ACCOUNTANCY SOLUTIONS

Accountancy Solutions

Why choose us for accountancy compliance?

Wood and Disney take a different approach to Accountancy Compliance Solutions. All of our clients are now using or upgrading to cloud accountancy based systems this means ...

Our clients have access to their data, 24/7, 365 days a year - no need to wait until the office opens to check on your figures.

We give you real-time data. Traditionally accountants have worked on their clients’ accounts several months in arrears. We and our clients, are embracing and leveraging new cloud based technology to have access to your data in real time.

You can have confidence that decisions and planning is based on what's going on in your business today - not on data that's 6 months old.

We make sure that you understand the valuable real time information at your fingertips because it will help you make better decisions and therefore better profits.

We can plan and forecast with far greater accuracy.

We help you take action to be resilient to downturns in business.

We set up systems to help you control your business activities giving you reliable cash flows and profitability.

You can sleep better at night knowing that you are in control and really know the true financial position of your company.

Compliance

Keeping you out of trouble

What is compliance?

This is the traditional role of the accountant: bookkeeping, producing end of year accounts, management accounts and filing paperwork with the HMRC or Companies House before any deadlines and generally trying to ensure that the business owner complies with regulation or the law. This is still a really important role because our country is run on the amount of penalties or fines that the government agencies can impose on its citizens.

Bookkeeping

Bookkeeping is the first step in the accounting process and arguably the most important one as it is the foundation of everything else regarding business finances.

Your “books” record all of your transactions including sales invoices, receipt of monies, purchase and expense invoices and of course your payments.

Accurate and timely bookkeeping will keep you out of trouble with HMRC. You will know exactly who to pay and when ensuring that your remain on good terms with suppliers. You will know which customers owe you money and help you chase them efficiently ensuring that cash flow remains positive, stress levels are kept to a minimum and you can focus on generating more sales and profits.

Wood and Disney's bookkeeping solutions will enable you to

pay less tax because you will not lose any receipts and bills
make more profit because you can focus on sales rather than spend time on low value admin work
feel less stressed because of deadlines or simply not knowing where you are
have more family time because you don’t have to work on your books on evenings or weekends.

Year end Accounts

Many business owners consider year end accounts to be unimportant merely confirming how much they need to pay HMRC. They are historic often not being available for several months after the year end. They provide little help in running their business and often bear little resemblance to what is happening on a day to day basis. However, HMRC are making decisions about you and your business depending on what these annual accounts show. HMRC receive a detailed Profit and Loss account and are comparing your numbers not only to your own previous years but to similar businesses throughout the UK. If your annual accounts are submitted to Companies House they are available for anyone to see and although they may only contain a Balance Sheet, lenders, credit reference agencies, suppliers and customers are looking at this information and its trends to assess whether to do business with you.

Wood and Disney's annual accounting solutions are

prepared by qualified accountants,
are accurate and
most important of all are carefully considered as part of your “bigger picture”.

As a result Wood and Disney help you

minimise tax legally both for the current year and for the future
banks will be more willing to lend to you
suppliers will be more willing to extend you credit
customers will have more confidence in your ability to provide your goods and services
your credit rating will improve.

All of which will lead to more profits, better cash flow and a less stressful life.

Management Accounts

Business owners often think that bookkeeping and management accounts are the same but there is a massive difference. You cannot have reliable management accounts without a strong foundation of accurate bookkeeping but bookkeeping is merely the recording of day to day transactions.

A set of Management Accounts paints a picture of what the underlying transactions actually mean.
Accurate Management Accounts will help in the early detection of fraud, leading to less cash losses and less stress.
They help you understanding the correct level of profits being made in the current period and will help you to make better decisions.

Wood and Disney produce quarterly or monthly management accounts for our clients so that they plan better and make better decisions, leading to increased profits in the future. You will spot opportunities sooner and stop negative actions faster leading to more positive cashflow.

VAT

Horrible, time consuming and too easy to get it wrong. Just some of the comments from clients about dealing with their own vat.

So what is needed when doing VAT?

accurately recorded transactions where the correct vat input and output are claimed and declared
the correct vat scheme must be used
confidence in your records.

Wood and Disney can take the quarterly stress away by completing your VAT returns. The result will be:

confidence if you have a vat visit
less likelihood of errors being discovered, and therefore less interest and penalties
overall you will pay less vat and be confident that the money in your bank is available for you to grow your business
when you come to sell your business a purchaser will have less opportunity to reduce the amount you want for your business on the basis of uncertainty over vat.

Let Wood and Disney takeover your quarterly VAT returns. Overall you will have less problems, less stress and a more profitable business.

Company Secretarial

Wood and Disney's company secretarial services are designed to help private companies meet their statutory compliance needs. This includes maintaining registers and assistance with filing relevant documents with Companies House.

It is important to maintain compliance with Companies House requirements and the Companies Acts. If not the company can be liable for penalties and prosecution. Directors can also be prosecuted for not dealing with company secretarial matters within strict deadlines. Failing to deal with Company Law correctly can result in HMRC enquiries and additional tax liabilities especially in share reconstructions or sales. In fact errors within filings at Companies House has resulted in business sales falling through.

Using Wood and Disney will save you time, stress and ensure that you comply fully with the law.

Payroll

On the surface payroll seems easy with so many cheap tools available to help you but in reality there are many potential issues to trip you up. Get it wrong and you have some seriously upset employees. Dealing with their questions and concerns is time consuming and if relying just on a piece of software you can sometimes have difficulty in answering their questions to a level which they understand.

Wood and Disney's Payroll solutions ensure that you get payroll right and the benefits are massive:

Run the payroll accurately and your happy employees will waste less time and make more profit for you.
Run your payroll on time rather than leaving it until the last moment will cause both you and your employees less stress and you will all be more effective.
Free up time perhaps better used to focus on more sales and more profit.

Finally Wood and Disney's payroll solution is fully GDPR compliant ensuring that you do not accidentally disclose embarrassing salary details followed by the inevitable penalties which can amount to 4% of turnover.

Auto enrolment

Auto enrolment is not just about finding a pension for your employees. It is a whole culture of communication and support to help your team make the right decisions about their future.

Wood and Disney can ensure that you find the best scheme for your business and your employees. Taking the burden of time consuming research sifting through the myriad companies offering workplace pensions and the risks of ensuring legal compliance.

Auto Enrolment is time consuming. Time which would be better spent on driving your business forward.
Auto Enrolment is a legal compliance issue. Failure to comply can result in fines and penalties. It can be very expensive to get this wrong.
Failing to deal with your employees pensions will lead to an unhappy workforce and this will impact on productivity and profitability.

CIS

The construction industry is one of the most volatile sectors in the UK economy, and careful planning and advice are needed to maintain efficiency and competitiveness. We look after electricians, plumbers, heating and ventilation engineers, mechanical services companies, general builders, consultants, surveyors etc.

Wood and Disney have many years of experience helping businesses get CIS right. The costs and penalties of not complying to the rules are significant and HMRC is vigorously pursuing companies that are non-compliant. Ignorance isn’t accepted as an excuse!

If you are in the construction business or if you are a “deemed contractor” then you will be part of CIS and you should have advised HMRC to set up a CIS scheme for you. Strict monthly penalties can be imposed even for failing to let HMRC know that you have no subcontractors (providing you have previously registered for CIS).

One of the questions on the monthly CIS declaration is whether or not you have checked the employment status of all your workers. If a sub-contractor is paid as self-employed but should have actually been classed as an employee then each month’s CIS declaration will be incorrect and could attract a penalty of up to £3,000, (£36,000 on an annualised basis).

Wood and Disney understand the "grey" areas and can make sure that you don't fall foul of CIS rules so that you and your subcontractors can get on with building your business!