make money, save money, look good, feel good.€¦ · receipts and invoices free updates: automatic...
TRANSCRIPT
1
Our purpose is to help our clients
Make Money, Save Money, Look Good, Feel Good.
2
The business landscape of today is significantly different to what it was fifteen
or twenty years ago. Recent and ongoing advances in technology have touched
every industry, changed others completely and even created new ones. Those who
embrace these changes grow and prosper: those who dabble or ignore them will
fall behind.
Retro accountancy can’t help you:
If you were buying a laptop, television, digital watch or mobile phone (for your
daily use), would you choose a model from the 1990s or today’s latest model?
Especially if there was no difference in the cost.
Most accountants today still rely on antiquated systems and apply a twentieth-
century, grey-suited accountancy mindset to their customers’ businesses. Our
customers take their businesses more seriously and choose services which add
value, embrace innovation and help them to realise their goals.
Get Into the Cloud: Modern systems with cloud accounting and bookkeeping
Get a Smart Accountant: Intelligent support, business planning and fast
returns
Get up to Speed: Real-time reporting, forecasting and bank reconciliation
Get a Great Team: A personal, professional and supportive accountancy team
Get Promises Delivered: Service guarantees and a positive impact on your
bottom line‘Some people don’t like change, but you need to embrace change if the alternative is disaster’Elon Musk, founder, CEO, and CTO of SpaceX and product architect of Tesla Motors
3
Get Into the Cloud:
Cloud accounting makes profits soarMeades Group are proud to be Watford’s only Xero Gold Partner accountancy team.
That means that we don’t just ‘use’ the world’s most powerful cloud accounting
software, we partner with Xero and help direct its ongoing development. Some of
Xero’s key features include:
Online invoicing: Faster payments, automatic recurring invoices and
scheduled payments
Mobile access: Access your account from anywhere for balances,
receipts and invoices
Free updates: Automatic software updates with innovative
developments and extras
Unlimited users: Your whole team, accountant and bookkeeper can
work together online
Smart reports: A whole range of powerful real-time and forecast
reporting at your fingertips
Unlimited email support: Xero and Meades’ experts are always on
hand to help
In Meades’ hands, that means your money works harder, faster and smarter for
your business. Your finances will take on new meaning and relevance, giving you
greater control and more time, with efficient processes and increased profitability.
4
Old-fashioned accountancy doesn’t add up A 2015 survey on mobile phone usage revealed that ‘making calls’ ranked as the 6th
most popular use of a smartphone, behind texting, browsing, email, photography,
social media and alarm clock. This is reflected in business evolution too, and is
particularly relevant to accountancy.
Filing your returns (long after those numbers serve any useful purpose) and
keeping you legal is way down the list of what your accountant could and should
be doing for you today! Just like your smartphone, Meades can put so many
powerful benefits at your fingertips to help manage and grow your business. You
don’t even need to understand ‘how’ we do it, you just get access to the business-
critical information you need in an instant.
This is APPsolutely essential
The world is still changing and, whether you like technology or loathe it, the reality
is that you need smart business information to stay ahead. Apps, tablets, smart
TVs and the like are designed to be fast, user-friendly, and deliver the information
you need, hassle-free. Meades Group has been designed to do the same.
Get a Smart Accountant
With 500+ time-saving apps, Xero is infinitely flexible
Stripe
UnleashedHubdoc
GoCardlessFloatSpotlight
5
Get Up to Speed
You can’t plan tomorrow unless you can clearly see today The most important part of any plan is knowing where you are now. For decades,
accountants’ standard service meant that your returns, management figures and
company accounts were calculated long after your year-end – and that was if you
had a good accountant. In reality, this has always been too late to be of any use to
a business, but today it doesn’t need to be. The technology is at our fingertips to
be get 24/7, real-time information about where your numbers are today and how
best to plan for your future.
Meades make your numbers work for you
Working with Meades Group means all of your key financial information is
available to you in the present. Much more than that, though: we will tell you
exactly what your numbers mean:
The amount you need to plan and put aside for tax
How to reduce your tax bill and decrease other costs
The hidden secrets to increasing your profit
Benchmarking your performance against your competitors
Which products and services are making you the most profit
Where to focus your investment and improvement resources
Accurately forecast just how exciting next year could be for your
business
And many other valuable and clarity-driven business planning insights
6
Get a Great Team
All the tech in the world can’t replace great peopleWe believe it is our responsibility to add value to your business by providing
innovative, workable solutions to problems. That is our promise to all of our
customers.
As a company, we believe in embracing technology to increase the efficiency,
value and management information that we provide to our customers. With this
comes the even greater benefit of being able to give you more of our personal
attention: working with you, getting to know your business, and bringing out the
best in your numbers.
Investing in a new office in the Philippines was a great move for us, and our
clients. A shortage of qualified accountants in the UK created a challenge in
growing our team quickly. Cloud technology has enabled us to recruit overseas
to protect our guaranteed service level promises. You can read more about our
unique guarantees on page 7.
Process and technology can make a business run well, but it is the people involved
who turn a good business into a great one. Our aim is to be involved in making
your business great.
Joanne Catherine Debbie
Pauline
Joe
Dominic
NATASHA
Arbyn
NatalieLee
Beccy
Paul
6
7
Get Promises Delivered
Unique guarantees and service level promises We have all come to rely on technology today. When you turn on your tablet,
sat-nav or smartphone you expect it to give you the information you need in that
instant. The years of development, expertise, testing and gathering data which
lead to the instant result are not your concern: you simply engage and the device
delivers exactly what you need. Nine times out of ten we are happy with the result,
and so we take it for granted!
The only real difference between Meades Group and your all-singing, all-dancing
smartphone is that we are guaranteed to deliver every time. We never need a
recharge, we update automatically, we are always current, always friendly, and
always listening to our customers’ needs. In short, we always deliver the results
you need: hassle-free.
Our 100% service guarantee
If you are ever unhappy with any aspect of our work, we will – without question
– respect your right to pay whatever amount you feel is more appropriate for
that month. In other words, if at the end of any month you are not completely
delighted with the work we have done for you in that month, simply let us know
and we will raise a credit note against the most recent monthly payment to reduce
it to whatever amount you believe is fair, based upon your judgement of the value
you have received.
8
Start by choosing the service package that best fits your needs. Each package is
a fixed price and the cost can be spread across equal monthly payments, meaning
you can budget effectively.
A simple fixed fee is agreed in advance for each project: so you can
budget effectively.
Overruns are our problem: if we have to work harder, you only pay the fixed
fee.
All fees are paid by monthly Direct Debit: helping you to budget and spread
the cost.
This ensures you get fast, accurate accounts and returns, avoiding penalties and
enabling smarter, more strategic financial decisions to be taken for your business.
Unlimited free ad hoc advice
Our fixed fees include unlimited access to our entire team for advice on ad hoc
matters, so you can call at any time without worrying about the cost. Only if we
need to start an Extra Work Order (EWO) will we agree another fixed fee with you
for the work to be completed. That means you can rest assured that we will never
charge you for work without having agreed a fixed fee with you first.
Tailored Services and a ‘No Surprises Fixed Fee Policy’
9
How We Will Work Together to Achieve Success
To be effective, we believe that professional relationships need to be based on
mutual trust, mutual support, mutual respect and mutual integrity. As a result
we only work with clients who share our belief in the importance of these four
factors. In practice, that means that we make a commitment to each other:
Our commitment to youWe will always do everything in our power to:
Keep you fully informed about what’s happening with your business, and
complete every task on or ahead of time – so that you never have to chase us
Operate on the principle that a problem isn’t solved, or a piece of work
finished, until you are 100% delighted
Reply to every telephone message or email within 24 hours
Reply to every letter within 48 hours of the day we receive it
Maintain the high standards of integrity, honesty, openness, professionalism
and confidentiality that you rightly expect from us
Refer our contacts to you where we believe they could benefit from your
products and services
Always be on the lookout for new ideas that could help you to build an even
more successful business and achieve your business goals
Do what we say we are going to do, when we say we are going to do it
Your commitment to usYou will always do everything in your power to:
Maintain the high standards of integrity, honesty and openness that we
rightly expect from each other
Tell us immediately if we do anything that you are in any way unhappy with
Provide us with all the information and answers we need to carry out our
work – within the mutually agreed timescales
Reply to our requests for information or work approval in a timely manner
Refer your contacts to us where you believe they could benefit from our help
10
Every business is different and is best helped by a service designed for its specific
needs. Speed, efficiency, accuracy, care and attention come as standard for all
our customers, and we can tailor everything else around your individual stage of
growth.
Traditional accounting often misses opportunities to make a genuine difference
to a business, so we have designed a service that proactively looks to highlight
areas where we can help maximise the benefits available to you. From compliance
services to strategic business advice, working with Meades Group you will have all
the support you need, when you need it.
To help get you started, over the next few pages we will show you the typical
services required by businesses at different stages of growth. All our service
packages can be tailored to your needs – so if we have included something you
don’t need, we can take that out; likewise, if there are additional services you
would benefit from, we can add those in.
Start now: which of the 5 Stages of Success does your business best fit? Now
have a read of the services we recommend for your stage of growth: will these be
a good fit for you?
To build the ideal package for you and your business we recommend speaking to
one of our team; they can answer any questions you may have and direct you to
the services that will deliver the biggest impact for your business.
Call us on 01923 800444.
Stages of Success for Growing Businesses
11
Company Profiles
Paul Meades, FCPAPaul has been the driving force of Meades Group since 1997. He has developed the
business from a traditional accountancy practice to a company that understands
the needs of business owners and provides essential services to ensure their long-
term health and prosperity.
If you choose to work with Meades Group, this means in addition to your accounts
being fully managed, you will have experts on hand to advise you on business
strategy, tax planning and personal wealth.
Paul’s enthusiasm for time-saving, profit-improving technology is limitless. He has
ensured the team at Meades Group are at the cutting edge of cloud accounting
and actively contributes to its ongoing improvement.
‘By embracing change and technology business owners can improve their
efficiency and spend more time doing the things that they want to do,
rather than the things they feel they have to do.’
Paul is the author of‘How to Make Your Company Fly’.
This 32-step business development programme is organised into super-charged,
easily digestible bite-sized chunks guaranteed to have a powerful impact on the
strength and value of any business. Take a strategic approach to change and see
how far these 32 steps can take you.
You can get your copy from Amazon:
https://amzn.to/2IyzOv3 or give Paul a call and ask for a complimentary copy.
12
STAGE SOLOPRENEUR LEAN BUSINESS GROWING BUSINESS
MATUREBUSINESS POWERHOUSE
TEAM 1 2-8 5-20 17+ 50+
ANNUALREVENUE <£100k £100k-£500k £500k-£2m £2m-£5m £5m+
YEARS INBUSINESS 0-1 2-4 3-6 7-10 10+
MONTHLYINVESTMENT
LEVEL£175 £175-£625 £625-£2,500 £2,500-£6,250 £6,250+
POSITIVES &CHALLENGES
• Profitable
• Independent
• Spinning lots
of plates
• Tight team
• No money
• No time
• Stressful
• Revenue good
• Cash flow bad
• Scalability challenges
• Growing pains
• Firefighting
• Systems challenges
• HR challenges
• Revenue good
• Cash flow bad
• Scalability challenges
• Firefighting
• Systems challenges
• HR challenges
• Management challenges
• Staying ahead
• Money is good
• Scalable
• Strategic thinking
• FD support essential
• Structural challenges
• Exit strategies
GOALS
“I feel like I have a job, not
a business, and need help to manage my
finances”
“We need to increase our revenue and
think more like a larger business”
“We need to improve our cash
flow so I can sleep at night”
“We need to scale our
business, but we need to do it
profitably”
“For our business to thrive we need broader expertise than an internal FD can provide”
13
Recommended Services
SOLO
PREN
EUR
LEAN BU
SINESS
GR
OW
ING
BUSIN
ESS
MATU
RE BU
SINESS
POW
ERH
OU
SE
Annual Accounts & Corporation Tax Returns
Our Address as Your Registered Office
Company Secretary
Tax Investigation Protection
Client Manager Support
Personal Tax Returns
Personal Tax & Remuneration Planning
Company Vehicle Tax Planning
Payroll Health Check
VAT Health Check
Proactive Business Planning
Client Director Support
Budget Review Meetings
Board Meetings
3-Way Budgets and Forecasts
4 12 12
4 4 12
14
Partnerships - Annual Accounts & Partnership Tax ReturnsAs a business owner, you are required to prepare statutory accounts
and submit these to HMRC annually. This is all included within your
quote and you will have peace of mind knowing that this is all taken
care of for you by Meades Group.
We’ll also estimate what your tax bills are going to be for the next 12
months so you can plan your finances in advance, to make sure you
don’t pay HMRC a penny more than you have to.
This service also includes preparation and online submission of your
partnership tax return.
Sole Trader - Annual AccountsAs a business owner, you are required to prepare statutory accounts
and submit these to HMRC annually. This is all included within your
quote and you will have peace of mind knowing that this is all taken
care of for you by Meades Group.
We’ll also estimate what your tax bills are going to be for the next 12
months so you can plan your finances in advance, to make sure you
don’t pay HMRC a penny more than you have to.
Customise Your Package With Any Additional Services
Financial Controller ServicesOur Financial Controller services ensure that you are fully compliant and that everything’s in order.
Limited Companies - Annual Accounts & Corporation Tax ReturnsAs a limited company, you are required to prepare statutory accounts
and submit these to Companies House annually. This is all included
within your quote and you will have peace of mind knowing that this
is all taken care of for you by Meades Group.
You are also required to file a Corporation Tax Return annually with
HMRC. We’ll take care of everything that HMRC requires and inform
you of the Corporation Tax payment required in plenty of time.
Limited Liability Partnerships -Annual Accounts & Partnership Tax ReturnsAs a limited liability partnership, you are required to prepare
statutory accounts and submit these to Companies House annually.
This is all included within your quote and you will have peace of mind
knowing that this is all taken care of for you by Meades Group.
You are also required to file a Partnership Tax Return annually with
HMRC. We’ll take care of everything that HMRC requires and inform
you of your Personal Tax bills in plenty of time.
15
Company Secretarial ServiceDealing with all Company/LLP secretarial work, including
writing up and maintaining the Register and the Share
Register, preparing dividend vouchers where applicable
and all statutory forms for filing at Companies House; for
example, appointment and resignation of directors/members.
Tax Investigation Protection Service In the event of any enquiry from HMRC or the VAT man, we will be able
to deal directly with the officers concerned, use our premises to meet
with them (so you won’t have to), and answer all of their questions
on your behalf – and our fees will be paid by our insurance policy.
Business Legal HelplineA legal expert is only a phone call away and most importantly, the
advice is free with unlimited calls, in plain English and they are open
24/7 365 days a year. Don’t put your business at risk - the law changes
constantly and the helpline ensures you have the right support,
when you need it most.
Construction Industry Scheme (CIS) Services Completion of monthly CIS300, online submission to HMRC and
provision of subcontractor statements every month.
Client Manager SupportThis gives you access to a dedicated Client Manager as your single
point of contact for all emails, telephone calls, letters, meetings and
general day-to-day queries.
Use of Our Address for Your Registered OfficeBy using our address as your company’s registered office, we will
receive all of the formal and legal correspondence from HMRC and
Companies House, which we will deal with for you and only contact
you if there is something that needs your attention.
Property Investment Companies - Annual Accounts & Corporation Tax ReturnsAs a property investment company, you are required to prepare
statutory accounts and submit these to Companies House annually.
This is all included within your quote and you will have peace of mind
knowing that this is all taken care of for you by Meades Group.
You are also required to file a Corporation Tax Return annually with
HMRC. We’ll take care of everything that HMRC requires and inform
you of the Corporation Tax payment required in plenty of time.
It is also vitally important that you select the correct accounting
treatment for the preparation of these accounts as there are two
accounting standards that are applicable and these are called section
105 or 102. Section 105 is a much simpler method of preparing
your accounts as all properties are accounted for on a cost basis.
Section 102 accounts for properties on a current valuation basis and
therefore takes much longer to complete but will be looked far more
favourably upon by investors and lenders.
Confirmation Statement ServicePreparation and online submission of the Confirmation Statement
to Companies House every year, giving details of the business
name, registered office, company/LLP number, names of Directors/
Members, Shareholders/Shareholding details, and notification
details of persons of significant control (PSC).
16
Reconciling Your Sales InvoicesIn order to ensure you have up-to-date lists of money owing to you
so you can keep on top of your cash flow, we’ll log in to your Xero
accounting system every month and reconcile your sales invoices.
We’ll need copies of any remittance advices your customers have
supplied you with so send them over to us too and we’ll do the rest.
Running Your Credit ControlGetting paid on time is critical for successful cash flow. You need
to invoice sales promptly and ensure debts are chased and resolved
quickly. This is something we know our clients find frustrating and
time-consuming.
Let our team take care of this for you. Your sales invoices will be
issued on time with full and accurate details – leading to fewer
queries and speedier payments. We will also actively chase unpaid
invoices, or better still we can help you implement payment systems
that eliminate late payments altogether; just ask us for the details.
Processing Scanned Purchase InvoicesWe’ll set up a unique email address and arrange for all of your
suppliers to send their invoices there. We’ll log in monthly and post
those invoices into your Xero accounting system so your payables
list is always up to date, and we’re ensuring up-to-date reporting.
Reconciling Your Business Bank AccountsIn order to ensure you have up-to-date lists of receivables and
payables, and up-to-date financial reporting, we’ll log in to your Xero
accounting system every month and reconcile your business bank
accounts.
*Please note that these fees are based on Xero receiving data via a
direct bank feed from your bank account. Other charges may apply
if this is not possible.
Reconciling Your InvoiceDiscounting or Factoring AccountIn order to ensure that you comply with the reporting requirements
of your finance provider, we will reconcile your invoice discounting
or factoring account in Xero and report to the finance provider
accordingly. This will mean that you won’t have to worry that your
finance facility will be withdrawn by the provider for non-compliance.
Raising and Sending Your SalesInvoicesMost clients raise their own sales invoices because they want to get
them to their customers as soon as possible, but if that’s too much
for you, then we can process them for you each month.
Bookkeeping ServicesOur bookkeeping services are designed to save you time and money whilst taking the pain outof getting everything together. We will show you the benefits of real time accounting and the positive impact it will have on your business. Choose to have your bookkeeping updated monthly, weekly or daily, according to your business needs and aspirations.
17
Scanning Paper Purchase InvoicesIf you want to bring your paper invoices to us to process we’ll use
our scanners to scan them and then send them to a unique email
address. We’ll log in monthly and post those invoices into your Xero
accounting system so your payables list is always up to date, and
we’re ensuring up-to-date reporting.
Making Supplier Payments and Reconciling Supplier StatementsOnce your supplier invoices are in Xero, they need paying. We’ll use
our experience to manage suppliers to get you the best possible
payment terms and then log in to your online banking to make the
payments, ensuring that we have a legitimate receipt for every
payment.
Posting Your Stock JournalIn order to ensure you have up-to-date financial reporting so
you know how profitable your business is, we’ll log in to your
Xero accounting system as often as you want and post the stock
adjustment journal from your stock control system.
Preparing and Submitting VAT ReturnsWe will be preparing and submitting your quarterly VAT returns
ongoing, meaning that you will be well aware of your VAT liabilities
and able to keep the VAT man happy! We’re not just filing a bunch
of numbers, though, we take a five step approach to our VAT returns
service:
1. Create a recurring quarterly job in our job management
system so we NEVER miss a deadline and begin work on the
VAT return a week after the quarter end.
2. Carry out an audit of ALL transactions for the period –
check that purchase VAT has been claimed on every
transaction that it should have been and, conversely, that it
hasn’t been claimed where it shouldn’t have been.
3. Ensure that you are on the best scheme to maximise your
cash flow – cash or accruals. Also keep an eye on going over
the threshold at which you HAVE to move to accruals by
obligation.
4. Send you notification of the amount due within 4 weeks of
the quarter end, giving you 10 days’ notice of the amount to
be taken automatically via Direct Debit.
5. File the VAT return on time, every time.
Posting Your Year-end JournalsIn order to ensure you have up-to-date financial reporting so you
know how profitable your business is, we’ll log in to your Xero
accounting system once your year-end accounts are finalised and
post any year-end adjustments so that the accounts in Xero match
your statutory financial statements.
18
Fluidly SubscriptionFluidly is an intelligent cash flow management tool that produces a
forecast in minutes and gives you a powerful look into the financial
future of any organisation.
It will save you hours every month chasing late payments with its
intelligent credit control software that also updates your forecast
in real time, giving you a true insight into the cash position of your
business.
FloatGet a real-time view of your numbers and make more confident
decisions about the future of your business.
Xavier AnalyticsXavier is a toolkit of intelligent data cleanup, bookkeeping and
compliance tools designed for Xero Professionals to ensure accurate
reporting of financial data and business performance.
Spotlight ReportingShedding light on business performance. Spotlight Reporting
connects with Xero to provide business owners with integrated
reporting and forecasting that allows you to create insights to
inform better business outcomes.
ChaserXero users are using the Chaser app to transform their credit control.
They are giving their automated chasing the human touch that gets
their invoices paid. They are harnessing the power of the insights
provided by Chaser to better decide which customers to grant credit
to and how best to chase up customers to pay their invoices.
Market FinanceSeamless funding solutions for ambitious business leaders.
TransferWiseThe cheap, fast way to send money abroad.
UnleashedAchieve complete control of your products - and instant clarity
across suppliers, production, inventory/stock and customers.
Software and SubscriptionsThe software or Apps that we recommend using to maximise efficiencies in your business.
Xero (Beautiful Accounting Software)
Xero charge a monthly subscription for using their software. Rather
than paying multiple invoices for Xero and accountancy, this allows
you to consolidate everything into one monthly fee so you have just
one payment coming out of your account each month.
Xero Payroll
We will manage your Xero Payroll subscription which is priced
by Xero on a per-employee basis with a minimum number of 5
employees.
Hubdoc Subscription
Hubdoc is a cloud platform that allows you to capture all of your
purchase receipts in one place via email, account upload or via their
scanning app on your mobile device.
AIO
AIO helps you control your business expenses by providing individual,
prepaid debit cards to designated employees.
GoCardlesss
GoCardless makes it easy to automatically collect payments from
customers via Direct Debit and reconcile them in your accounting
software.
Stripe
Stripe makes it easy for you to take online or in-person payments
from your customers.
People HR
This software will store all of your HR records in the cloud so that
they are accessible by you and your team 24/7, from wherever you
are.
We can manage your system for you and keep it up to date or you are
free to do this yourself.
19
next generation expense management
20
annual P11D forms to HMRC for each employee who receives these
types of benefits.
PAYE Settlement AgreementCalculation and completion of your annual PSA for entertainment
expenses, etc., that are provided for employees, ensuring the
business is operating as tax-efficiently as possible.
Paying Team Salaries & PAYEWe’ll make the monthly pay run to pay all of your staff salaries and
expenses so you don’t need to worry about finding the time to make
sure this vital process is carried out on time. We’ll also arrange for
your PAYE payment to HMRC to be processed on time to avoid any
penalties or interest charges for late payment.
Posting Your Monthly Wages JournalIn order to ensure you have up-to-date financial reporting, we’ll log
in to your Xero accounting system every month and post the wages
journal from your payroll summary report.
Monthly Payroll ServicesPayroll these days can be a minefield and take up a lot of your time.
We can take care of your payroll and ensure you comply with all
statutory regulations and deadlines.
Monthly Auto Enrolment ServicesFor customers using our payroll services, we are also able to provide
an auto enrolment solution to keep you compliant by dealing with
all of the paperwork required to operate an occupational pension
scheme for your team.
Monthly Annual Leave CalculationsDo you have team members who work irregular hours? If so,
calculating their accrued annual leave entitlement can be extremely
complicated and time consuming - let us take the responsibility for
this.
P11DsIf you provide benefits to your employees – cars, private medical
insurance, gym membership, etc. – we will prepare and file the
Payroll ServicesOur Payroll services ensure that your team get paid properly, on time, every month and ensures that your business is fully compliant with HMRC and the Pensions Regulator.
21
will allow us to proactively plan for your wealth creation strategies,
utilising your retained after tax profits.
Company Vehicle Tax PlanningWe will carry out a planning exercise each time you consider buying a
new vehicle to ensure you are aware of the most appropriate method
of finance and the minimisation of tax liabilities.
Payroll Health CheckWe will review your payroll records to ensure that you are complying
with all the requirements. This will minimise the risk of penalties and
interest from any subsequent visit from HMRC.
VAT Health CheckWe will review your VAT records to ensure that you are complying
with the VAT requirements. This will minimise the risk of penalties
and interest from any subsequent visit from HMRC.
Advanced Tax Planning Pre Year-endWe will advise you on the range of advanced tax planning
opportunities available to you that have already completed our due
diligence process.
Taxation ServicesOur tax planning services will ensure you pay the least amount of tax legally possible.
Personal Tax ReturnsPreparation and online submission of your personal tax return[s],
calculating your tax liabilities and advising on the payments of tax.
This includes a 25% discount for providing us with all information by
31 October; otherwise additional charges will apply.
Accounts for Rental PropertiesCompletion of statements of rental income for all properties owned
for year ended 5th April for inclusion in Self-Assessment tax return
Personal Tax and RemunerationPlanningWe will carry out a personal tax planning review to ensure you are
aware of any opportunities to minimise your personal tax liabilities.
We will also review your remuneration strategy to ensure that you are
extracting any profits from your business in the most tax-efficient
manner possible. Action taken here will allow us to proactively plan
for your wealth creation strategies and personal tax bills so that
there are no surprise bills from HMRC.
Business Tax PlanningWe will carry out a detailed tax planning review two months
before your accounting year-end to ensure you are aware of any
opportunities to minimise your tax liabilities. Action taken here
22
Reserves and Retained ProfitA factor in calculating your credit rating will be your reserves and
retained profit. Compare your numbers to the previous year – do you
expect to see an improvement or a decline in your credit rating as a
result? Doing this early allows you to take action to ensure you are
always maintaining or improving your score.
Fixed Assets and Opportunities to Make Use of Annual Investment AllowancesShould you invest in fixed assets before your year-end to reduce
your tax liability? Consider the impact this will have on your balance
sheet. This is a strategic decision and should not be based solely on
the calculation of tax. Never let the tax tail wag the dog.
Investing in Tax Efficient Electric CarsElectric cars will see zero, or very low, Benefit in Kind (BIK) tax in
2020. This changes the advice we have given in previous years for tax
efficiency, where BIK negated the tax efficiency of purchasing your
car through your business but be aware that electric vehicles are not
cheap, and range can be an issue so analyse the options strategically.
Leasing CommitmentsIf you have leasing commitments that are due to renew, consider
the impact of an improved (or worsened) credit rating in your
negotiations. If you expect an improvement in your credit rating,
it could serve you well to wait, if possible, to secure your new
contract. Regular reviews of your leasing commitments should be
done throughout the year, with the associated costs updated in your
budget.
Revaluation of Owned PropertiesIf you own your property, you can strengthen your balance sheet
with a re-valuation. Reflecting the current market value of your
building will increase the value of the fixed assets on your balance
sheet and look good to anyone viewing the financial strength of your
business.
Your Bank BalanceThe bank balance displayed on your year-end accounts must reflect
a healthy, well-managed business. Chasing those stubborn debtors,
being conservative on stock purchases and taking a balanced view
on capital asset purchases are just a few ways to improve your bank
balance quickly.
Bad Debt ProvisionBy chasing your debtors early, you will know which are likely to turn
into bad debts. Acting early and consistently will ensure that bad
debtors do not go unchecked – and end up costing you more. You will
reduce your Corporation Tax liability by identifying bad debts before
filing your accounts.
Current Assets and LiabilitiesCompare your current assets and liabilities with last year – have they
improved? Start thinking early about ways you can further enhance
this. Taking proactive steps to improve your credit rating will make
you a low-risk prospect to lenders and more attractive to suppliers,
helping you to secure better terms.
Stock LevelsAn annual physical stock check is essential, more frequently for
some businesses. If you are losing stock to pilferage you need to
tighten up security – it is no different to someone taking money out
of your wallet. If you are carrying more stock than you need, you
are locking up cash in physical goods – and then paying to insure
them! Streamlining your stock control will improve the health of
your business.
Estimate Corporation TaxYour Corporation Tax is accounted for on your year-end date. While
the monies are not due for 9-months if you have not provisioned for
the payment your balance sheet will look weaker than it otherwise
might. This would reflect very poorly in the eyes of investors, lenders
and suppliers. Consider this early and plan out how to put funds in
place.
Proactive Business PlanningGetting your business in the best possible shape is no different to improving your health and fitness. You would not expect a single session at the gym, no matter how gruelling, to give you a toned physique, and your business is no different. Start planning early to get your businessin tip-top condition ahead of your year-end.
At Meades, we take a holistic approach to planning, factoring in all aspects of your business and goals. Your filed accounts are a window into your company for lenders, suppliers and potential partners. They must see your business in the best possible light – and we are here to help you make that happen.
23
R&D Claim EligibilityIf you can claim for research and development, start early. The
process generally includes evidence of staff costs, i.e. the percentage
of their time invested in R&D, as well as other documentation to
support your claim. The best time to collate this information is at
the time of the project.
Your Director’s Loan Account BalanceYou will face additional tax liabilities and National Insurance
contributions if your Director’s Loan Account is overdrawn. If you
are in credit, you can consider making a withdrawal.
Mileage and Personal Expenses Not Yet ClaimedSmall purchases are often overlooked and forgotten. Having a system
in place to claim for personal expenses and mileage throughout the
year is the most efficient way to ensure you reclaim everything you
are entitled to. If you have overlooked this, start now and get your
claims up to date.
Scope for Additional Pension PremiumsPension contributions are one of the most tax-efficient ways
to extract money from your business, for your benefit. If you
have surplus funds that are not required to fulfil your personal
financial goals or commitments, we recommend additional pension
premiums. Calculating this in advance will give you time to compare
different options, from the perspectives of tax-efficiency, having
cash available to you and growing your pension fund.
Using your Home as an officeYou might overlook this as it is just £18 per month per business, but
it is tax-free. We make sure you claim for everything you legally can.
Director’s RemunerationWill your previous years’ remuneration be enough to meet your
expectations, commitments and aspirations for the year ahead? Will
you be impacted by changing tax rates? Do you need to increase
your remuneration to meet the demands of school fees, mortgages
or other personal costs? Can your business support additional
remuneration or do you need to make adjustments?
Staff BonusesPaying bonuses before your year-end will give you the benefit of
a reduction in Corporation Tax. However, it could also negatively
impact your balance sheet. You might need to consider paying
bonuses later to protect your credit rating.
Budget for Next Trading YearCreating your agenda for the next 12 months of trading is one of the
most powerful ways you can set about reaching your business goals.
We recommend sharing some of this with your team, so they know
what they are accountable for and how their contribution impacts
the whole organisation and what the rewards will be.
24
Client Director SupportYour investment gives you access to a dedicated Director-level
Client Manager. This means you have access to the highest level of
experience.
Budgets and ForecastsWe believe that every business should have a 3-year financial
budget to plan where you want to be heading. This gives direction
to the board and the entire team as to what the business is trying to
achieve, so you are all working in sync.
We’ll create, manage and update a rolling 12 month 3-way forecast
of profit and loss, cash flow and balance sheet, so you always know
what the future financial performance and position of the business
looks like, based on what we already know today (committed sales
and costs). This is about bringing the future into the present, so you
can do something about it. We’ll also enter that budget in to Xero so
that you will have 24/7 access to your numbers and can review your
budgets anytime.
Regular Budget ReviewsEffective budgeting is a monthly task. For your budget to support
you in making strategic decisions in your business, you need to
know if you’re on track. Monthly budget reviews do just that.
Working with us, you’ll be using the power of the cloud to see
where your business is going. You’ll be able to flex your budget
throughout the year to stay on target for your overall goals
while navigating the changes that invariably happen in business.
Board MeetingsWe will attend selected key business meetings as an objective
and experienced resource, to help you make more of your
meetings. You choose what you need from us, from silent
observer to chairing the meeting, technical advisor to independent
sounding board, or as a facilitator for brainstorming sessions.
You have the option to choose a Client Manager, Partner or
Senior Partner to support you during your board meetings.
Advisory Support to ScaleTo complement the support of your Meades accounting team, you
will have access to an advisory specialist with knowledge, expertise
and a proven track record in your marketplace. We will match you
to experts who can guide you through the typical step-change and
management issues faced by businesses who are actively growing.
Management AccountsRather than a set of accounts just once a year, you receive a fully
reconciled set of accounts with a report pack containing your profit
and loss account, balance sheet and variance analysis to either
a prior year or budget. We also include a full ratio analysis with
graphical representations of the key performance indicators of your
business and their trends over the last year. We also offer a Premium
Management Accounts package, whereby we can include bespoke
reports on any aspect of your business that you may wish to monitor
from one period to the next, such as team happiness, covenant tests,
customer average spend, customer spend frequency, team costs,
turnover analysis, etc.
Finance Director ServicesOur Finance Director services allow you to make better decisions about the future.
25
Property Experts
Whether you own one buy-to-let property or you are planning a portfolio of three to
three hundred, the landscape for landlords is changing. Stamp duty adjustments,
tightening legislation and gradually reducing mortgage tax relief leading up to
2020 will affect everyone who owns more than one property. There is no escaping
the changes that are coming for landlords!
There are, however, better ways to manage, build and reduce the cost of growing
your property empire. The key to negotiating the legislation, avoiding the traps
and maximising your income is PLANNING: and to plan well you need to know the
terrain ahead. That’s where Meades Group can help.
Some obstacles to tackle:
We have already guided hundreds of property investors to safety and success,
and we can do the same for you. Here are some of the obstacles we can help you
overcome:
Capital Gains Tax: avoid or reduce the bill
Inheritance Tax Planning: ensure you don’t pay to pass your property on …
What sort of mortgage: commercial or buy-to-let?
Stamp Duty: do you really want to pay this for each property?
Individual or Limited Company: work out which is best for you
Investment or trading business: which are you? Why it matters …
Managing your property in the cloud!
As a Xero Gold Partner, we show our customers how to use cloud accounting
software to autonomously manage and control all of their property costs and
income. If new legislation is making the business of property investment more
complex, then cloud accounting is giving it the clarity of a new horizon.
25
26
Case Study
Xero. Now I manage my bank, invoices and client details all in one
place and they have a running view of my business. I was blown
away – it was so much easier to manage – and I never did have to
take anyone on for the bookkeeping.
Q: What has it meant for your business?A: Having the trust in them means I don’t have to waste time
learning things that I don’t want to learn and that will distract me
from what I do. I just get to do the exciting things like checking the
balance. I can concentrate on running a successful business.
Q: What led to you choosing Meades Group?A: I’ve been in business since 2007 – I specialise in building websites
for small to medium-sized businesses. I knew of Meades Group
because Paul did my father’s accounts.
Q: What do you like about working with them?A: I like the fact that they’re always happy to answer the phone
and talk about anything. I have an annual meeting with them and
they’re always eager to help when I ask for advice. I tell them about
my long-term plans and they always help me make my business
work towards those.
The cloud accounting software [called Xero] has made my
bookkeeping amazingly simple. Also, Stephanie is fabulous when
I’ve forgotten which button to press, so the IT support is great too.
I pay my monthly fee and I know I’ve got all the support I need. I had
a VAT audit and they dealt with it all.
Q: How do you find the service?A: Basically, it’s brilliant – I only have a small business but I don’t
feel like a burden ringing them. I reel from the thought of doing all
the things that Meades do for me – what I like is that it’s all sorted.
Q: What are the main benefits for you of working with Meades Group?A: I have a lot of trust in them and I can just let them get on with
sorting my accounts in the way I want them. I was just about to
take on someone to do my bookkeeping and then they introduced
Q&A with Matt McAuliffe of Nuwave Design Ltd
“I never did have to take anyone on for the bookkeeping”
26
27
Case Study
Q&A with Bill Pamplin of Julian Thwaites & Co Ltd
“It’s transformed our business and how we do our accounts.”
Q: How do you find the service?A: I’m guaranteed to speak to someone there and then, or get a call
back within ten minutes with an answer or to say they’re on the
case. All the people we speak to are brilliant.
Q: What are the main benefits for you of working with Meades Group?A: Where Paul excels is that he doesn’t just work as an accountant.
He’s always been really encouraging with good advice and ideas on
what we should be doing to grow our business. He’s been absolutely
fabulous in helping us on the responsibilities that we have to take
on as directors. The advice goes beyond accounting and it has been
really important to us.
Q: What has it meant for your business?A: It’s taken us from a situation where we wouldn’t know the state
of our accounts until eight months and three weeks after our year-
end. Now, with Meades, I know at any time what our business is
doing. I’m confident now to be the boss of a business. We had a
vision to expand the business and Meades have given us the tools
to do so.
Q: What is your business?A: I’m a Director of Julian Thwaites & Co. We buy, sell and restore
stringed instruments, including violins, cellos and double basses.
It’s a family business, established by my father, and it has been
going for over 40 years.
Q: What led to you choosing Meades Group?A: It was a recommendation from our bank manager. We had plans
to improve and increase the business, and even at the first meeting,
Paul appeared to be someone who was very interested in what we
were doing and where we wanted to go.
I got the impression that we would get what we needed from him
as we transitioned to a modern company. And we have – without a
shadow of a doubt.
Q: What do you like about working with them?A: Paul and his team were very, very encouraging. It’s transformed
our business and how we do our accounts. I know where my
business is at any particular time through cloud accounting. We
used to work it out with pen and paper – and then they were often
approximate figures. Now [for example] I can see on any day of the
month what our VAT liability will be. I’m also starting to work on
forecasting.
I had a client in yesterday from Scandinavia who was interested in
an instrument. The transaction was complicated so I rang Paul and
within the space of the conversation, I had the answers I needed
to make the transaction happen in a fabulously tax efficient way.
27
28
Case Study
Q: What has it meant for your business?A: It’s meant that I can concentrate on the business rather than
worry about the accounts. It’s terrific. It’s the peace of mind of
knowing you have a team of professionals working for you. They
encouraged us to move to Xero [online accounting software] and
it’s easy to check financial information such as what invoices are
outstanding. The other nice thing is that I’m working with people
who work in the same way that we do. It’s great to feel that we are
all on the same page.
Q: What is your business?A: We are commercial architects working for clients that include
major pensions providers, funds and developers. We perform at a
very high level – working very efficiently and fluidly – and that’s what
I expect from the professionals I work with.
Q: What led to you choosing Meades Group?A: I hadn’t been totally satisfied with the service of my previous
accountant. After I heard a presentation by Louise [Williamson],
and then spoke with her, I arranged a meeting with Paul Meades. He
was very reassuring and helped me to relax a lot over my anxieties
around my accounts.
Q: What do you like about working with them?A: They instil me with confidence. When I sat down with Paul, he
explained exactly what he was going to do and why, as well as what
I needed to do to help him achieve that.
Q: How do you find the service?A: They’re very efficient, yet they always give me the impression that
I’m the only person who’s important to them. It’s a very personal
service. They’re always smiling, always happy – and that makes me
happy too.
Q: What are the main benefits for you of working with Meades Group?A: They enable to me sleep at night because they’re so professional.
Q&A with Chris Mew of CRM Architects Limited
“They enable to me sleep at night because they’re so professional.”
28
29
Value Added Services You Will Not Get Anywhere ElseWe go further to help you get the most from your personal and business finances. We leverage our professional network to bring you exclusive deals and opportunities. These are just some of the ways we are currently helping our clients.
Exclusive deals from trusted partnersProsper² Business Club is aimed at, and exclusively available to, owners and directors of SMEs and their clients.
Membership delivers unique business benefits designed to grow business, generate loyalty and drive efficiencies. You are rewarded with a wealth of specialist business services and membership perks, all through a monthly subscription fee.
The Prosper² PointsAs a Prosper² Member, you are rewarded with Prosper² Points, just like any other loyalty programme such as Avios or Nectar, but with a key and revolutionary difference. Prosper² Points can be transferred or loaded to your Prosper² Rewards Card, a prepaid multi-currency MasterCard as pounds - to use as, and when and where you desire.
Your Prosper² MembershipProsper² delivers unique business benefits designed to grow business, generate loyalty and drive efficiencies. You are rewarded with a wealth of specialist business services and membership perks, all through a monthly subscription fee. Through the Prosper² Rewards Programme, you can reward and incentivise your own customers and partners.
How Prosper²will benefit your business
INTRODUCING ...
As a Prosper² Member, you will benefit from the Prosper² Rewards Card. This prepaid MasterCard (no credit check required) allows you to accumulate points, works just like any other reward card such as Avios or Nectar, but with a key and revolutionary difference.
The Prosper² Rewards ProgrammeThe Prosper² business-to-business rewards programme is a benefit tailored to all members, and is delivered via a points-based system, similar to popular and lucrative consumer loyalty card programmes. Instead of simply providing a system that accumulates points for redemption in the form of vouchers, discounts and other subsidiary products, the Prosper² Rewards Card is a valuable, flexible and rewarding spending tool for many customers.
5
Private invitation only investment opportunitiesIntroducing Propiteer• An exclusive members only investment club founded by Lord Sugar’s Finance Director and Advisor• For high net worth, commercially aware and sophisticated investors• Incentivised referral scheme available• Exceptional property investments from £5,000 per preference share / bond
Membership can be offered FREE to clients and with NO obligation to invest
Raising FinanceWith various types of financing available to businesses, and a multitude of funding companies out there, each with their own rates, rules and areas of expertise, it is hard to know where to start. Meades Group has recently partnered with a company that specialises in finding the perfect match for funding, with access to hundreds of funding companies and a unique software solution that narrows down the most relevant suppliers. Not only have we found their service to be excellent, Meades Group are certified to support you through the process.
INTRODUCING...GrowthdeckProviding tax-efficient and growth investment opportunities for their network of sophisticated private investors and introducers.
Growthdeck focus heavily on providing their investors with tax efficient opportunities that maximise returns. Their team has extensive experience in identifying investments that qualify for the Enterprise Investment Scheme (EIS) and relief against inheritance tax and capital gains.
Why choose Growthdeck?• Tax-efficient investments• Private fundraises• Networking events• Sector experience• Class-leading platform
INTRODUCING...TAG Financial PlanningWorking with Meades, TAG Financial will work with you in order to achieve your goals. They take the time to understand what is important to you, what your plans for the future are and ensure you have enough to make it happen. Life can throw many obstacles in the way, TAG Financial aim to clear the path and act as your guide.
TAG Financial Planning Limited is an appointed representative of Navigator Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority. Our FCA number is 827617
3030
31
Your Notes and Next Steps
32
Meades Group Limited39 The Metro CentreTolpits Lane, WatfordHerts WD18 9SB
01923 80044401923 [email protected]