Specialist Sectors

At Griffins Accountants in Newbury, we recognise that businesses operating in certain industry sectors often have specific challenges and requirements.

We have developed considerable expertise across a number of these sectors and have the knowledge, business advice and experience to work with you.

As well as the specific specialist areas in this section there are many other industries where we have developed a high degree of specialist knowledge.

So if you operate in these, or in any other industry, contact us at our offices in Newbury. Our services are designed to meet your needs.

Bloodstock services

The racing and thoroughbred breeding industry is one of the more unusual, with its own set of financial arrangements and special provisions, so it is important to make sure that you are making the most of the allowances and opportunities available. Many owners, trainers, jockeys and breeders are losing out because they are not aware of all the possible savings or simply do not have the systems in place to fully exploit them. This is where our specialist bloodstock expertise can make a measurable difference.

One of the simplest ways to cut costs is by using the Racehorse Owners Scheme. Unfortunately because the Inland Revenue deems owning a racehorse to be a hobby it is not possible to offset losses against income tax. However under the scheme you are able to reclaim the VAT on your expenses if you gain sponsorship for your horse, generating a substantial saving.

Trainers should also pay attention to the way in which they record their outgoings as experience has shown that many fail to reflect the true costs when reviewing fee levels with owners – and even forget to include the cost to themselves for the upkeep of their own horses. A good accountant can help by carrying out the right research and producing accurate accounts.

Jockeys can also benefit from professional advice regarding tax, national insurance and pension contributions as they become liable for these when they gain their full licence. Failure to address these issues can result in lost money and possible fines. So make sure you stay ahead of the field with help from a specialised accountant.

Breeders often generate losses during the early years of trading and if certain conditions are met these can be offset against other income. There are complex rules regarding the transfer of bloodstock into and out of training which can significantly effect the taxable position of the business. Our specialist bloodstock team can advise on these complex issues.

Insolvency

When businesses get into financial difficulty the best solution is often to trade out of them. Unfortunately many fundamentally sound enterprises end up in bankruptcy or liquidation due to ignorance of the alternatives available.

Threats to a trader’s financial well-being can take a variety of forms – bad debts, over commitment on property which has fallen sharply in value, or a simple decline in demand. None of these necessarily mean that the core business is unsound.

An individual or company voluntary arrangement – a contract between a debtor and his creditors – is a recognition of this. It offers the creditors a much better chance of a return on their money than bankruptcy or liquidation whilst allowing the debtor to carry on trading. An important part of a voluntary arrangement is a court imposed 'freeze' on a debtor's affairs while an arrangement is worked out.

But it is not a soft option. Many fail because they are ill conceived or not supervised properly and are rejected by creditors. However our experience has shown a success rate of more than 90 percent and the involvement of a respected insolvency practitioner greatly enhances these chances.

Voluntary arrangements are not the only solution. For instance recent changes in legislation have made personal bankruptcy a less drastic option than it used to be.

Alternatively, if it is apparent that there is no future for the company, it will often be more beneficial to take a positive approach in appointing an insolvency practitioner to wind up the company efficiently with no loose ends. But whatever you do - do it now!

IT Contractors and Consultants

Understanding the implications of IR35 and how it can impact on a business is vital for any contractor or individual within the IT sector. Yet more than that, knowing how to run your business in the most tax efficient way and still meet legislation requires expert guidance.

Griffins are fast-building a reputation for specialist advice for consultants and contractors in the IT industry. Our experience has enabled us to tailor our services specifically to meet the needs of this business sector.

Formation of a limited company
IR35 compliance, solutions and calculations
Advice on S660A settlements legislation
Preparation of personal tax returns
Preparation of company accounts and tax computations.
Preparation of VAT returns
Dealing with Inland Revenue and Companies House
Completion of Annual Return
Payroll bureau and completion of P35 and P11D returns
Book keeping services
Residency issues for contractors working abroad
Pension advice and other financial services
Dividend administration

Whatever your requirements and however frequent you need us, Griffins assures direct access to our team for all help and advice.

Construction

With such a buoyant property market in the region, there is growing demand for specialist advice to the construction industry. At Griffins, our increasing number of clients in this industry sector includes developers, main contractors, trades people, sub contractors and speculative developers. In every case, we work closely with clients to thoroughly understand their business requirements and successfully address their issues.

We understand that construction is a sector with unique accountancy requirements and we therefore tailor our services to meet those needs:

Setting up a new businesses
CIS registration and administration
Computerising the bookkeeping system
Tax planning and other business and finance advice
VAT and property transactions
Minimising the tax on company vehicles
Inland Revenue enquiries, particularly relating to worker tax status

Instruct us to act for you and rest assured that we will look after your best interests.

Solicitors

Being in partnership ourselves, we will have experienced and tackled many of the issues that may affect you or your business. It makes perfect sense, therefore, that you are able to benefit from our practical advice and support for your future success. Our specialist services are designed to effectively address the issues and obligations that are unique to your business.

Working closely alongside our clients, Griffins delivers a comprehensive and specialised service designed to effectively address the issues and obligations facing solicitors. We can help with:

Examination of your records under the Solicitors’ Accounts Rules (SAR) and completion of your annual report to the Law Society
Preparation of annual financial accounts
Preparation of tax returns for both the partnership and the individual partners
Providing assistance with the firm's internal accounting function including reviewing your systems and controls and advising on improvements
Implementing and developing computerised systems for both financial accounting and time and fees recording
Provision of a comprehensive and cost-effective payroll service
Planning retirement or succession
Our comprehensive service for solicitors’ practices also includes strategic advice, information management services and addressing relevant tax issues

Pension schemes

In recent years pension schemes have been subject to increasingly complex regulation, with change following upon change and no sign that the process will stop. In effect this places a significant administrative burden on the Trustees of any scheme, with additional pressures from the requirements of FRS 17 disclosure and the intervention of the new Pensions Regulator making the responsibility even more onerous.

However, whilst the issue may be fraught with difficulties, a well-run scheme that is open to the scrutiny of its members can prove to be of great benefit to staff morale and loyalty – and with professional help need not be a demanding as it appears.

Our experience in the audit of occupational pensions enables us to provide you with the level of advice and support appropriate to your needs, whether it’s a substantial final salary of small self-administered scheme. With a team that has been working together for many years we have the ability to gain a clear understanding of your existing situation and to help you develop a plan that will ensure the smooth operation of your scheme in the future.

Our service is fast, efficient and cost-effective, with fees agreed at the beginning. We can provide a full audit, prepare annual reports and statutory accounts, give taxation advice and of course see that all legislative requirements are complied with. So act now and turn this potential headache into a real asset.

Restaurants, Pubs, Cafés

Griffins has extensive experience working with clients in the hospitality and catering sector, providing support and advice for issues ranging from the Tronc system of tips to the VAT regulations relating to take away food.

Whether you require bookkeeping, VAT returns, payroll, annual accounts or tax planning advice we provide a tailored service to meet your requirements:

TRONCS, minimum wage legislation
Implementation of the Employment Act 2002
Payroll management systems
Tax efficient employee incentive plans
Property issues and the associated stamp duty and capital allowances
Internet presence
Management reporting
Business acquisitions
Raising finance for business expansion – public and private, equity and debt
Franchise advice
Business restructuring strategies

To address any of these issues, our specialist, Clifford Rumble, has comprehensive expertise and is here to help your business.