When it comes to tax planning, timing is everything.Continue reading
Monthly Archives: October 2023
How can you leverage automation in your accounting process?
Most businesses are already using cloud accounting software to manage their finances. However, not all of them are taking full advantage of automated processes to streamline their accounting process.Continue reading
100 days until the Self-Assessment deadline: Are you ready?
We are now only 100 days away from the Self-Assessment tax deadline on 31 January 2024.
Why you should use double-entry bookkeeping in your business finances
The term “double-entry bookkeeping” is often mentioned as a cornerstone for managing a business’s finances.
CPA Group
CPA Group began as a service company predominantly selling the compressed air provision within the industry. Over time, through customer service, it expanded to provide a number of other services, leading to controlled air products. The company’s commitment to customer service and innovation has led to its growth and diversification. More about the company can be found on their website here.
CPA Group started working with Benson Wood 20 years ago. “I was looking for an accountant I could trust to give me advice and straight answers,” Alan Collin, CEO of CPA Group, recalls. “Having been close friends and neighbours with John Moffat, I knew I would get a high level of support from John and Benson Wood.”
“Benson Wood’s role in CPA Group’s operations is comprehensive. They verify our books, manage our payroll, and provide financial advice,” Alan shares. “They prepare our accounts, provide tax compliance, tax consultancy, and tax planning services, along with bespoke business advice. They also manage the payroll services for our 60-strong workforce.”
One of the most significant contributions of Benson Wood to date has been its tax project consultancy work. “They advised us on how to best mitigate company and personal tax liabilities given the significant changes in tax legislation for companies and individuals,” Alan adds.
When asked about the trust he puts in Benson Wood, Alan elaborates: “Benson Wood carried out extensive due diligence work for us when we were considering the acquisition of another company. They investigated the finances and accounts of the company and advised on the worth of the business. This gave us the comfort that we were getting full value for what we paid.”
Alan highly recommends Benson Wood to other businesses. “Their work is thoroughly professional, and their employees have integrity. I trust their business and employees because I know they share CPA Group’s values,” he says.
“The relationship between CPA Group and Benson Wood is set to evolve as we grow,” Alan anticipates. “We plan to use them more for outsourcing of financial requirements. Both businesses are on a similar path in terms of growth, and as CPA Group grows, Benson Wood is growing too, able to provide enhanced services to the benefit of both businesses going forward.”
The partnership between CPA Group and Benson Wood is a testament to the power of trust and the value of professional integrity. Benson Wood has been an integral part of our operations,” says Alan. “Our trust in them has been well placed and it has enabled us to continue our successful business procedures.”
The impact of Capital Gains Tax in estate planning
Capital Gains Tax (CGT) is one of those terms that often elicits a groan from private clients, but understanding its intricacies can be incredibly beneficial in the long run. Continue reading
Paper VAT registration to be abolished in latest digital move
In the latest move in their Making Tax Digital (MTD) campaign, HM Revenue & Customs (HMRC) is removing paper VAT registration from 13 November 2023.Continue reading
What business owners need to know about meeting PAYE deadlines
Among the long list of financial responsibilities that you must handle as a business owner is ensuring PAYE is made on time. In October 2023, the electronic payment deadline for your PAYE tax bill falls on Sunday, 22 October. To meet this deadline, your cleared funds must be in HM Revenue & Custom’s (HMRC’s) account by 20 October 2023, unless you opt for a Faster Payment. Continue reading
Could you afford a financial data GDPR breach?
In today’s digital age, data protection has become a paramount concern for businesses of all sizes.Continue reading
How management accounts can help your business
Management accounts are vital in keeping on top of your business’s performance. But what are they, and how do they work?