Though business owners traditionally regard the annual audit and preparation of annual accounts 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 the 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 the problems and opportunities with you and help you implement any agreed solutions.

We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospect, referral sources, and even your own staff – all of which greatly improves your business prospects for the future.

In addition to the Statutory Audit we also provide Non-Statutory Assurance Reports and undertake Due Dilligence.

At Clay Shaw Butler we prepare statutory annual accounts for Corporate entities, Charities, Clubs and Associations and Not For Profit Organisations as well as accounts for unincorporated sole traders and partnerships.

We are happy to prepare accounts from incomplete, manual, or computerised business records. No matter how large or small we have suitably qualified and experienced team members. We have in depth knowledge of both Sage products and Quick Books.

We will send you reminders when your accounts are due for preparation at the year end and at regular intervals until your accounting records are submitted to ensure that any late filing penalties are avoided.

We will take time to sit down with you and discuss the annual accounts and Tax Returns in detail and clearly explain the tax savings that we have achieved for you.

Based on your annual accounts, we will explain why, when and how much tax needs to be paid for the relevant tax year. We will also review your trading results and identify areas requiring your attention and other Key Performance Indictors (KPIs) – and we have no doubts, you should be pleasantly surprised!

It was relatively easier to obtain grant funding in the past but as the “pots of cash” reduce in the public sector, this availability of grant funding becomes ever more difficult to obtain. We have experience in the majority of grant claim applications and support our clients throughout the process to ensure they have the optimum chance of being awarded the cash.

We await the decisions of the current government in relation to grant availability but are awaiting the go ahead of new schemes with bated breath! When they are announced, we will be ready to assist our clients in sourcing the funding and assisting with the applications, to ensure they are awarded the monies they can claim.

Clay Shaw Butler are pleased to report that this service is headed by Nigel Roberts, a former head of Commercial Banking in West Wales. Nigel has 34 years banking experience and is helping the Practice to continue to expand providing specialist banking advice and support to Clay Shaw Butler clients.

Nigel confirms that in his first few months he has also been approached by non clients who require these services not available from their existing Accountants.

Nigel and his Team can not only prepare Business Plans, Projections and Management Accounts required to develop your business, but also to attend meetings with Banks and other lenders and to support you and facilitate meetings and improve the structure of the financial deal.

Personal tax planning is all about understanding taxes you are liable to pay and looking at ways to minimise them. With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

We can provide you with advice on all aspects of personal taxation and try to ensure that you do not pay tax unnecessarily.

We have provided our tax planning services successfully to a numerous clients by reducing their tax liability substantially, some examples of this are:

• Help in planning the disposals of assets, to reduce the impact of capital gains tax legislation and avoid unnecessary liabilities on death.
• Mitigation of income tax and national insurance by individual remuneration planning.
• Taking the opportunity to create trusts and distribute wealth in a cost-effective way.
• Advice to ensure maximum use is made of available relief’s.
• Advising with regards to capital gains tax and making the appropriate elections for Principal Private Residency Relief.

Our expertise covers areas such as:

• Income Tax
• National Insurance
• Capital Gains Tax
• Inheritance tax

Self Assessment

Many taxpayers struggle to understand these complex tax returns. The constant changes to the tax legislation mean that taxpayers risk incurring penalties through failing to complete their returns on time or correctly.

By handling your self assessment tax affairs, we aim to avoid the stress, time and potential loss of money incurred in completing these returns personally.

We can complete your return, calculate the tax liability and offer practical advice on any tax planning oppertunities that may help to minimise your tax liability.

Our services include:

• Calculating your tax liability;
• Completing and filing your tax return on your behalf;
• Advising you when payments are due and how much to pay;
• Liasing with H M Revenue and Customs on your behalf;
• Advising on any tax planning opportunities.

Capital gains Tax Planning

Capital Gains Tax is levied when you sell or give away an asset of your own, which has increased in value.

The capital gains tax regime is a complex area of legislation with many elections and reliefs available, which can minimise or extinguish a taxable gain.

We can provide a comprehensive review of any proposed transactions and provide a tailored report of the implications of any disposal with additional recommendations advising on ways to minimise capital gains tax where possible.

We can assist to ensure that:

All eligible reliefs are claimed where available, which may include

• Capital losses brought forward
• Entrepreneurs Relief
• Principal Private Residence Relief
• Lettings Relief
• Rollover relief
• Gift relief
• Negligible value claims
• Annual Exemptions

It is also important to consider the timing of the sale, in order to maximise the available relief’s and exemptions.

Inheritance Tax (IHT)

Having spent a lifetime building up your personal wealth, it makes sense to plan for the future, it would be comforting to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not H M Revenue and Customs.

There are a number of ways to reduce the potential tax liability on your estate, however the relevant legislation requires for us to plan well in advance.

It is important to ensure your own financial needs are met and that you do not give away too much too soon. We provide a comprehensive estate planning service that includes:

• Help with planning and reviewing a will;
• Making use of exemptions and lower rate taxes on lifetime transfers;
• Transferring agricultural or business property;
• Transferring assets into a trust;
• Arranging life assurance to cover potential inheritance tax liabilities.

It is important that you plan ahead, however this may seem difficult without knowledge of future events which are impossible to predict.

Tax represents a substantial part of a company’s 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.

Efficient tax planning can result in potentially significant improvements in your bottom line.

Clay Shaw Butler will assist you in minimising your exposure to tax on business profits.

We can help you:

• structure the organisation in a tax efficient way;
• maximise the availability of plant and machinery capital allowances;
• take full advantage of available tax reliefs;
• reduce tax on disposals and maximise relief on acquisitions;
• make the most of tax planning opportunities specific to your business or industry;
• consider pension contributions and schemes;
• meet the rigorous and increasing demands of compliance;
• with discussions with the tax authorities including HM Revenue and  Customs investigations by acting on your behalf.

Capital Allowances on buildings

Where property is purchased or developed for commercial reasons, in many cases capital allowances are often under claimed. Maximising capital allowances on integral plant and machinery in buildings is an effective way of reducing the tax liability and obtaining tax refunds in the case of historic expenditure.

We have experience within this area and can help advise as to how to submit such a claim.

A business plan should always be prepared when starting out in business but also reviewed and updated at least annually thereafter. In these challenging economic times it is essential for business owners to plan ahead as far as possible, have financial and non-financial targets and identify Key Performance Indicators (KPIs).

Business Plans and Financial Forecasts are also often requested by banks and other lenders when additional financing is required upon renewal of existing facilities and when applying for grant funding.

Business plans should always include Financial Forecasts including Cash Flow, Profit and Loss and Balance Sheet Forecasts. At Clay Shaw Butler we understand that if you are starting out or just have an idea it may be difficult to produce a suitable Business Plan in particular the Financial side.

Why not let us take the pressure off you and use our wealth of business experience to either help you to prepare your business plan or produce one for you.

Contact us today to discuss your needs and what we can do for you. We can even approach lenders on your behalf and advise on and assist with grant applications

Clay Shaw Butler has both the resources and the expertise to deal with HM Revenue & Customs on behalf of our clients in investigation cases. We also have experience in negotiating settlements with HM Revenue & Customs and maximising the discounts available for disclosure, cooperation and size/gravity in terms of penalties.

PFP – Professional Fee Protection

Mark Jones highly recommends the PFP Professional Fee Protection Scheme to all his clients.

“After researching the major providers we have chosen the Professional Fee Protection Scheme from PFP as we understand this product meets the demands and needs of our clients who wish to protect themselves from the financial burden of a Tax Investigations, Enquiries or Disputes. We consider the scheme to be good value for money, because we believe the level of cover and terms and conditions provided is appropriate for all our clients. In addition PFP have an efficient claims process and their policy wording is clear and concise”.

Mark added “the Professional Fee Protection Scheme gives each client access to a Legal Helpline, helping to keep your businesses on the right side of the law”.

The Helpline gives you instant access to telephone advice from a Team of experts provided FREE as part of our Professional Fee Protection Scheme.

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 HMRC 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:

• Assistance with VAT registration
• Advice on VAT planning and administration
• Use of the most appropriate scheme
• VAT control and reconciliation
• Help with completing VAT returns
• Planning to minimise future problems with HMRC
• Negotiating with HMRC in disputes and representing you at VAT tribunals

Our staff can also advise and assist with the use of some of the special schemes set up by HMRC:

• Cash Accounting – If your turnover is within the limits for the scheme you will only need to pay VAT to HMRC when you are paid by your customers. This is a significant advantage for businesses that have to grant extended payment terms to their customers.
• Flat Rate Scheme – Traders eligible to join this scheme can simplify their VAT accounting by applying a flat rate percentage to their sales and paying this amount to HMRC.
• Annual Accounting – With this scheme you agree an estimated annual liability, based on the previous year’s figures and pay this over on an installment basis. At the end of each year a final return is submitted and any balance due is paid or overpayment refunded.
• Retailers Schemes – Ordinarily, registered traders are required to keep detailed records of every transaction. For retailers this could prove to be a time-consuming chore. To avoid this, affected businesses can use one of the schemes set up with retailers in mind.
• Tour Operators Margin Scheme – Tour operators often buy goods and services from businesses in foreign countries, and cannot often reclaim their input tax. The tour operators’ margin scheme solves this problem by allowing tour operators to calculate the VAT on just the value that they add.

We act for a significant number of clients within the construction industry and are experienced in understanding the complexities faced by this sector.  We deal with both Contractors and Subcontractors.

Contractors are responsible for verifying whether Subcontractors are entitled to gross payment or payment after deduction for CIS tax and it is their responsibility to make detailed monthly returns to HM Revenue and Customs.

Contractors who are late filing returns, or are not compliant in other ways, face tough financial penalties and can have their own gross status revoked which can have a serious impact on cash flow.

We act for small traders through to large limited companies and deal with all issues including:

• Registering you with HM Revenue and Customs as a Contractor or a subcontractor;
• Verifying Subcontractors and advising you of their tax status (Gross, 20% or 30%);
• Completion of statements for your Subcontractors;
• Advising of tax liability due to HM Revenue and Customs;
• Completion of CIS Monthly returns and submission to HM Revenue and Customs;
• If you don’t want us to prepare your monthly returns we can even help you setup internal systems to complete this most important task efficiently. This would include the provision, installation and training on Sage CIS software if appropriate.

Call us today to discuss how we can assist with this administrative burden!

It is a daily requirement of running a successful business to ensure all your management systems are efficient and accurate. These systems could be in relation to anything from ordering procedures all the way through to credit control and collecting your cash to producing timely and accurate management accounts.

We can assist you with any of these elements in the procedures you have by carrying out a health-check of your current systems and advise on any recommended improvements or merely advise on localised areas of your systems and assist accordingly.

The key to our assistance is in tailoring the requirements to you and your business and ensuring you obtain the optimum service and support from us in running your business effectively.

MIS Development

Successful businesses all have one thing in common which is crucial to its efficiency – excellent systems and controls. A business cannot function blindly without management information to hand and decisions based on gut instinct rarely make the returns of a well-informed and timely decision.

There should be systems and procedures for every section of the business and these should be continually monitored and improved. We can assist in the initial set up of your systems, carry out a review of current systems and provide feedback and recommended improvements and also carry out interim audits of your systems to ensure they are being carried out effectively.

Running a payroll can be time consuming and complicated and diverts resources from the core actives of your business.

The HM Revenue and Customs regime is very strict with regards to penalties. New PAYE regulations require all employees to file their Employers Annual Return (Form P35 and P14’s) online. Failure to do so will result in a penalty up to a maximum of £3,000.

As from May 2010 HM Revenue and Customs are issuing penalties for late payment of PAYE. The penalties will start at 1% and increase to 4% depending on the number of late payments made during the year. There will also be penalties of 5% if PAYE liabilities are still outstanding after 6 months and a further after 12 months.

We provide a comprehensive and confidential service which includes:-

• Processing weekly, fortnightly, four weekly or Monthly wages.
• Employee payslips.
• Dealing with starters and leavers with completion of forms P46 and P45.
• Standard payroll reports.
• Dealing with PAYE Coding and Student loan notices.
• Dealing with Statutory Sick, Maternity, Paternity and Adoption Pay (SSP,SMP,SPP,SAP)
• Calculation of PAYE liability including National Insurance Contributions for each month.
• Processing BACS payments.
• Completion of year end forms P35, P14 and P60’s and submission to HM Revenue and Customs within the deadline.
• Advising of new legislation updates e.g. National Minimum Wage.
• Completion of Annual returns for those clients who process their own payroll.

We can also offer support at the end of the PAYE financial year by checking the records P35, P14 and P60’s and submitting to HM Revenue and Customs online within the required deadline.

We offer cost effective solutions to your business what ever the size by providing Sage payroll software where needed. We will also provide suitable training your staff and are on hand to give support where needed – we are just a phone call away.

P11D’S Return of Expenses and Benefits

It is the Employers responsibly to report any Expenses payments and Benefits in Kind that the company/business has paid to their Directors/employees in the year.

HM Revenue and Customs will issue a penalty up to £100 per P11D(b) outstanding and up to £300 each per P11D outstanding.

Expense payments and Benefits in Kind include the following:

• Motor Vehicles
• Fuel
• Vans
• Private Medical Insurance
• Travelling and Subsistence
• Beneficial Loans
• Entertaining
• Subscriptions
• Home Telephone
• Use of Company Credit Cards
• Or any other expenses and benefits

We can help to take the complexity out of the completion of these forms, by offering an extensive range of services including:

• Completion of forms P11D(b), P11D and P9D and submitting to HM Revenue and Customs.
• Calculating Class 1A National Insurance Contributions.
• Completing Dispensation form (P11DX) for certain Expenses payments and Benefit in Kind and submitting to HM Revenue and Customs for approval.

As a result of the “Credit Crunch” many small businesses are experiencing problems with cash flow and profitability. Many people are not claiming the tax credits to which they are entitled. These tax credits can help to subsidise your income.

Clay Shaw Butler, offer a unique comprehensive tax credit planning and compliance service, which will maximise your entitlement as well as mitigating the chance of your tax credits being overpaid or more importantly underpaid.

Regular, reliable, timely Management Accounts enable you to make well informed business decisions and plan for the future. Although they are not a legal requirement they are invaluable and due in part to the economic downturn also often requested by Financing institutions. Unlike Annual Accounts, Management Accounts need to be prepared quickly, preferably within 21 days of the period end.

At Clay Shaw Butler we understand that every business is different and the content of Management Accounts provided are specific to each individual client. We then review these with you at each period end drawing your attention to the key areas requiring your attention.

We value good, long term client relationships and appreciate the need to have an in depth knowledge of each business. Therefore clients are allocated a specific team to look after their needs, ensuring they always know the best point of contact for any required assistance and prompt response to any queries they may have.

We can:

• design and develop bespoke management reports;
• prepare and file VAT returns online;
• perform periodic reconciliations of bank accounts, trade debtors and trade creditors as well as all other balance sheet items;
• post period end journals;
• use Sage, QuickBooks or MS Excel at our offices or at yours;
• complete Management Accounts;
• compare your Management Accounts to your forecast figures, analysing variances;
• use the Management Accounts to assist with tax planning strategies and raising finance.

Management Accounts need not be expensive and often pay for themselves through:

• tax savings due to identification of planning opportunities;
• cost savings as a result of negotiating cheaper financing arrangements;
• increases in business profits though making better business decisions;
• reduced fees for the provision of Annual Accounts.

Contact us today to discuss the best Management Accounting system for you.

With the economy now showing signs of improvement, there are many individuals and companies alike who are considering the opening of a new business. Preparation and knowledge is key to the success of the start up of a new venture and we can assist with any aspect of this. You will need information in relation to :

• Banking & raising finance
• Accounting records
• Grant assistance
• All forms of taxation
• Income planning
• Statutory regulation
• Budgeting and monitoring
• Business plans

We highly recommend in the instance of a new venture that individuals seek the advice and support of an accountant such as Clay Shaw Butler, where they can get a FREE 1 hour consultation to point them in the right direction from the outset.

The last thing you want in your business is to have valuable time and resources tied up with routine bookkeeping.

That’s something we can do for you, either at your office or at ours.

We begin by discussing your specific requirements and then we set up appropriate book keeping procedures and controls to ensure your accounts are kept fully up-to-date and in compliance with statutory regulations.

But we don’t stop there. We can also provide you with regular management accounts to keep you informed on essential areas such as:

• Cashflow
• Profitability
• Performance ratios
• Customer activity
• Credit control
• Budget comparisons

In addition we can also relieve your staff of the burden of preparing:

• Payroll administration
• VAT returns
• Bank reconciliations

Alternatively we can offer a Book-keeping healthcheck

Let us review your bookkeeping system to advise on…

• The right bookkeeping system for your business;
• If the information being produced is accurate and reliable;
• How you can spend less time keeping your books;
• VAT errors;
• Specific training needed for book-keeping staff;
• How you could produce more relevant management information that is useful to manage your business.

Should you wish to computerise your bookkeeping system we, as Sage Business Partners can not only provide and install suitable Sage software but also implement a bespoke training package for you or your employees. We are also happy to support the use of Quickbooks, MS Excel and other computersised packages.

In todays complicated and strictly regulated financial services market, providing independent financial advice requires specialist knowledge. We make use of our wide range of professional contacts to ensure you have a suitable independent financial adviser with expertise in areas most relevant to you. We work with them, using our knowledge of your business, to provide you with impartial advice in areas such as:

• Pension Schemes
• Life Assurance
• Mortgage protection
• Critical Illness Cover
• Private Medical Insurance & Care Plans
• Individual Savings Accounts
• Investments
• Directors share purchase
• Partnership protection
• Key person assurance
• Employee benefit packages
• Death in service benefit

Clay Shaw Butler are fully accredited Sage Business Partners. As such we can :

• Provide Sage software;
• Install that software;
• Provide bespoke training packages for you and your workforce;
• Assist you with problems and queries;

Our team will ensure that your team get the maximum out of the software!

Using Sage software in your business will simplify the process of producing Management Accounts so often requested by banks and other financial institutions due to the current economic climate. Timely, accurate, Management Accounts are also essential to running any business by assisting the reader in the decision making process.

The Sage Accounts packages will also hold your customer and supplier details, log communications with them including phone calls, letters and emails and can link to your MS Outlook diary ensuring that important tasks and other duties are not overlooked.

Research & Development (R&D) tax relief is a government incentive to encourage companies to invest in R & D activities by claiming relief on qualifying costs.

More companies now qualify for higher R & D relief as a result of the qualifying limits as a small or medium-sized enterprise doubling and the rates of R & D relief increasing for all companies in 2008.

We have substantial experience within this area and can help with the completion of qualifying R & D claims.

All companies are required to meet statutory requirements of annual company returns.

CSB will keep you compliant with Companies House, looking after all the necessary duties and responsibilities, including ensuring that Annual Returns are made. We can take care of the correct forms for any changes in:

• Shareholdings
• Directors / Company Secretary
• Registered Office
• Company Name
• Change of Accounting period

All company forms can now be filed online quickly and securely through the Companies House Web-Filing service.

If setting up a new company, or for incorporation of an existing business, we can also take care of all the administration and documentation.

We specialise in Sage accounting packages but are also experienced in other packages such as Quickbooks. The use of an accounting package within a business can mean the difference between making an informed, successful decision and a blind, costly mistake.

A great many of our clients use various packages which we have assisted in setting up and provided training in its use. We can advise on both the hardware and software which gives our clients the assurance that we can support them with an all round IT service.

Once their IT systems are in place, then we can provide ongoing support by any communication suitable to them to ensure they do not suffer any undue delay in carrying out their tasks.