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Southside Accountants Wimbledon

Limited Liability Partnership (LLP) or Partnership?

Nov19

partnership

LLP

In a LLP the partners liability is limited to the amount they have invested in the business plus any personal guarantees they have given.

Partnerships (none LLP)

In partnership partners liability is not limited (their personal assets are not protected) they are joint and severally liable for partnership debts.

Dissolving a Partnership is straightforward – paying all your creditors and informing HMRC. There is a formal process of dissolving LLP: http://www.companieshouse.gov.uk/about/gbhtml/gpllp3.shtml#ch1

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

7 Habits of Highly Effective People

Nov18

7 habitsThis is a well known Covey’s book. I found it a heavy read. I forced myself to complete the book. It made a lot of sense, but I did not apply his suggestions. After a few months, I heard the audio version of the book. This again was not an easy listen. I found his ideas and concepts very helpful. To fully understand Covey, I will need to listen to his audio book several times.

The area that I related to most was his inside-out approach – my interpretation of this – to be successful we need to start looking at ourselves first . “The way we see things is the source of the way we think and the way we act.’’ These paradigms are the source of our attitudes and behaviors. We cannot act with integrity outside of them. We simply cannot maintain wholeness if we talk and walk differently than we see. To try to change outward attitudes and behaviours does very little good in the long run if we fail to examine the basic paradigms from which those attitudes and behaviours flow.

Covey says achieving insight involves making a ’’paradigm shift’’ which causes us to perceive things differently. He notes that life threatening experiences or a major role change in a person’s life can change a person’s paradigm. Sometimes, just a little more knowledge might help us examine our paradigms.

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

Changing Accountants

Nov17

change acctThe difficult part on changing accountants for most clients is breaking emotional ties with their current accountants. They have been with their accountants for years and find it difficult to inform them. This is understandable. It would be a lot easier if clients think of this as a business decision. To further your business, this needs to happen. Furthermore, this is a normal course in any business. We can make the process easier by drafting a letter for you, thanking your previous accountant for their services and letting them know that you have decided to make the move.

Once this is done we will contact your previous accountant asking them if they are any professional reasons why we should not act for you. We will also request last set of accounts, tax returns and backing schedules. It is normal practice for accountants not to charge you for this.

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

Check Your Accountant is “Qualified”

Nov17

accountantWatch out for “accountants”

Do you know it is perfectly legal for you to set up and call yourself an accountant? You do not need any qualifications or training to call yourself an accountant.

Anyone can call themselves an Accountant and many do! Accountant is not a legally protected term. This means they are more than a few people working and calling themselves accountants. These people have not passed relevant accountancy examinations, are not regulated and are not required to undertake any Continuing Professional Development. This means they are not best placed to handle your financial affairs. Furthermore, they may also have impressive looking initials after their name -do not be fooled by these. These initials are gained by completing a simple form, providing two references and paying a membership fee.

Please do not accept a person as an Accountant without checking their credentials.

Right Person (Accountant)

Accountants that are appropriately qualified to act for you include:

  • Chartered Accountant – ACA or FCA – Member or Fellow of the ICAEW (Institute of Chartered Accountants in England & Wales).
  • Chartered Accountant – CA – Member of ICAS (Institute of Chartered Accountants in Scotland)
  • Chartered Management Accountant – ACMA or FCMA – Member of CIMA (Chartered Institute of Management Accountants)

Before employing an Accountant belonging to anyone of the above bodies, please call the body to confirm if he/she is a member of the body.

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.


Is Christmas Lunch to Staff Tax Deductible?

Nov14

xmasThe cost of providing the Christmas lunch for staff will be tax deductible.

The lunch can be tax free for the employees if it is in the form of an annual event or number of events to which all the staff are invited. However, you should try to limit the annual cost to £150 per head, counting all those who actually attend the event. If the costs exceed £150 per head (including VAT) your employees will be taxed on the total cost per head (not the excess above £150) as a benefit in kind.

If you would like any further information, please do not hesitate to contact Southside Accountants in Wimbledon & London.