Make An Enquiry
Get in touch

0121-633-2000

enquiries@friendpartnership.com

Behind every successful business, there's a great accountant

A great firm of accountants will play a crucial role in the company's financial success. In today's dynamic business environment, every business needs a skilled and experienced firm of accountants to manage their finances, analyse financial data, and provide sound financial advice.


The importance of having a great accountancy firm cannot be overstated. Your accountants are not just number crunchers but an essential part of the management team that helps make strategic decisions. They are there to help your business navigate complex financial regulations, minimise tax liabilities, and manage cash flow.


Accountants are responsible for recording and maintaining accurate financial records that provide insight into your company's financial health. They are also responsible for preparing financial statements, including balance sheets, income statements, and cash flow statements. These documents are essential for understanding your company's profitability, liquidity, and solvency.


More than financial reporting


Your accountant's role goes beyond financial reporting. They help your business analyse financial data to identify areas for improvement, make informed decisions, and manage risks. They understand your business plan and manage budgets, forecast financial performance, and identify potential cost savings.


In addition to financial analysis and reporting, accountants also play a critical role in tax planning and compliance. They help your business understand the tax implications of financial decisions and ensure compliance with complex tax laws and regulations. They also help your business identify opportunities to minimise its tax liabilities and advise on tax incentives and reliefs which are available.


A great accountant is also an invaluable asset when it comes to raising capital. They can prepare financial reports and projections that are essential to your business for securing loans or attracting investors. They can also help your business navigate the complex world of finance and investment to identify the best opportunities for growth.


A quality accountant is essential for the success of any business. Whether you're a small startup or a large corporation, having a skilled and experienced firm of accountants can help you make informed decisions, manage risks, and achieve your financial goals.


So, if you are considering starting a business or taking your existing business to the next level, make sure you have a great accountant on your team.


For detailed advice and guidance on any accounting or business matters, do not hesitate to get in touch.


Read more about The benefits of using a regulated Chartered Accountant.

28 Mar, 2024
Theatre Tax Relief is a valuable, and often under-used, tool for theatre production companies. David Gillies at Friend Partnership, provides the latest insights
26 Mar, 2024
The upcoming changes will mean that from 1 October 2024, an estimated 132,000 businesses will be exempt from non-financial reporting requirements.
14 Mar, 2024
The UK's tax system for individuals classed as "not UK domiciled" (often called "non-doms") is undergoing a significant overhaul. This system has traditionally offered tax advantages for foreign income and gains, but those benefits are coming to an end. Non-domiciled individuals are generally those who haven't established strong ties to the UK in terms of residence or family connections. Previously, they enjoyed a tax perk known as the "remittance basis of taxation." This allowed them to avoid paying UK income tax on foreign income and capital gains, as long as the money remained outside the UK. However, these advantages have been gradually restricted in recent years. The new reforms, announced by the Chancellor of the Exchequer – Jeremy Hunt, represent a change to the existing non-dom tax system. The New System - What Does it Mean Non-Doms in the Future? Starting April 6th, 2025, a new system will be in effect. Here's what it entails for non-domiciled individuals who become UK resident after that date: Temporary Tax Exemption: If you haven't been a UK resident in the past 10 years and become one after the reform, you'll benefit from a temporary tax exemption. This means your foreign income and gains will be exempt from UK income tax for the first four years of your UK residency. Standard Taxation After Four Years: After the initial four-year grace period, your foreign income and gains will be taxed on the same basis as other UK residents. To avoid double taxation, relief will be available against UK tax under Double Tax treaties or the Unilateral system for any foreign tax already paid. What about Existing Non-Doms? The government acknowledges the complexities of transition for current non-dom who are UK residents. Transitional rules are being considered to ease the shift. These may include: Reduced Tax Rate for Bringing Foreign Income to UK: Existing non-doms might be offered an opportunity to bring previously untaxed foreign income and gains back to the UK at a reduced tax rate. Rebasing Foreign Assets for Capital Gains: There's also a possibility of "rebasing" the value of non-domiciled individuals' foreign assets for capital gains tax purposes. This could mean using the asset value in 2019 as a baseline, potentially reducing their future capital gains tax liability. Uncertainties and Taking Action The details of the new system and the transitional rules are still under development. The full picture will become clearer when the government publishes further consultations later in the year. Given the complexities involved, it's crucial for individuals who might be affected by these reforms to seek professional tax advice. Understanding the opportunities and potential pitfalls of the new system can help you make informed decisions about your financial future. While the non-dom tax reform simplifies matters to a certain extent, it introduces new considerations for individuals with international finances. Staying informed and seeking professional guidance will be key to navigating these changes effectively.

Friend Partnership is a forward-thinking firm of Chartered Accountants, Business Advisers, Corporate Finance and Tax Specialists, based In The UK

Share this page:

Share by: