UK companies over a certain size are required to have their annual accounts subject to statutory audit. In addition, many companies, though not required to have an audit, still find that it can provide valuable business information.
Audits are often required for certain charities and pension schemes whilst some professional bodies, such as The Law Society, require solicitors who hold clients’ money to submit their client accounting to an annual audit. We can help in all these areas.
Although business owners traditionally regard the annual audit as a cost centre – a necessary evil that adds no value to the business – we strive to transform it into a profit centre. Besides helping you meet your statutory requirements, we also take the opportunity to conduct a review of your financial and management systems.
This can often result in our identifying potential problem areas and recommending opportunities to improve your business performance. We discuss these problems and opportunities with you and help you implement any agreed solutions.
Westbury can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts in compliance with statutory requirements.
Our first step is to work with you so that we can gain a full understanding of your business, tailoring our approach to meet your requirements so we can provide exactly the service you need, making use of a variety of leading-edge software products.
Bookkeeping and accounting services include:-
1. Outsourced monthly management accounts
2. Preparing and processing the VAT Returns
3. Preparing year-end statutory accounts
4. Cash flow and profit projections
5. Identification of key performance indicators
6. Implementation of accounting systems
Do you know where your business is going? Do you have a strategic plan?
Westbury work with you to formulate a clear vision of where you want to take your business, over what time period and how you will achieve this.
Too often the pressures of keeping a business going on a daily basis stop owners from giving strategic planning the attention it needs. Often, the result is often judgements, over or under-capacity, or missed opportunities.
With years of experience advising businesses of all sizes in a wide range of sectors – we are well positioned to support you and your business in this area.
Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through, and not because they are experts in the legal, financial, and fiscal aspects of running a business including helping with company formation.
Indeed, these matters can often seem daunting, and even off-putting, to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of trained experts.
That’s where we fit in. Bring us your business ideas and we’ll help you to evaluate them in a constructive and realistic manner. We can also help you:
1. Decide on the most suitable structure for your business – sole trader, partnership, or limited company. Prepare a business plan, cashflow projections, budgets, and trading forecasts . Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals;
2. Establish a good working relationship with your bank;
3. Complete any registration procedures with Companies House, Inland Revenue, or Customs and Excise;
4. Deal with all company secretarial issues;
5. Set up a recording system for your internal use and for complying with statutory requirements
Start your new venture on a sure footing – call us for an initial consultation today.
The last thing you need as a busy business owner is to use up valuable time and resources making sure you are complying with the Companies Act.
Moreover, with company legislation changing at the rate it does, you need to be sure you are fully aware of how these changes affect you and your fellow directors. We can give you complete peace of mind in this area by carrying out your company secretarial duties for you.
1. Company formations
2. Preparation and filing of statutory returns
3. Preparation of all documentation related to Minutes and Resolutions
4. Maintenance of statutory books
5. General advice on company law
In addition, through our associated company, Companies Made Simple, you can form your company online and obtain a whole host of related services.
Whether yours is a new or a mature business, ensuring that you have the necessary finance is essential for achieving your objectives. Indeed, one of the most common causes of business failure is badly structured or inadequate financing.
Westbury can help you to:
1. Conduct a feasibility study of your projects
2. Decide on the most suitable sources of finance – personal capital, bank overdraft, long-term commercial loans and mortgages, national and regional agencies, venture capital, or equity capital
3. Prepare the necessary business plan, forecasts, prospectuses, etc.
4. Present your proposals to your chosen finance source
5. Arrange a disposal, merger/acquisition, or management buyout/in
6. Apply for a loan under the new Enterprise Finance Guarantee scheme
Our expertise and contacts will help you open doors that may otherwise have remained closed for you.
Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government.
Westbury offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. These include:
1. Determining the most tax effective structure for your business
2. Taking full advantage of tax opportunities and reliefs
3. Achieving the optimum capital or revenue tax treatment
4. Reducing tax on disposals and maximising relief on acquisitions
5. Making the most of tax opportunities specific to your industry
6. Meeting the rigorous demands of compliance including corporation tax self assessment
7. Acting on your behalf in discussions with the tax authorities
8. Efficient corporate tax planning can result in potentially significant improvements in your bottom line.
Westbury has joined forces with leading forensic accountants Frenkels, creating Frenkels WestburyFrenkels%20Westbury%20Forensics%20AdForensics.
This joint venture provides a high level of forensic services to solicitors, insurance companies and other legal professionals. With expertise in all areas of forensic accountancy the partnership can provide you with the solution you are looking for – covering both civil and criminal assignments and act for defendants, claimants and as single joint experts – and is also to offer bespoke seminars on a variety of forensic accountancy topics to suit your requirements.
1. Personal Injury
2. Contractual Disputes
3. Commercial Disputes
4. Matrimonial Matters
5. Expert Determination
So, what is Forensic Accountancy?
Forensic is defined as ‘used or applied in the investigation and establishment of facts or evidence in a court of law.’
A forensic accountant uses a combination of accounting, investigative and legal skills to provide an accounting analysis that is suitable to the court, and will form the basis for discussion, debate and ultimately dispute resolution.
Forensic accountants are usually instructed to analyse, interpret, summarise and present complex financial and business related issues in a manner which is both readily understandable and properly supported.
Typical forensic examples include:
1. Reviewing the current financial evidence and providing suggestions for possible courses of action.
2. Helping to obtain the required documentation to support or reject a claim.
3. Reviewing the documentation obtained to give an initial opinion of the case and identify potential areas of loss.
4. Reviewing the report prepared by the opposing expert forensic accountant and discussing the strengths and weakness of their report, and occasionally, but with increasing frequency, providing a statement of joint experts.
5. Assistance with case conferences, negotiations and any settlement discussions that may take place.
6. Attending meetings with counsel, attending court to hear and provide evidence as an expert witness.
The team of experts within Frenkels Westbury Forensics will look after your forensic requirements – utilising their breadth of skill, experience and expertise to gain the outcome you require.
No man is an island; and these days few businesses are. Rapid globalisation, the growing importance of the EU, and the burgeoning growth of the Internet as a business medium, are all conspiring to add an international dimension to UK businesses.
Trading with overseas companies, selling to overseas markets, and setting up overseas operations all require expert knowledge; from the formation of your company to establishing processes. Westbury can help you to:
1. Set up accounting procedures for dealing with the euro or other currencies
2. Determine the best business structure for tax purposes
3. Reduce your overseas tax burden
4. Develop strategies for financing overseas subsidiaries
5. Repatriate profits at minimum tax cost
6. Work with our fellow advisers in your country of operation
Westbury partners with UK Work Permits to assist with Immigration matters and Visas.
Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.
We have a dedicated team who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
1. Customised payslips
2. Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
3. Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue
4. Summaries and analyses of staff costs
5. Administration of incentive schemes, bonuses, and ex-gratia and termination payments
6. Administration of pension schemes
Even if you have only a few employees, you will make savings by engaging us to administer your payroll.
Pensions automatic enrolment is now a mandatory part of running a business if you operate a payroll. We can offer advice on everything it entails, as well as help you with the administrative burdens that it presents.
This relatively new legislation brought in by the Government is not only complex in terms of what the rules are, it also places a considerable load on your administrative resources, due to the amount of obligatory correspondence and audit trails which accompany it.
Westbury offers a full range of services to help you to carry out your auto-enrolment duties:
1. General comprehensive advice on what the legislation means, both for you and your employees, and payroll requirements to fulfil your obligations;
2. Dedicated contact for the Pensions Regulator so that you do not miss any essential correspondence;
3. Mandatory reporting and audit trail for the Pensions Regulator;
4. Assessing the eligibility of your employees and enrolling or opting-out where applicable;
5. Producing the relevant communications for your employees.
We have written a comprehensive guide to Auto Enrolment if you would like to find out more about the technical aspects of AE, you can read that here.
Value Added Tax is one of the most complex and onerous tax regimes imposed on business – so complex that many businesses inadvertently overpay or underpay VAT.
The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of HM Revenue & Customs, call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to!
We provide an efficient cost-effective VAT service, which includes:
1. Assistance with VAT registration
2. Advice on VAT planning and administration
3. Use of the most appropriate VAT scheme
4. VAT control and reconciliation
5. Help with completing VAT returns
6. Planning to minimise future problems with Customs and Excise
Negotiating with Customs and Excise in disputes and representing you at VAT tribunals