menu

When should I register for VAT?


All businesses must register for VAT if they have an annual turnover of more than the current VAT threshold, or if they think they will soon go over this limit.

Once you’ve registered your business for VAT you must:

  • Charge VAT on the goods or services you sell (whether you sell to individual customers or to other businesses,
  • Include your VAT number on your invoices,
  • Pay VAT on the goods and services you buy for your businesses, and
  • Prepare and file a VAT return to HMRC each quarter to show how much VAT you have charged (known as output tax) and how much VAT you have paid (known as input tax).

If your output tax exceeds your input tax, you must pay the difference to HMRC. On the other hand, if your input tax exceeds your output tax, you can claim a refund on the difference.

There are three different rates of VAT that can be charged – standard rate, reduced rate and zero rate. Some goods and services are exempt or partially exempt from VAT. There are also specific VAT rules that apply to certain trades and industries. You need to make sure you are charging the right amount of VAT to avoid unexpected demands from HMRC for unpaid tax.

If you are VAT registered and your turnover falls below the threshold, it might be to your advantage to de-register for VAT. Your accountant should keep an eye on this for you and advise you on your best course of action.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

What is the ‘revenue model’ and how will it help me?


The revenue model establishes the bridge between financial performance and the non-financial inputs of a business.

It highlights the best ways to grow and develop your business by breaking down the turnover into 2 elements:

  • Volume – the number of customers, the frequency of transactions;
  • Value – average transaction value.

Building a revenue model for each element of your business enables you to obtain meaningful information and avoid erroneous conclusions.

The effectiveness of the revenue model lies not in producing ‘the numbers’, but in how the information is interpreted and what decisions are made. When used as an ongoing method of assessing business performance, it allows you to identify important trends, and see if the action taken makes matters better or worse.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

Why do I need a business plan?


A business plan sets the direction of travel for your business, maps out goals and gives an indication of who will help you achieve them. Many businesses have a three or five year ‘master plan’ which they supplement with annual plans.

Without the helicopter view that a plan provides, it is easy to see how the business can get lost in the ‘doing’ and fail to reach its full potential by investing more time in ‘thinking’ – often conceptualised as too busy working in the business to work on the business.

We can help you write a traditional detailed business plan or a one-page-strategic summary, backing up your plan with financial forecasts including:

  • Cash flow forecast;
  • Profit and loss forecast;
  • Balance sheet forecast;
  • Breakeven and sensitivity analysis.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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 long will my financial model be useful to my business?


Your financial model will be designed to incorporate multiple variables that, together, help you predict outcomes for your business. As your business develops, your marketplace changes, and you gather new information, your model can be adapted to improve its predictive ability.

With regular updating a periodic review of its underlying assumptions, your financial model can support your decision making throughout the business’s lifecycle.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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 can a financial model help me?


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.

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

What is an employee ownership trust?


Employee ownership trusts (EOTs) provide a way for privately owned companies in the UK to allow employees to become co-owners. Businesses that have gone down this route have seen improvements in staff motivation, customer satisfaction, stability and business performance. It also provides the most tax-efficient exit route currently available to business owners.

A sale by one or more shareholders of more than 50% of the ordinary share capital of a trading company or trading group to an appropriate employee ownership trust will qualify for maximum tax exemption. In this situation, the vendors will receive an exemption from all capital gains tax in the year in which the trust acquires a majority holding. This level of tax exemption is even more favourable than Entrepreneurs’ Relief.

Most importantly, there is no obligation on the part of the trustees to distribute shares, creating the possibility of a stable, long term trust holding.

The trust must operate for the benefit of all employees. You can limit the extent to which employees may benefit from the trust based on a qualifying period of employment, employee pay, length of service or hours worked. Employees can receive a cash bonus of up to £3,600 a year free of income tax (although they will have to pay national insurance contributions). For many employees, it is the opportunity to have a say in how the business is run that is the biggest benefit.

Financing the transaction can be a barrier for business owners wishing to set up an EOT. WMT will help you to determine the right type of funding to meet your goals and structure a tax efficient exit plans for the business owners. If external finance looks like the best option, we can negotiate funding with banks or specialist lenders on your behalf.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

Why does my company share scheme need a valuation?


If a company makes any share based payments, under current accounting standards, it must recognise a charge in the profit and loss account equal to the fair value of the payment.

The definition of share based payments is wide reaching and includes:

•      Granting of options (including both HMRC approved and unapproved schemes)

•      Direct awards of shares to employees

•      Bonus awards to employees which include share options, share or a cash bonus which is linked to achieving performance targets in relation to the company’s share price.

Valuing share options is a complicated technical area of accounting. We are experienced in interpreting the accounting standards that are relevant and apply valuation techniques such as Binomial, Monte Carlo and Black-Scholes.

WMT’s support and advice includes:

•      Guidance on the accounting standards

•      Consideration and explanation of the most appropriate valuation methodology

•      Valuation and disclosures issues

•      Key assumptions

•      Sensitivity of the model and the effect of a change in the assumptions

•      The resulting charge to the profit and loss account

Our tailored independent report can be discussed with the company and contains all the necessary figures and explains the rationale behind the calculations. The report can then be audited.

In addition to this, we can assist in the design of share options schemes and advise from the outset of the future impact on your profit and loss account and balance sheet of the proposed share options scheme.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

Who should be involved in improving profitability?


Setting goals for profit improvement, agreeing broad strategies and deciding which of the areas you are targeting is largely a management level activity. You and your management team know your business and, either on your own or with external support, you will be in a good position to set the vision.

Once you have a clear idea of the vision, all team members can have a good idea about how to increase sales or margins. Involving a cross section of staff at an early stage will make your plan more robust and easier for your staff to understand and follow.

Cutting costs can be perceived as a threat by team members so communication is the key to engage your whole team in improving profits.

If you are a busy business owner or manager, you should think about the value an external facilitator can bring. You could buy-in experience and expertise that you may not have in house and reduce the disruption to your day-to-day activities whilst you get the project up and running.

WMT can help you to stay on track, measure your results and adapt your plans when priorities change.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

What is the best way to improve profitability?


In essence, there are just two ways to improve your profitability. One is to reduce your costs – direct, indirect, fixed or hidden. The other is to increase your revenue.

Of course, the best route to profit improvement for you and your business depends on several factors including your businesses goals, your current situation and the timeline you have for achieving the desired change.

In terms of reducing costs there are a few basic steps you can take to get started, but in our experience, most SMEs have learnt how to manage the obvious costs effectively themselves.  Ultimately, a cost reduction strategy can only go so far without having a detrimental effect within the business or on quality and service. A more effective and sustainable approach can be focusing on managing out waste – wasted resources, wasted time and ineffective processes.

In terms of driving up turnover, one of the ways we work with clients to increase profitability is to understand what we call the “Revenue Model”.  The Revenue Model looks at the constituent parts of the income stream(s):

  • The average transaction value – and how that can be improved
  • The customer base – and understanding how that grows and churns over time
  • The transaction frequency – and how that can be increased

Once these areas are analysed and understood, clear KPIs emerge that can increase margins and revenues.  Other effective strategies for improving profitability then also flow from this analysis; how profitable is each product and/or service? How profitable are each of your customers?

Often the biggest profit improvement challenge for business owners is finding the time to think about it in the first place. If you find yourself in this position, external support could provide the answer.

We will help you gather and understand the numbers, put together a financial model for your business and create a practical goal-driven plan that delivers.

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

  • What should I include in my management accounts and reports?

    The contents of your management accounts and reports depends on:

    • What you are trying to achieve – this determines what you want to monitor to check your progress
    • What data is available to you

    Reports can be used to identify and measure success, check if you are meeting your forecasts, support your decision making, and help you to plan next steps.

    Professional advice on your management reports from WMT will ensure you are tracking the measures that will help you take your business forward as well as providing additional insight into underlying trends and fresh ideas on managing 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.

  • 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 filleted 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 filleted accounts will depend on the size of your company.

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

    • Turnover – not more that £10.2m net
    • Balance sheet total – not more than £5.1m
    • Number of employees – no more than 50

    Filleted 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.

Top