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  • I want to do my own bookkeeping – can you help?

    Yes, if you wish to do your own bookkeeping or continue to use an in-house bookkeeper we can support you. We recommend that clients wishing to carry out their own bookkeeping use Xero cloud accounting software.

    You can give us access to Xero so we can view your financial information in real-time to flag any accounting inaccuracies or address concerns.

    Our accounts specialists will customise Xero so that it works for your business, as well as providing training and support package to help you get the most out of Xero and establish good bookkeeping practices.

    When you are ready to handle your bookkeeping on your own, or decide to employ a bookkeeper, we will give you a bookkeeping guide that will help you account for transactions accurately and consistently.

    Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.

  • How often should I do my bookkeeping?

    The size of your business, the level of its financial activity, and how up-to-date you would like your ledger to be, all affect how often your bookkeeping should take place.

    If you are a sole trader, or a business that carries fewer transactions, you may not do your bookkeeping quite so frequently as a product based business that has many transactions each day.

    However, it is best to keep on top of bookkeeping as you go along so that tasks such as keeping track of daily transactions, sending invoices, and managing accounts receivable and payable ledgers don’t build up and become a mountainous task.

    As bookkeeping is the foundation of good cash flow management, keeping it up to date will allow you to see how your business is doing as you go along and make sure you have the funds to cover your outgoings.

    Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.

  • Why do I need a bookkeeper?

    Good statutory accounts start with good bookkeeping. By allowing us to take care of your bookkeeping we can ensure that your cash flow remains healthy by monitoring your incomings and outgoings.  It can also help to streamline the process of completing your annual accounts.

    If you would prefer to do your own bookkeeping we can either set you up on, and show you how to use, Xero cloud accounting software or work alongside your existing bookkeeper.

    Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.

  • When must I file my annual accounts?

     

    A private company must file their first accounts with Companies House within 21 months after the date of incorporation.

    Limited companies have up to nine months after your financial year end to file your accounts (public companies have six months), but they will be of more use to your business if they are prepared sooner.

    Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.

  • Do I need full or abbreviated annual accounts?

    All UK trading companies have to file annual accounts at Companies House (where they become a public record) and submit them to HMRC. Whether you are required to submit full or abbreviated accounts will depend on the size of your company.

    Small limited companies are able to submit abbreviated accounts and are classified by those that satisfy two or more of the below criteria:

    • Turnover – not more that £6.5m net (or £7.8m gross)
    • Balance sheet total – not more than £3.26m
    • Number of employees – no more than 50

    Abbreviated accounts do not disclose turnover, margins or profits, so companies usually opt for this option if possible. Full accounts must still be prepared for their shareholders and for HMRC to support their corporate tax return.

    Do you still have questions? Get in touch with our accounts team to find out more about how they can help you.

  • Why do I need an accountant?

    Staying on top of your accounts can be a complex and time consuming process, with the added challenges of ever changing government legislation. Outsourcing your accounts work provides reassurance that your accounts are accurate and are filed on time, allowing you to focus your energies on running your business.

    Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.

  • Can payments from tronc schemes count towards earnings for the National Minimum/National Living Wage?

    Gratuities paid by customers (including discretionary service charges, card tips and cash) do not count as earnings for the purposes of the National Minimum Wage Regulations. This is regardless of whether they are paid via a tronc system, given directly by a customer or paid by a business as part of earnings.

    All employees must be paid at least the appropriate National Minimum Wage rate before counting tronc or gratuities.

    Do you still have questions? Get in touch with our hospitality services team to find out more about how they can help you.

  • What should I include in my covering letter?

    A well thought-out covering letter will greatly strengthen your application. Some tips to remember:

    • Expand on the experience in your CV, don’t just repeat it. Add more detailed information on what you have learnt from your past roles or education and how these skills could be applied in your role at WMT.
    • Use specific examples to illustrate your personal qualities.
    • Reflect your personality and explain why you are the best person for the job.
    • Be honest – you may be asked to elaborate on certain points at interview stage.
    • Consider the format and structure, keep your answers concise and to the point.
    • Ensure you have used good quality written English and double check spelling, punctuation and grammar – attention to detail is an important skill in accounting.
  • What happens once I qualify?

    Throughout your training you will discuss your personal interests and career ambitions with your line manager. There are formal opportunities to do this at your review meetings and we encourage ongoing dialogue about your learning and development.

    By the time you qualify, you and your line manager are likely to have a clear idea of the direction you would like to take your career and the opportunities you would like to take advantage of. You will work with your like manager to summarise these in a personal development plan that will help you to move forwards.

    Throughout your time at WMT, you will receive ongoing technical training in your field as well as soft skills training to help you become a fully-rounded adviser.

    There are also opportunities for secondments into other teams and the option to study for further professional qualifications.

  • How soon will I hear if I have been successful?

    After the interview, we will get back to you as quickly as we can to let you know the outcome. We will be able to give you a better idea of how long it is likely to take for us to make a decision at your interview.

  • What does the selection process involve?

    Successful applicants will first be asked to complete an on-line assessment to ensure that you have the literacy, numeracy and verbal reasoning abilities you will need to succeed at WMT.

    Candidates who pass the on-line tests will be invited to attend an interview at our offices. This will give us the opportunity to get to know you better and for you to find out more about WMT, its people and the work we do here.  During the interview we will also ask you to take a short case study which helps us to assess your communication and problem solving skills.

  • How do you select applicants?

    Applicants are initially selected on the strength of their CV and covering letter.

    If application does not include a covering letter, it is unlikely to be considered. See our tips on what to include in your covering letter.

    Your CV must outline your academic qualifications and the final grade achieved, or predicted grade if still to be awarded, as well as your extra-curricular achievements and personal interests.

    Covering letters should demonstrate examples of working successfully as part of a team and your communication skills.

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