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      Audit and Assurance

o        Auditing (statutory & non-statutory audits)

o        Financial accounting

o        Forensic accounting 

·         Taxation

o        Income & corporation taxes

o        Capital Gains tax

o        Inheritance tax

o        VAT

o        Tax planning for businesses & individuals 

·         General business services

o        Business & financial consulting

o        Company secretarial services

o        Book-keeping & payroll processing

o        Liquidations, receiverships, debt management & counselling

o        Financial services and personal financial planning

·         IT 

o                    Hardware sales

o                    Software installation & training  

Details

Audit and assurance services

Auditing

For many companies and regulated businesses, an audit is a legal requirement.  It is also a valuable and useful tool to directors and owner managed businesses.

As well as meeting the statutory objective, the firm will seek to assist its clients by:

• identifying areas of weaknesses in systems and controls ; and giving constructive advice on the more efficient running of the business.

             Audited accounts are required for other purposes:

• by the regulated bodies such as the Stock Exchange and the secondary markets
• by banks and finance houses to assess applications for loans, mortgages and other forms of finance
• charities are legally required to produce annual audited accounts
• by other forms of business entities such as ordinary and limited liability partnerships (LLP’s) in the settlement of disputes or simply, to supply the partners with an independent report and assurance on the truth and fairness of the annual accounts produced before them
• by sole traders looking for a partner(s)
• by outside investors looking to invest in businesses and corporations in the form of equity finance

         G & G carries out audits for the above purposes and can also be commissioned to conduct and report    

          on special purpose audits such as:

• assistance with the internal audit function
• report on specific business operations (operational audits)
• independent audit functions designed to support, for example, expert witnesses and forensic accountants in their duties

Financial accounting

Every business requires financial accounts prepared on an annual basis in order to meet specific objectives. For example they are required:

• by H M Revenue & Customs to calculate the amount of tax payable, based on profits and other forms of income
• to provide meaningful information about the profitability and stability of the business
• to assist in the control and management of a business as an additional tool to management accounts that are used in this regard
• to be filed with the Registrar of Companies  as required by The Companies Acts
• as an tool to measure performance by investors and brokers (The Stock Exchange)

To facilitate the process of preparing the annual accounts, it is important that adequate records detailing the business transactions are kept. These include invoices, statements, books of prime entry and so forth. The absence of these records renders this task extremely difficult, even impossible and failure to keep adequate records can, in some cases, result on fines being imposed.

The HM Revenue and Customs and other government bodies have powers to ensure that taxes and VAT are correctly calculated and collected.  Where accounts are not available to support the taxpayer’s annual tax returns, H M Customs & Excise will raise 'assessments' based on best estimates and information available.  When a taxpayer is so assessed, the onus falls on the taxpayer to prove these assessments wrong.  Without adequate business records, this becomes virtually impossible.

There is a requirement to keep records for a minimum period of 6 years. This is because the HM Revenue and Customs can request information to prove that the accounting records forming the basis of the tax calculations are correct.

Forensic accounting

Forensic accounting services include:

• Fraud cases
• Insurance claims for losses
• Professional negligence claims
• Contractual disputes
• Commercial disputes

Taxation

The firm offers tax compliance services such as:

• Tax computations for businesses and companies
• Personal tax returns
• Representing clients and assisting with tax investigations
• Tax planning services using special purpose vehicles onshore and abroad in low tax jurisdictions
• Advice on VAT and other indirect taxes
• Inheritance tax planning using all available tax measures and wills where appropriate
• Pension planning

All client tax affairs are regularly examined to determine that their tax liabilities are mitigated as far as possible by making use of all available reliefs and claims. Individual cases are discussed in depth before schemes are formulated and implemented in order to achieve maximum tax savings.

To assist in giving the best tax advice to its clients, the firm has retained the services of Jonathan Woodbridge, an experienced tax consultant, to advise on complex tax strategies designed to mitigate tax liabilities.

UK Income Tax

Current UK Income Tax is chargeable at various rates determined by the Chancellor of the Exchequer on most earned income, including PAYE earnings, dividends, interest and so forth.

The government provides every UK taxpayer with a personal allowances and other reliefs against his or her income. Currently there are three main income tax bands, with tax payable at 10%, 22% and 40%. Each band is specified by the HM Revenue and Customs, with the higher rate band covering all income above the upper limits.

Corporation Tax
Careful planning of business activities can significantly reduce the corporation tax bill and thus increase retained profits for many UK businesses.

Many companies are members of groups for trading purposes, but before setting up such a structure, careful consideration needs to be given to the potential impact this will have on tax. With differing corporation tax rates, group structures make this task complex, as each group member will require individual advice and the overall tax impact will require detailed reviewing before committing to any such structure.

There are tax saving opportunities when the sale of a business is being considered. Depending upon the nature of the sale, ensuring the proper company structure before sale can reduce the tax charge considerably.

Even with smaller companies, not all shareholders will have the same needs when it comes to extracting value from their company. It is therefore important to structure the company's share capital in the best way and to ensure that tax efficient remuneration packages are designed for the owners.

Capital Gains Tax

Capital Gains Tax (CGT) is payable to the Inland Revenue when an individual, trust or company sells or transfers or gifts property (tangible or intangible) to another entity.

As with most taxes, there are numerous exemptions and reliefs available, most of which are complex and require specialist advice. Some assets are not liable to Capital Gains Tax, whereas others are only liable above a certain value. There is also an annual allowance, enabling individuals to make small gains on disposals each year, without paying any tax at all.

The rate of CGT depends on individual circumstances but in general terms, GCT is payable at the individual’s highest rate of tax.

 

UK Inheritance Tax

Inheritance Tax (IHT) is payable by individuals. It is both a tax payable on death and on gifts during your lifetime.

Each year, the chancellor announces by the exempt amount of transfers that is free of IHT. Accumulated transfers in excess of this either at the time of death or within the seven years preceding death are taxed at 40%, subject to some restrictions on transfers more than three years before death. For other lifetime transfers, the rate of IHT is 20%.

As with all capital taxes, the rules relating to the taxation of gifts and deemed gifts are complicated and there are numerous reliefs and allowances allowable to mitigate the impact of IHT.

Not all gifts of assets are transfers that fall to be taxed under IHT. For example, transfers between spouses are exempt from IHT. Some gifts, "potentially exempt transfers", can become exempt from IHT if the donor survives seven years. If the donor dies within that time-scale, the transfer becomes a chargeable transfer which may be mitigated in part by taper relief.

In order to minimise the impact of IHT, G & G’s clients are encouraged to review their wills and potential exposure to IHT on a regular basis. Planning can assist in the mitigation of potential IHT. The most effective IHT planning is that undertaken well in advance of the date of death.

Where IHT can be forecast to arise, steps can be taken to cover the settlement of such liabilities by taking out appropriate life cover policies to meet these anticipated liabilities.

Tax investigations

Tax investigations can be intimidating and are often avoidable, if expert advice is sought early. Early intervention from accountants is essential to obviate the threats posed by these investigations. Usually H M Revenue & Customs makes a general enquiry and if this is not dealt with fully at the very early stages, a full investigation may follow.

In some cases, it is impossible to avoid an investigation, as the HM Revenue and Customs do perform general visits which require certain records and evidence to back up any claims made. These are not full investigations, and should be treated with caution, with a view to eliminating the risk of a full investigation occurring.

Tax planning

It is important to consider the structure of a client’s affairs to minimise the impact of taxation on income or profits.

Structuring businesses is a part of the overall services offered by G & G. 

VAT as a Tax

Considering a VAT review, or simply ensuring your VAT and VAT Returns are correctly filed is a major concern for many UK businesses. This tax can impose significant direct costs on a business, and the volume of work required to manage  VAT systems is increasing every year.

G & G has the resources and expertise to assist clients in their compliance requirements.

What can G & G do to help?

• Registration and Deregistration
• Advice on keeping records
• Advice on all aspects of property transactions
• Compliance and related issues
• Import and Export legislation
• Supporting you through HM Customs and Excise visits
• Mitigation of VAT liabilities and penalties and VAT Investigations

Business and financial consulting

Planning for business is essential to achieve optimum tax savings and commercial viability. This can arise, for example, in the following situations:

• Business acquisitions & company reorganization
• Mergers
• Business retirements
• Distribution of profits
• Management buy-ins /buy outs
• Business succession
• Share option schemes
• Transfer pricing
• Wealth management & planning using offshore trusts

Business acquisitions and company reorganisations

G & G has been retained, in the past, to advise and formulate on a plan for business acquisitions. This process can be very complex as it raises various issues to be considered. Very often the whole exercise is focused on the client’s objectives both in the short-term and the long-term and these provide the platform for the initial stages through to the whole process.  In addition, other factors that are equally important have to be considered, i.e. the tax implications, the commercial objectives of the owners, the expected and required returns, etc. It is imperative that the right business structure is determined, reviewed, and studied in depth before it is implemented; otherwise the client may end up with a with a business that seriously deviates from his expectations and also result in overpayment of tax.

The tax implications upon retirement are also taken into account and G & G works closely with the client at every stage from planning to implementation. Regular reviews are encouraged to determine any changes that may become necessary as a result of changes in the law.

Businesses that have experienced trading difficulties can benefit from restructuring.
A falling share price or a share price that does not reflect the company's value would lead to a business reorganisation. In some cases, the need for restructuring comes directly from the directors’ business strategies or simply from changes in the business environment.

Splitting the company up may help investors get a clearer picture of all the potential revenue streams, but many companies are constantly restructuring, even when business is good. This is the outcome of a change management in response to changes in the markets or products. This is imperative for the business to survive in a very competitive environment that is constantly changing.

G & G can assist its clients with forecast statement of accounts and management accounts to assist clients to manage their businesses properly. Business plans are required for various purposes and the firm can assist in their formulation and implementation with regular reports on performance.
 

Business Planning

The key to any successful business is to have clear objectives and a clear action plan towards those objectives.

 
G & G’s business planning service is designed to help its clients achieve their maximum potential. This task is carried out in several stages:

• Ascertain the current status of the business
• Draw up a plan for the future with input from the management
• Identify key strengths and weaknesses
• Review the adequacy of information systems in place and improve thereon, where necessary
• Ensure resource utilization is optimised
• Ascertain capital requirements and identifying fund sources best suited to the business
• Prepare financial forecasts to evaluate the impact of the implemented measures on the business future

G & G can assist with the preparation of future plans and the preparation of annual budgets and financial forecasts.  It can advise on organisational changes and the various management and financial control mechanisms that need to be implemented to improve the business.

It can assist with the raising of grants and financial assistance including applications to venture capital and equity providers and debt and loan capital funds.

Having assisted in the preparation of the plan, the firm will then monitor and update the plan to ensure that the set objectives are met.

Cashflow Projections and Forecasting 

Regular forecast cash flows and financial accounts are necessary to control and steer the business towards its goals. They are also very useful in identifying problems at an early stage.

Buying and Selling Businesses

Buying and selling businesses is an area that requires specialist input from experts who deal with this type of work on a regular basis.

The purchase of a business requires an understanding of the valuation of that business. G & G can assist with the undertaking of due diligence work to ensure that valuations offered are realistic and sensible.

It can assist in the identification of targets based upon criteria for acquisition that the client will select.

It can assist in the negotiation of the deal with the owners of the prospective target.

Likewise, if a client wishes to sell his business or part of the business, G & G can assist in the identification of potential purchasers and can assist in the negotiation of the sale on the client’s behalf.

G & G will ensure that all tax allowances and reliefs are maximised and that tax is minimised as far as possible.

The purchase and sale of businesses can be a process that requires long-term planning and the firm  works closely with clients in planning this process in advance of the transaction itself.

Financing

The world of business relies upon financing to keep operating, and more importantly, create profits. Methods of financing are numerous, and often complex, but almost every business needs it to survive.

Whether the finance is in the form of a loan, overdraft or simply preferential credit terms, serious considerations need to be made to keep this manageable, and to ensure that the finance chosen suits

the business and resolves the initial need for such finance.

Methods of finance are varied and numerous. G & G will advise on the various sources of finance available, their advantages and disadvantages, and the effectiveness of each method. Some forms of finance are listed below:

• Business overdraft &  loans for specified purposes
• Mortgages
• Finance and operating leases
• Hire purchase 
• Debt factoring
• Extended credit
• New share issues

The majority of businesses require finance to ease cashflow, which is a serious consideration for the majority of UK companies. Cashflow causes more UK businesses to fail, than any other reason, and balancing the inflow and outflow of funds is an art that many need to master to stay in business.

G & G has the knowledge and resources to advise on the most appropriate method of finance. Its independent teams of advisers can help make the most of the finance chosen, and can research the potential return on investment that can be realistically achieved.

Setting up in business

Setting up a business is a big step for many people, with the vast majority needing professional advice from the start.

It is advisable that those contemplating to set up a business should obtain professional advice at the very outset so as to avoid pitfalls and losses later. Several factors should be considered: 

• the product or service
• the market
• the risks – financial and other risks
• the availability of finance
• the legal aspects, including employment law, health and safety and other relevant areas.

G & G can assist in all the areas pertaining to a business start-up, i.e. risk assessment, the choice of the business medium, opening bank accounts, business plans, raising finance, VAT registrations, book-keeping and control, support and help with company secretarial duties, dealing with Revenue & Customs and, as and when required, a partner’s support.

Company Secretarial Services

G & G can provide a full company secretarial range of services, including

• company formations
• annual returns
• keeping share registers and members’ lists
• resignations and appointments of officers
• changes in trading name
• keeping minutes books and assisting with share capital structures
• choice of financial accounting dates
• provision of nominee directors and secretaries
• provision of registered office facility

The firm has an association with an offshore management company and can hence incorporate companies anywhere in the world and provide full back-up services in regard to companies trading from a low tax jurisdiction.  The firm has access to professionals specialized in the provision of trust services and can set up trusts, both onshore and offshore.

Book-keeping & payroll processing

G & G has a book-keeeping and payroll bureau service and deals, on behalf of its clients, with the continually changing legalities and legislation that is payroll.

The firm utilizes current, up to date software for both book-keeping and payroll purposes. It has recently seen this service area growing gradually as it responds to more and more clients wanting this service.

Liquidations, receiverships, debt management & counseling

G & G has a working arrangement with a qualified and authorized insolvency practitioner to assist clients requiring the above services. The firm handles an increasing number of enquiries that result in several referrals to its associated insolvency practitioner.

The demand for debt management and counseling for individuals is increasing and the firm has access to qualified and experienced professionals who advise on all aspects of bankruptcy and individual voluntary arrangements (IVAs).  It also advises on creditors voluntary arrangements (CVAs).

Financial services and personal financial planning

This is another specialist area that is not directly handled by G & G, but the firm has access to several companies and professionals that can provide the best advice on personal financial planning and financial services. Financial services are highly regulated and G & G will ensure that it recommends highly qualified and experienced individuals to take on the work. The service lines available are: 

• commercial & domestic mortgages
• commercial and domestic loans
• pensions and pension funds
• planning for retirement
• planning for inheritance tax
• planning for succession in business

G & G works closely with both specialists and clients in giving the best advice in the above areas.

IT services

G &G supplies hardware and accounting and taxation software that will meet the requirements of each individual client. The firm will also handle the installation and will train the client’s staff on the software chosen by him.