporting on emissions in coming years, whether in the public, private or third sectors.

“Increasingly, this will be pushed down supply chains – whether public or private – to smaller businesses and organisations. In our recent report, published jointly with the ICC and Sage, we highlighted the urgency to begin to streamline, simplify and automate this process to avoid an unnecessary burden on small businesses. The Welsh Government needs to ‘think small first’, as part of its Tax Policy Work Plan and explore ways in which practical barriers can be broken down for SMEs.”

Lloyd Powell says that in the immediate future, it is essential that investment is set aside to support businesses impacted by any further Covid restrictions, on top of the support announced last week: “Throughout this pandemic, alongside the huge investments in supporting public health, the Welsh Government has supported businesses to survive and recover, including emergency business support. This must continue as support for small businesses is very much needed at this very challenging time. Alongside this, businesses need to be given certainty and stability that will help them recover and to help create a fairer, greener and prosperous future for Wales.”

The final budget will be published 1 March 2022, after scrutiny in the Senedd in the New Year.

 

Accounts and Accountancy, FInance

Accountant Lewis tipped for the top after national finals success

A BUDDING accountant was honoured for his hard work and passion after being shortlisted for a prestigious award.

Lewis Reynolds has beat off stiff competition from thousands of applicants after being whittled down to the final five candidates in the Rising Star of the Year category of the Accounting Excellence Awards 2021.

The 22-year-old from Walsall started out as a trainee accountant at family-run firm Unico 3 Ltd four years ago.

Such is his success, his employers have tipped him to become “one of the top accountants in the country in the next 10 years.”

Founding partner of Unico 3, Jane Barker said: “I have never come across someone who is as hardworking, passionate and more worthy of a Rising Star award than Lewis.

“I have no doubt that he will go on to be one of the top accountants in the country in the next 10 years.”

The Accounting Excellence Awards recognise the best of the accounting profession across the UK at a glittering ceremony which was held in October.

No stranger to awards, Unico 3 has itself racked up a number of honours in recent years as business took off during the pandemic leading to them more than doubling their workforce.

The Walsall-based firm provides outsourced expertise in accountancy, administration and compliance for logistics companies including support for self-employed delivery drivers.

Covid-19 meant they had to come up with new ways to support clients and immediately set staff up to work from home, extended their opening hours, introduced new services while offering free advice about grants and furlough claims.

Speaking about Lewis’ achievements, Jane added: “To say that Lewis has contributed to the growth of the business would be an understatement.

“He has driven our accounts team forward, paving the way for a new level of client care which allows us to build our referral-based marketing strategy off the back of his leadership.

“For someone who at such a young age, Lewis shows a maturity beyond his years, driving our business forward through his natural leadership and understanding of business.”

Lewis’s goal is to become a fully qualified accountant and eventually gain a qualification in business.

For more information about Unico 3, visit www.unico3.co.uk

Accounts and Accountancy

The Top Answers to Your Most Pressing Financial Concerns as a Business Owner in the UK

There are thousands of owners of small businesses in the UK, and you already know that you’ve taken on a substantial risk – but your risk is bound to pay off as long as you have regular customers and clients and can provide them with what they need and give them good value. But along with owning a business come major worries as well, with most of these worries having to do with various financial aspects. So if you don’t want your business to fall by the wayside just because you haven’t addressed (potential) financial issues, here’s a list of top answers to your most pressing financial concerns as a business owner in the UK.

 

Cashflow

Cash flow is the very lifeblood of any enterprise, and even if you run a popular and successful business, you are still putting your business at risk if your cash flow isn’t in good shape. Dealing with cash flow is inherently stressful, but there is a solution. One thing you can do, for example, is staying on top of your business’ outgoings and incomings. When you know exactly where your finances lie at any given time, you wouldn’t get a nasty surprise and can see potential problems in advance. Pay attention to your invoices and send them out regularly, so it’s easy for you to chase payments before they affect your cash flow.

 

Tax and VAT

The country’s tax system has always been notorious for being quite complex, and although HMRC tries to simplify the system, many of us still have difficulties with it. If you get something wrong, you could face a stiff fine or penalty, and you don’t want to put your enterprise at risk just because you got your tax and VAT wrong.

One key thing you can do is familiarise yourself with the kinds of taxes you will have as a business owner and individual, such as corporation tax, value-added tax, business rates, and National Insurance; even though this isn’t a tax per se but you still have to pay it to the government. You can also try outsourcing your tax return submission and filing to a good bookkeeping and accounting service, like the central London accountants at Griffin, Stone, Moscrop & Co. They are well-versed with these aspects and can ensure that you avoid any disastrous mistakes.

 

Financing

Even whilst banks on the high street have already been criticised for their stringent rules and practices on lending to small businesses, and they’ve made some changes, it isn’t enough. Your business may be successful in many ways. Still, if your business’ books are not in precise order or aren’t correctly updated, a bank will not likely consider your application for financing seriously.

If you are planning to expand and need capital, this can be highly frustrating. But you can make your small business more appealing to lenders by being clear and precise about your financial requirements for a loan, letting lenders know why you need the loan and how it will positively impact your enterprise. It’s also crucial to look for the right loan – something that meets your requirements – and look for the right lender as well. It pays to let an expert handle your books in such a way that they will look attractive to a prospective lender. If it looks great on paper, you have a bigger chance of being accepted for a loan.

 

Image attributed to Pixabay.com