Problems we solve ~ Accountancy

Problems ~ your accounts, unexpected tax bills, VAT investigations?

Usually when a business owner first approaches us it is because they have a problem. Sometimes it's a business problem such as cashflow difficulties, trouble raising finance or trouble growing their business - you can go straight to take a look at our  Business Problems  page or  Business Solutions  if this sounds like you. 

Sometimes it's an accountancy problem to be solved such as struggling to keep up to date with their books, their current accountant taking months to complete their year end accounts, a looming VAT investigation visit, problems with CIS, an unexpectedly large tax bill that you're sure isn't right ...

We've highlighted some of the most common accountancy problems Wood and Disney solve for our clients. Although these are titled "Accountancy Problems" they also tend to cross the imaginary line and become business problems. For example, it's almost impossible to improve your cashflow if your books aren't up to date as they are the foundation of your credit control. How do you know who owes you what and when you need to pay your suppliers if all you have is a file of muddled receipts and invoices, that don't tie in with your out of date records?

Compliance problems

Numbers, paperwork, filing returns ...

 Does worrying about your accounts and paperwork keep you awake at night?

.... the "traditional" accountancy worries of bookkeeping, end of year accounts, management accounts and filing paperwork with the HMRC or Companies House before any deadlines.  At one end of the scale you could be wasting your valuable time trying to keep on top of the bookkeeping and paperwork or you could be making decisions based on out of date information. At the other end of the scale, get it wrong and fail to comply to regulations or the law, and the  penalties or fines that the government agencies can impose are significant and can seriously threaten the survival of your business.

Compliance doesn't have to be a headache. We have experience of solving compliance problems from those little niggles that take up your time - time that you could better spend working on generating income, to the most migraine-inducing problems that eat into your thoughts when you are trying to get to sleep at night and spend time with your family at weekends.

 Bookkeeping

Are your books a mess? Do you spend your evenings and valuable family time slaving over spreadsheets or on-line bookkeeping? Are you knee deep in invoices and receipts? Do you have sleepless nights worrying that your books are way behind and you need to fill in your quarterly VAT return? Do you know who owes you what and how much you owe your suppliers and when you need to pay it?

Discover the Wood and Disney way with our ...

Year end Accounts

Did you give your books to your accountant weeks ago and you still haven't heard from them or seen any accounts? Is the taxman investigating you because they don't believe that your year end accounts are correct? Your accountants have done your year end accounts but you don't have a clue what they mean to your business. Is you credit rating poor because your accounts don't give a fair reflection of your business ?

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Management Accounts

Do you believe that your books are pretty good so you don't need management accounts? Are your management accounts telling you that you should be making profits but your bank account is telling you otherwise? You are convinced that business is doing well as sales are coming in and you should be making money but somehow the cash is disappearing?

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VAT

Do you feel a sense of dread as the VAT return date approaches each quarter? Are you spending valuable time completing your VAT return when that time could be better spent running your business and earning money? Do you hope that you're filling in your VAT return correctly but are unsure and just keeping your fingers crossed that you are doing it correctly?

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Company Secretarial

Do you find the paperwork for Companies House a head-ache inducing nightmare? Are you putting off filing your documents as there's always something more pressing demanding your attention?

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Payroll

Are you fed-up with hassle from your employees because your payroll software  has "got it wrong" again? Do you have to waste time answering questions and concerns when their pay isn't what they expected, even if it is right, at a level which they understand? Do you put off running your payroll until the last moment? Have you been embarrassed by accidentally disclosing salary details to the wrong member of staff?

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Auto enrolment

Are you confused by the array of work place pension providers and products on offer? Do you feel pressured by pushy advisers trying to get you to sign up to a scheme you don't really understand? Do you find that auto enrolment is time consuming - time which would be better spent on driving your business forward. Are you worried about the fines and penalties if you get it wrong?

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Construction Industry Scheme - CIS

Do you check the status of your self-employed workers each month or just assume they are self-employed because the subcontractor has registered with HMRC for CIS purposes? Have you verified all the subcontractors who have been paid this month and deducted the right amount of tax?Have you made a monthly CIS summary for each subcontractor where you have made a deduction? Do you check that all of your construction workers are allowed to work in the UK?

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Real life case studies of Compliance Problems we've solved for our clients

Mistakes made with your bookkeeping and accounts have knock-on effects for the whole of your business

When we first meet a potential new client they usually come to us because they are not happy with their current accountant. Quite often it's just a feeling that their accountant isn't doing a good job. Maybe a big, unexpected tax demand has landed on their doorstep or a series of niggling errors in the accounts that build up to undermine their confidence in their accountant's abilities.

A hefty tax bill because of a previous accountants year end accounts mistake, averted by Wood and Disney's intervention:

We reviewed the accounts and tax returns for a prospect. The business owner was surprised that both his company tax and his personal tax liabilities were lower than usual but he didn't think that his circumstances had changed much. After a review by us we discovered that £20,000 of dividends had been misposted to expenses. Resulting in underpaying £3,800 in corporation tax and £1,500 in personal tax. Amended accounts and tax returns had to be submitted before HMRC carried out an enquiry.


Previous Accountants lack of knowledge nearly proved very costly but Wood and Disney were able to sort it out:

A new client was not aware that they had an overdrawn director's loan account. We asked the former accountant for details of the additional tax paid on the loan and they didn't even know that they should have disclosed this to HMRC. We reviewed the most recent accounts prepared by the former accountant and questioned the client closely about how he ran his business and discovered some opportunities to increase his profit sufficient to provide enough dividends to clear the overdrawn loan account. Amended accounts and returns were submitted. No additional tax was incurred because of losses brought forward.

 Want to banish that headache?

Let us solve your accountancy problems so that you can focus on your business and get back to doing what you are good at.

Let us help you get your life back and take the pressure off you, so that you can focus on building your business and enjoying your free time with your family. Take a look at our ACCOUNTANCY SOLUTIONS ...

Tell me about Wood and Disney's solutions to my Accountancy problems...