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In today's digital age, the way businesses manage their finances has seen a seismic shift, largely due to the introduction and growing popularity of cloud accounting. For UK businesses in particular, cloud accounting has emerged as a transformative tool, reshaping the traditional methods of financial management. What is cloud accounting? At its core, cloud accounting
Advisory Insights
Blog
Directors might opt to either lend money to or borrow from their own company. This type of transaction is called a director's loans, and they are recorded in the Director’s Loan Account. Engaging in loans between the director and the company, or with another stakeholder, is fraught with risks. The DLA does not involve the
Advisory Insights
Blog
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various methods to calculate depreciation, such as the straight-line method or the reducing balance method. The chosen
Case Study
Cath Raisbeck has enjoyed a business relationship with Benson Wood that stretches back more than 25 years. Having been accountants for her previous business, when she decided to set up a new enterprise, Benson Wood was the natural choice. Cath explains: “The team at BW were very helpful in initially helping up to get the
Case Study
Established in 2008 and headquartered in Aberdeen, Drillmar Resources is a market leader in the provision of recruitment and people-oriented solutions to the global energy industry. In 2022, Drillmar Resources began its partnership with Benson Wood, a reputable accountancy firm. Drillmar’s Managing Director and co-founder, Raymond Bruce reveals: "We were introduced to Benson Wood through
Case Study
When Ernie Rea set up Vantage Windows & Doors back in 2011, he took his time to find a firm of accountants that were the right fit for his business. “I met with several firms but there was something about Benson Wood – I just felt a personal connection with them straight away. I thought,
Case Study
When Jim set up Clean Air Containments Services Ltd more than two decades ago, like any new business owner, he needed the services of an accountant. Faced with a choice of several local accountants, Jim was clear from the outset that he wanted to work with a firm that shared his own business ethos of
Case Study
M & J Fireplaces is a leading manufacturer, installer and supplier of beautiful fireplaces. Based near Glasgow, the business has gone from strength to strength since its founding by James Mulheron in 2010. He has been in the fireplace industry for over 23 years, starting in manufacturing before moving into sales and then opening his
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News
Accountants are often seen as guardians of tax and compliance. However, their expertise extends far beyond these areas. They can act as problem solvers, assisting with a range of tasks that can set the stage for a smooth and profitable business operation. Here are eight ways your accountant can help your business flourish: Assisting with
Latest News
News
As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional Information Form (AIF) providing supplementary project details. The form must be completed prior to the submission of the company tax return. If the form is not submitted, the R&D claim will not be incorporated into
Advisory Insights
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In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024. What are the phases? Self-employed individuals and landlords with a turnover of more than £50,000 will be the
Latest News
News
John Moffat, our CEO has completed his first 50 days of the Walk 100 challenge for the Scottish Huntington’s Association! As an accounting firm, we love our numbers and statistics. Check out John’s stats so far: 910,787 steps £360.00 raised so far £2000.00 fundraising target 40,293 highest daily steps 18,216 average daily steps 4 drenchings
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