Tag Archives: Accounting

Accountancy & Accounts, Appointments, Apprenticeships, Business, Education, Newport, Wales

Kilsby Williams invests in future talent

Tax and accountancy specialist Kilsby Williams is investing in the next generation by providing an alternative route into the sector for young people.

The independent firm’s audit and accountancy apprenticeships have been designed with school leavers in mind, providing professional development and expert mentorship opportunities for learners who are not following college and university pathways.

The apprenticeships enable school leavers to study towards industry-recognised qualifications including AAT level 2 and level 3 and ACA qualification, while gaining practical experience and earning above the national minimum wage for apprentices.

Abi Cornford is one of the school leavers who has experienced the support of the firm and tailored career development since joining in 2019, progressing from an apprentice to audits and accounts manager. Abi now specialises in audit services for private businesses, SMEs and UK subsidiaries of overseas groups.

Abi said: “Starting at Kilsby Williams right after school was the best decision I could have made. The support I’ve received has been invaluable, and I’m proud to have achieved my professional chartered qualification while advancing along my managerial career path.

“The firm’s culture, which prioritises development and team building, has played a huge role in my growth. Kilsby Williams has provided me with a platform to thrive, and I look forward to continuing my journey here.”

Jonathan Harrhy, partner at Kilsby Williams, said: “We aim to empower everyone at all levels in the firm to maximise their potential with a no glass ceiling approach to career progression. And there’s no better place to start than by supporting the progression of young professionals in their first roles within the sector.

“We are proud to be investing in the next generation of audit and accountancy talent through our apprenticeships, providing access to top-tier training and trusting them to work alongside colleagues on client projects.

“In addition to developing skills, these opportunities shape the future of Kilsby Williams. It’s been fantastic to see Abi progress from apprentice to manager with our guidance, and it’s exciting to see the growth of Conor and Joshua who will be completing AAT level 3 this summer.”

Established in 1991, Kilsby Williams works with clients locally in south Wales, extending across the UK and globally. Their clients range from sole traders to international quoted groups.

Accountancy & Accounts, News

HURST unveils ambitious plans to double in size

Independent accounting and business advisory firm HURST has unveiled plans to double in size amid rapid expansion across the practice.

In the 12 months to March 31 2024, HURST increased fee income by 13.5 per cent from £7.9m to £9m, and is on track to exceed £11m in its latest financial year.

HURST is aiming to become a £20m-turnover practice in 2028, fuelled by a growing national client base, extensive recruitment and new service lines to support its ambitions, alongside a multimillion-pound investment in technology.

The firm moved its headquarters last spring to a flagship development in Stockport to accommodate its growing team, which includes an increasing number of recruits from larger firms across the UK.

Its relocation to 3 Stockport Exchange, where it occupies 11,000sq ft, has paved the way for the firm to expand from 120 staff to around 170 over the next few years.

HURST focuses on advising entrepreneurial owner-managed businesses across all sectors. Clients include S.J.M Concerts, Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Scapa Group and Hyde Group

During the current financial year, HURST has launched a private client tax service headed by partner Karen Chadwick to enhance its offering to business owners, entrepreneurs and high net worth individuals. It has also recently launched a dedicated corporate tax compliance service headed by Ellen Feetum.

Other highlights of the financial year to date include:

  • Recognition from Great Place to Work as one of the UK’s best workplaces in consulting and professional services, reaffirming HURST’s commitment to fostering a positive culture;
  • The launch of HURST Corporate Finance as a standalone brand with a dedicated website. HURST Corporate Finance has its strongest-ever deals pipeline;
  • Significant client wins, including Metalor Technologies, beauty brand REFY, the Rugby Football League and Green Part Specialists, reflecting HURST’s growing reputation as a trusted adviser to mid-market businesses across the UK;
  • Investing to make greater use of AI-driven digital platforms to enhance data management, improve resource planning and deliver greater efficiency to clients.

Outlining HURST’s ambitious plans, managing partner Tim Potter said the firm has a strong platform to build on to achieve its goals.

“We have good, solid foundations from which to propel our growth in a measured way,” he said.

“This involves continuing to focus on providing a genuinely caring and friendly service and excellent value to our growing client base, ensuring they have a pleasant experience with us by obtaining sound commercial advice to help them achieve their goals, together with the technical abilities of our team.

“At the same time, the essence of our firm is a great culture. Looking after our people really well so they are inspired and motivated to achieve success for our clients is key to our ethos.

“This combination is helping us to win more business nationally, although our focus remains on the north west.

“In the north west alone, we act for businesses with a combined turnover of £10bn as we continue to expand our client base. The region has a thriving business community and is a vibrant area of entrepreneurship and innovation.

“There is plenty of scope for further expansion for HURST both in the north west and beyond.”

Tim added: “Over the past 12 months we have invested in the business on a significant scale, with our new offices, key appointments, new service lines and by embedding new technologies within the firm, including AI-driven digital platforms.

“This programme will continue to enable us to further enhance our service offering. We have also stepped up our leadership training provision with a global provider to nurture the next generation of senior leaders, and will be launching a bespoke proposition to help clients integrate and develop their AI offering within their businesses, and adding further service lines.

“The practice remains buoyant and confident for the future. With our continued investment in talent, technology and service innovation, we are well-placed to deliver sustainable growth and create exciting opportunities for our people and clients alike.”

Accountancy & Accounts, Finance and Banking, News, Tax

HURST expands with new private client tax service

Independent accounting and business advisory firm HURST has launched a private client tax service to enhance its offering to business owners, entrepreneurs and high net worth individuals.

Karen Chadwick, who has 30 years’ experience in the field, has joined HURST as a partner to lead the new offering.

She has moved from Azets, where she was a tax partner. She previously worked at firms including Deloitte, KPMG and CLB Coopers.

During her career, Karen has gained a wealth of personal and trust tax compliance and advisory experience and technical knowledge, particularly in the areas of trusts and inheritance tax.

She said: “HURST is on an impressive and ambitious growth trajectory, as a strong, independent north west accountancy firm whose team delivers a first-class service to a varied client base as well as contacts and intermediaries, backed by a strong, cohesive and close-knit management team.

“The partners have recognised there is a need and demand within the firm’s tax service line for a dedicated private client tax offering, and I am thrilled to take up the opportunity to lead it.

“I’m excited to be part of the firm’s journey and to complement the existing partner group and HURST’s skilled and ambitious team to assist with the future development and growth of the practice.

“I look forward to applying my experience and technical knowledge to help clients achieve their personal and family wealth objectives now and in the future.”

HURST’s managing partner Tim Potter said: ““As the firm cements its position as the number one independent north west firm working with owner-managed businesses in the £5m-£100m turnover space, we have taken the decision to enhance our offering with a new service to support our high net worth clients with inheritance tax, trusts and complex personal tax matters.

“This is an exciting development for HURST and we are delighted to welcome Karen to the fold. We expect her vast experience and knowledge to be in high demand from our enviable client base of high net worth individuals.”

HURST focuses on advising entrepreneurial owner-managed businesses across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Scapa Group and Hyde Group.

The firm recently moved its head office to a new flagship development in Stockport to accommodate its growing team, taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

HURST had been based since 1996 in Tiviot Dale in Stockport town centre, but outgrew the premises. The firm aims to grow from 120 staff to around 170 over the next three years.

Appointments, Finance and Banking, Finance News, News

Duo gain promotion in HURST’s tax team

Independent accounting and business advisory firm HURST has announced two promotions in its tax team.

Sam Ryan, who joined HURST in 2022, has been promoted to tax manager. He works with clients on a range of matters, including transactions, due diligence and restructuring.

Liza Whiley, who moved to HURST in 2021, has become an associate tax manager. She has a dual role, covering personal tax advisory and research and development.

HURST partner Liz Gallagher, head of the tax team, said: “Sam and Liza are integral to the success of our tax advisory department and have both contributed significantly to what will be our best-ever year.

“As a firm, it’s important that we recognise their hard work and dedication as they progress their tax careers with us.

“In addition to reflecting their individual contributions to the business, their promotions underline our commitment to helping colleagues actively develop their careers with us.

“On a personal level, I’m delighted that Sam and Liza have made these important career steps with HURST and I and look forward to working with them as we go forward to the next phase of our firm’s growth.”

HURST focuses on advising entrepreneurial owner-managed businesses with turnover of £10m and above across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Arighi Bianchi, Scapa Group and Hyde Group.

The tax team promotions follow a raft of recent promotions in HURST’s business services team. Four of those five individuals began their careers with the firm as trainees.

HURST is due to move its head office to a new flagship development in Stockport in the spring to accommodate its growing team.

The firm is taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

HURST is taking a 10-year lease and will occupy the entire fifth floor at the building. It has been based since 1998 in Tiviot Dale in Stockport town centre, but has outgrown those premises.

The new HQ will give the firm scope to expand from 120 staff to around 170, which it aims to achieve over the next three years.

News

Grant Thornton grows Milton Keynes team with next generation of talent

Grant Thornton UK LLP has hired a raft of new starters this September, as the firm looks to invest in the future of its Milton Keynes team.   

23 graduates and school leavers have joined the leading business and financial advisory firm’s Milton Keynes office across a range of departments, including audit and tax.  

The new joiners have been welcomed from various stages of education including school leavers, university graduates and placement students.  

Nationally, Grant Thornton has more than doubled the number of trainees joining its school leaver apprenticeship programme, achieving a record 193 new recruits, up from 90 in 2021.  

The firm has also welcomed a record number across its broader trainee intake in 2022, with a combined 461 new graduates and school leavers joining across the country. 

Grant Thornton, which was named in the top 10 of the Department for Education’s Top 100 Apprenticeship Employers in 2022, aims to reach a 50:50 split in its trainee hire population between university graduates and those joining straight from school. 

Tim Taylor, Partner and Practice Leader at Grant Thornton UK LLP, said: “It’s been incredible to welcome so many new joiners to our Milton Keynes team. At Grant Thornton, we know that supporting the next generation is immeasurably value and that it’s vital for the future of our region and its businesses. For this reason, we work hard to create a culture that engages our graduates and school leavers to ensure that they are given every opportunity to fulfil their potential.  

 “It’s increasingly evident that apprenticeships provide a valuable and highly effective route for young people to become trusted business and financial advisors. They’re a great way to promote social mobility in our communities while simultaneously ensuring that there’s a pipeline of highly skilled and diverse talent in the East Midlands.” 

James Davie is an Audit Associate joining Grant Thornton’s Milton Keynes office on its school leaver programme having completed an extended diploma in business specialising in finance. James said: “It was Grant Thornton’s culture that attracted me to their school leaver programme and from day one, every single person has been really welcoming. The office is an open and sociable place to be, which is great because I am learning so much, talking to different people who come from different skill sets and areas of expertise.  

“I have always had a keen interest in audit and wanted to kick-start my career at a firm that nurtured young talent – and Grant Thornton has a really strong track record at doing just that!” 

News

HURST staff reach new heights to raise thousands for hospice

Intrepid staff at accounting and business advisory firm HURST have reached new heights to raise thousands of pounds for a Greater Manchester hospice.

HURST partner and director of practice development Simon Brownbill and Rebecca Leech, an associate in HURST’s business services team, led the way with sponsored tandem skydives from 15,000ft.

Meanwhile a team of 25 HURST colleagues completed the Yorkshire Three Peaks Challenge – scaling Pen-y-ghent, Whernside and Ingleborough in 12 hours.

Seven others undertook a cycle ride along the Tissington Trail in the Peak District, covering a total of 26 miles there and back, while a group of six took part in an open swim at Sale Water Park in Greater Manchester, clocking up 7km in total, followed by a 10km walk.

The endeavours mean HURST has now raised more than £13,000 for Willow Wood Hospice, which is based in Ashton-under-Lyne and provides care and support throughout Tameside and Glossop.

Willow Wood is HURST’s charity of the year for the second year in a row, as Covid impacted the firm’s fundraising ambitions in 2021.

Simon said: “Willow Wood does amazing work and our team was keen to help them out with some creative fundraising efforts.

“We’ve had groups of people doing some amazing things for the charity. I’d always wanted to try a skydive, and having the opportunity to do one for such a great cause was awesome.

“As well as raising money, we have supported Willow Wood directly, with a number of staff volunteering in its shop, distribution centre and at the hospice itself, and by the firm donating a number of computer monitors.”

Rebecca said: “I was inspired to do the skydive for Willow Wood as it was something I’d always wanted to do and I couldn’t think of a better reason to do it than to raise money for this lovely charity.

“I have a family friend whose mother was looked after at the hospice, and they have spoken so highly of the care that she received. It’s a very worthy cause to jump out of a plane for!”

The hospice provides care for people who have been diagnosed with a life-limiting illness. It has an 11-bed unit for palliative and end-of-life care. All of the rooms have en-suite facilities, a garden view and a private patio.

Willow Wood also provides holistic therapies, a dementia café, home support and bereavement support. It costs around £3m a year to run the hospice.

Mark Llewellin, vice-chair of Willow Wood’s board of trustees and its acting head of income generation, said: “Our sincere and grateful thanks go to the HURST team, who have pulled out all the stops to support Willow Wood this year.

“After voting for us as their charity of the year, they have not only volunteered in our shops, distribution centre and at the hospice itself, but have also raised thousands of pounds with their many and varied challenges.

“Their commitment has been fantastic and we are very proud to be associated with them. We wouldn’t be able to care for patients and their loved ones without supporters such as the team at HURST.”

News

Tax Systems Announces the Appointment of Bruce Martin as Chief Executive Officer

Tax Systems, the tax software supplier to accountancy firms and corporates, has announced the appointment of Bruce Martin to the role of CEO, post a 12-month succession planning programme. Martin joined Tax Systems as Chief Finance Officer in 2021 and was promoted to MD and CFO in February 2022. He now succeeds Gavin Lyons as CEO, who remains with the business as a strategic advisor and Board member.

In his role as MD, Martin has been instrumental to the business; delivering excellent financial results, overseeing the development of a new cloud platform as part of a strategic move to become a Software-as-a-Service (SaaS) provider, building out the senior management team and ensuring the business continues to deliver an exceptional customer experience.

Prior to joining Tax Systems, Martin was CFO/COO at Arrowpoint Advisory, an international mid-market M&A advisory firm. Before that, he was Head of FP&A and Operations at eFront. As he steps into the role of CEO, he will be replaced by Tax Systems’ Head of Finance, Adam Feigin, who is promoted to Group Finance Director. Feigin will also join the leadership team.

“Tax Systems is a special place to work. The large and expanding market opportunity, together with the impending launch of our new business model into a pure SaaS provider with a new to market, purpose-built platform, marks this out to be a very exciting journey,” commented Martin. “This transformation will cement our place as market leader in the UK and Ireland and will create the springboard for exciting future growth (plans of which are already underway). We pride ourselves in pushing the tax compliance industry to evolve with changing technology capability and doing our bit to reduce the well-documented tax gap. We have lots to do and I am eager to lead our team on this exciting journey!”

“Bruce has made a significant impact on the leadership team and our business since joining in 2021. We are delighted to appoint him at this key point in the Company’s evolution and we are confident he will lead us well during this period and beyond,” commented Mark Rogerson, Chairman of Tax Systems. “As a Board, we are extremely grateful to Gavin Lyons who has led the Business with considerable success as Co-Founder and CEO over the last six years and are truly delighted to be continuing to work with him and benefit from his support and guidance in the years ahead.”

News

Accounting firm HURST strengthens tax advisory team with two recruits

Accounting and business advisory firm HURST has strengthened its tax advisory team with two new recruits.

Chartered tax adviser Sam Ryan has joined HURST from Crowe UK as an associate tax manager. He will be using his expertise to advise clients on a range of matters, including transactions, group restructuring and succession planning.

HURST has also welcomed Joseph Bourke to its tax team as a graduate trainee. He recently graduated with an accounting and finance degree from Manchester Metropolitan University.

Liz Gallagher, head of HURST’s tax advisory team, said: “We are really pleased to welcome these two talented individuals to the firm and in particular to our tax department.

“Due to the rapid growth in our client base, both in terms of numbers and sophistication, we are experiencing an ever-increasing demand for high-quality taxation advice, and we are constantly on the lookout for new additions to our highly-experienced team.”

Joseph is the latest graduate to join HURST’s training programme, following the arrival earlier this year of Ewan Lawson, Tirath Panesar and Miles Redgrave as trainees in the business services department.

Meanwhile, Jack Skilton has joined the HURST Digital team on a full-time basis after being seconded from the business services team. He joined HURST in 2017 as a trainee chartered accountant.

HURST created its specialist digital team in 2018 to support companies in embracing technology to drive improved performance and efficiency. It is led by Jo Gibson, a partner in the firm’s business services team.

The digital team works with owner-managed companies across the UK to review their operations and implement bespoke digital strategies, including making better use of data, new business reporting methods and the integration and automation of processes. The team also helps businesses to meet the requirements of the government’s Making Tax Digital legislation.

HURST, which is celebrating its 40th anniversary this year, focuses on advising entrepreneurial owner-managed companies with turnover of £5m and above.

Clients including leading entrepreneurial businesses such as Kinaxia Logistics, M&I Materials, London Lash, Beechfield Brands, Duerr’s, Oliver Valves and Delamere Dairy.

Law, News, South East

Rising tax burden threatens South East growth

As businesses continue to focus on recovery from the pandemic and speculation on the contents of the forthcoming Autumn Budget continues, Grant Thornton UK LLP’s latest Business Outlook Tracker finds that one in three (31%) mid-market businesses believe the increased tax burden is a top threat to the growth of their business.

The survey of 605 mid-market businesses in October 2021 showed that the increased tax burden was considered as big a threat to the market as digital security and cyber risk.

Businesses have already been hit this year with the upcoming rise in corporation tax to 25%, announced in the March Budget, and the recent announcement of a rise in National Insurance from April 2022 to help fund the health and social care sectors.

With changing tax policy placing ever greater strain on business finances, the survey found that the policies the mid-market would most like to see introduced by government to support business growth are led by measures to improve infrastructure (32%) and incentives for employers to invest in skills attraction and development (31%).

Backing for low carbon business strategies (30%), measures to level up the UK economy with more devolved powers (30%) and simplification of UK business tax systems (30%) all scored highly.

John O’Mahony, the practice leader for Grant Thornton’s Gatwick team, which covers Surrey, Sussex and Kent, commented: “There is never a good time to raise taxes but businesses around the South East will fear that’s inevitable. I’m sure what the community wants to see is a careful balancing act from the Chancellor. UK Plc is currently batting a perfect storm of issues from supply chain disruption, rising tax burden, lack of talent, increasing energy prices and rising uncertainty as we move towards winter.

“To gain the confidence of UK businesses, the government will need to show that they are able to deliver a clear path to, not just recovery, but also growth. As our research shows, businesses have long favoured a simplified UK tax system but, as the tax burden grows, we are yet to see any progress in this area.”

With COP26 on the horizon and the publication of the government’s Net Zero Strategy this week, it’s encouraging to see that policies around low carbon business strategies are a priority for the mid-market. We know from previous research that only 51% of mid-sized businesses have a net zero carbon strategy in place. To shift the dial in this area and to engage the market effectively in taking action, policy setters need to share clearer guidance that helps businesses to integrate net zero strategies into their operations, ensures the mid-market has access to funds and projects, and consolidates relevant reporting frameworks and standards.

News

Family-owned businesses report their accounts more conservatively, reveal researchers

Family-owned businesses are much more conservative when it comes to their accounting reporting than non-family corporate organisations, potentially hindering their reported profitability, but also improving the company’s long-term reputation, according to new research from Durham University Business School.

The study also found that family firms with a founder CEO are more likely to report conservatively than those with a descendent CEO.

Conducted by Dr. Hwa-Hsien Gary Hsu, Associate Professor of Accounting at Durham University Business School, alongside colleagues from the National Central University and the National Pingtung University, the study was designed to better understand the impact that family ownership has on accounting conservatism, and whether or not this makes firms more cautious and understated in their accounting reporting.

The researchers reviewed accounting data from over 5,500 financial reports issued by family firms based in Taiwan, operating between 1996 and 2015. The level of accounting conservatism of these firms was assessed through four different measures; non-operating accruals averaged over three years, good news and bad news timeliness from firms, the sum of inventory, R&D, and advertising reserves, and the aggregate effect of individual conservatism measures.

The researchers suggest the reason that family firms are more conservative is likely due to family owners being highly motivated to maintain the firm’s long-term viability by protecting its image and reputation, therefore not overstating their accounting records.

Dr. Hsu says,

“Family owners’ incentives and motivations can have a huge impact on the choice of their accounting practices. Family firm owners have a greater, long-term attachment to their companies and therefore want the company to seen in the best light possible.

This non-economic motive can drive family owners to avoid the aggressive accounting practices typically employed by corporates as these could potentially cause long-term damage to their firm’s viability and reputation. Instead, they choose to utilise the monitoring effect of accounting conservatism for enhancing or preserving their reputational wealth.”

The results of this study reveal that positive reputational effects associated with high family ownership and the presence of a founder CEO can motivate family firms to adopt accounting practices that facilitate effective monitoring. As a result, Dr Hsu says, owners’ family identity and reputation in the capital markets and society are preserved, and external stakeholders are benefited, in turn.

However, the results show when family ownership is reinforced through the use of enhanced control mechanisms, a great sense of family control and influence can drive family owners to avoid increased monitoring by using less conservative accounting. This approach allows them to exploit valuable information at the expense of external stakeholders.