7 St John Street
Business plans formalise the goal of an organisation and, if they are prepared collaboratively or shared creatively, can engage teams and individuals in achieving those goals. But how realistic is the plan?
Financial models from WMT help you with:
Testing your plan on paper – before you commit resources to delivering it.
Forecasting – by using multiple data sources from across the business to predict financial outcomes such as production capacity and debtor days, to expected incomings and outgoings, plan future investments and predict shareholder returns.
Testing scenarios – such as how will your business finances be affected by opening or closing a site, acquiring a new business or increasing sales? This will help you choose between options.
Planning capital expenditure – your financial model will help you decide if the investment will be worthwhile for your business and when to time the investment.
Calculating the true cost of projects – by gathering data from multiple sources.
Fundraising or preparing to sell your business– a robust financial model, especially one you have worked with over a number of years, will give confidence to potential investors or buyers.
Mergers and acquisitions – estimating the performance of the new business.
Do you still have questions? Get in touch with our business consulting team to find out more about how they can help you.
Unlike tips paid by card or service charges, cash tips belong directly to the employee. It is up to staff – not the employer – to choose whether to pool and share those tips with colleagues or keep them to themselves. Forcing staff to share their cash tips can result in complaints and even lead to an employment tribunal.
All tips are taxable income. The question for your business is, do you have a responsibility to tax this money at source or is it down to employees to tell HMRC about their cash tips income? The answer depends on exactly what happens to the cash and what systems may or may not be in place, even informally.
HMRC will always try to collect the tax on cash tips directly from businesses, so it’s important that you understand what can and cannot happen to cash tips without any legal responsibilities falling on you.
Hospitality specialists at WMT will help you understand the complicated rules surrounding cash tips, so you can deal with them in a way that limits the likelihood of staff complaints and HMRC enquiries.
Do you still have questions? Get in touch with our hospitality services team to find out more about how they can help you.
We make the transfer process as simple and straightforward as possible for you by:
Get in touch with our payroll services team to find out more about how they can help you.
Accounting software will help you to keep your bookkeeping up-to-date so you have a clear picture of your financial position. Cloud accounting software is a step up from that as it lets you view and manage your finances anytime, anywhere.
More importantly, cloud accounting software helps you to make the most of us, as your accountant. We can view your accounts online to answer queries in real-time as they arise, giving you the peace of mind that anomalies or concerns are dealt with before they become an issue.
To help you understand how your business is performing, we can analyse your accounts information on a regular basis to highlight parts of the business that are performing well and identify areas for improvement.
Finally, the introduction of digital tax accounts will make it essential to have accounting software so that accounts can be submitted online.
Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.
The next Tax Club meetings will take place on Wednesday 19th September and will focus on the tax changes and other relevant tax developments that have occurred since the Club last met. Your WMT hosts will…
SALT (St Albans Last Tuesday) is an informal lunchtime networking event for the professional Corporate Finance community including bankers, lawyers and accountants. The aim of SALT is to bring together like minded people to discuss all things…
Learn how Xero cloud accounting can help your business Find out how some of the brilliant features in Xero cloud accounting help you make the most of your business finances, at this bespoke Xero demonstration.…
All good retail businesses, no matter how big or small, understand the importance of an effective Point of Sale (POS) system. A good system does more than just process sales, it helps boost sales, keep…
Making Tax Digital for VAT (MTD VAT) comes into force in April 2019. If your business is VAT registered, you need to take some steps now to make sure you’re ready to submit your VAT…
MTD for VAT launches on 1 April 2019. Accounting records for VAT return periods starting on or after that date will need to be held and filed digitally. This means accounting records held in spreadsheets…
UK hospitality businesses are in unique situation among service businesses. A thriving, innovative and high-profile sector, it is constantly challenged to meet the expectations and perceptions of the public, employees, investors and authorities. In trying…
We are delighted to welcome Victoria Nicoll as our new Corporate Tax Director. Victoria will be working closely with companies and owner-managers to achieve the best tax outcomes available for their company and their personal wealth.…
The Charity Commission has just published its annual research into public trust and confidence in charities. The research aims to provide crucial insight into public expectations of charities. It will shape the Commission’s priorities as…
We are delighted to announce that we have now moved into our new office at Verulam Point, Station Way. Situated right next to the St Albans City Station, the new offices are conveniently located for…