SERVICES FOR BUSINESS
A Client Focused Approach
In response to requests by clients for a more pro-active approach to business matters by their accountants, MD Consulting has developed a Service Team of business advisers who meet at regular intervals to discuss your business affairs. The role of the team is to assess where improvements, savings or general advice might be of strategic or practical benefit.
The team, which will typically be made up of Marketing, Tax Planning, HR management, Financial planning and IT management experts, take time to review your year-to-date progress.
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Accounting Services
Audit
We are Registered Auditors under the Companies Acts. In order to obtain and retain this registration, we have to demonstrate our on-going commitment to exacting quality and technical standards. The audits we prepare adhere to all professional standards issued by the Auditing Standards Board, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales.
Although audits are diminishing as a result of changes in the criteria requiring them, there are nevertheless still a large number of SME’s, requiring an annual audit.
Audits provide a cornerstone to financial reporting. They furnish valuable and reliable information to banks, tax authorities and others who desire to make financial decisions.
We feel that in order to perform effective audits, we must not only audit our clients’ financial records, but we must also be familiar with our clients’ operations, the industries in which they operate and the economic events which have impacted upon their businesses.
Our approach to your audit can transform what is deemed an unnecessary overhead by many SME's into a valuable annual health check for company directors.
Our specialist audit skills are particularly suited to any small to medium size enterprise.
If you wish to know more about our Audit service or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
Tax
We have a dedicated, enthusiastic professional tax professional on hand to provide you with a breadth of experience covering all aspects of taxation.
Corporate Tax – Planning and Compliance
At MD Consulting we have a range of services to help you cope with increasingly complex Corporate Tax legislation.
Our services include the following:
Corporation Tax compliance which includes the preparation of the Corporate Tax self assessment returns, calculation of liabilities, corresponding with the Inland Revenue and agreeing computations, and preparation of claims and elections where appropriate to minimise tax liabilities.
We also provide advice and compliance services for Payroll and VAT.
If you wish to know more about our tax service or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
Partnership Tax
We provide a range of services for Partnerships including compliance, commencement and cessation (including, admission of new partners and partner cessations), financing, conversion to Limited Liability Partnerships, and capital gains tax implications of asset disposals.
We will also deal with all enquiries from the Inland Revenue and ensure
that all compliance obligations are met. We can also provide help and
planning on Payroll and VAT
compliance matters.
If you wish to know more about our tax service or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
Tax Investigations
MD Consulting are specialists in dealing with Inland Revenue Aspect Enquiries, full tax Investigations and Special Compliance Office Investigations. Our team consists of chartered accountants who have worked on investigation assignments for many years. Our expertise in previous cases has often resulted in taxpayers bearing no additional tax at all. Where tax has been underpaid we frequently manage to negotiate low penalties and overall settlement figures.
We provide the highest standards of professionalism in terms of both advice and expertise in handling The Revenue’s involvement into your affairs. We can manage the investigation in full, liaising with the Revenue and preparing all disclosures required, conducting all negotiations over tax, penalties, interest and settlement terms with the Inspector.
Provided there has been no fraud by the taxpayer and they have taken up our Tax Enquiry Insurance, our fees for dealing with the enquiry are paid for by insurers.
For help with any Inland Revenue enquiry click here to contact
us.
VAT
Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. In addition the complexity means that valuable in house resources could be deployed elsewhere in the business.
The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay more VAT than you need to.
We can provide you with a cost effective VAT service, which includes:
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Preparation of VAT Returns.
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Assistance with VAT registration.
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Advice on VAT planning and administration.
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Use of the most appropriate scheme.
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VAT control and reconciliation.
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Day to day advice on matters as they arise.
If you wish to know more about our VAT service or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
PAYE
As the legislation governing PAYE and NIC becomes more complex, it is possible that errors or omissions are made which could lead to further enquiries from other Revenue Departments or a full PAYE investigation. All errors discovered on PAYE Audit and Compliance visits are reported to the Inspector dealing with the taxation affairs of your business and that Inspector has the legislative authority to launch a full investigation into your own and your business tax affairs.
Our payroll services can accommodate all your
payroll requirements, ensuring that your PAYE is always accurate. We
will also prepare your end of year Returns and make certain that you
meet all your compliance obligations.
P11Ds and P11D(B)
As part of our Payroll Services we can undertake the preparation of forms P11Ds and form P11D(B) and calculate the Class 1a liabilities and submit these to the Inland Revenue within the statutory time limits.
We can also provide advice as to pay packages involving benefits in kind to minimise tax and NIC wherever possible.
PAYE and NIC Health Check
It may be that you are satisfied with your current in house payroll department but are you sure that you are meeting all your compliance obligations.
At MD Consulting we can conduct an in depth PAYE and NIC health check.
The advantages are;
Potential problem areas can be discussed and resolved prior to the conduct by the Inland Revenue of PAYE audits or compliance reviews.
Areas of ambiguity in relation to the correct treatment for tax and NIC purposes can be resolved by discussion or negotiation with the Revenue.
Where any major problems are discovered involving compliance errors, early voluntary disclosure to the Revenue can lead to a more favourable financial settlement.
A health check report will assist in identifying errors or omissions and ensure that any improvements to compliance can be made before the Inland Revenue discover such errors or omissions themselves on a PAYE audit or Compliance review.
If you wish to know more about our PAYE service or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
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Bookkeeping
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs through our flexible and reliable outsourcing service, which includes:
- Basic data entry
- Production of regular reports
- Debtor and creditor listings
- BACS payments or Cheque preparation
- VAT returns
Credit Control
Few businesses can hope to trade today without offering some kind of credit to their customers. There is always a risk in effectively lending money, one is the risk of bad debt and the other is late payment or the “slow payer” which can have a detrimental effect on your company’s cash flow. In some cases slow payers can have disastrous effects.
All organisations however large or small should have a credit policy which complements any documented Terms and Conditions. The credit policy provides internal and external controls to ensure that selling and collecting on credit are handled efficiently. We can help you to implement an effective credit control system which can:
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Review your current credit control systems and procedures
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Obtaining ad-hoc credit reports on your customers or suppliers
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Help you to recruit and selection of full/part time credit controller
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Assist you in specific debt recovery
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Assist you in taking legal action
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Help you to learn more about credit control through our Credit Management Workshops
If you wish to know more about our Credit Control service or would
like to arrange a free initial meeting in order to discuss how we can
help you in more detail please contact us.
If you wish to know more about our bookkeeping service or would like
to arrange a free initial meeting in order to discuss how we can help
you in more detail please contact us.
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Accountancy
Whilst annual accounts are required to meet your business’ statutory obligations, if they are prepared in a timely and economical way, they can provide valuable information for decision making.
We actively manage the timing of the accounts production process to ensure that you meet your statutory responsibilities and through this information, take advantage of early tax planning opportunities.
If you wish to know more about our Accounts preparation service or
would like to arrange a free initial meeting in order to discuss how
we can help you in more detail please contact
us.
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Management Accounts
Up to date and current financial information is often key to the smooth running of your business. We offer monthly or quarterly management accounts to businesses where it is impracticable to generate these valuable reports in house.
In addition we can assist you to get the best from your existing in-house accounting solutions to aid management reporting. This would include the production of bespoke reports in order to avoid data re-keying, the tailoring of standard reports to suit your needs and training. Our team has extensive knowledge of Sage, Quickbooks, TAS Books, MYOB and many other packages.
If you wish to know more about our Management Accounts service or would
like to arrange a free initial meeting in order to discuss how we can
help you in more detail please contact us.
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Business Start Up Services
Starting up your own business is a big decision to make – it carries many benefits but also an equal number of risks. However with careful pre-planning many of the risks can be minimised.
Many of our established and loyal customers have been with us since we helped them start up in business several years ago.
Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through, not because they are experts in the legal, financial, and fiscal aspects of running a business.
Indeed, these matters can often seem daunting, and even off-putting, to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of trained experts. That's where we fit in. Bring us your business ideas and we'll help you to evaluate them in a constructive and realistic manner. We can help you:
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Decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company
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Prepare a business plan, cashflow projections, budgets, and trading forecasts
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Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
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Establish a good working relationship with your bank
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Complete any registration procedures with Companies House, Inland Revenue, or Customs and Excise
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Deal with company secretarial issues
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Set up a recording system for your internal use and for complying with statutory requirements
If you wish to know more about our business start up service or would
like to arrange a free initial meeting in order to discuss how we can
help you in more detail please contact us.
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Company Secretarial Services
Every new or established limited company has to comply with the statutory requirements of company returns.
Our team specialises in all levels of Company Secretarial services and high level consultancy. This means your business can be assured of a competent response to your compliance needs at all times.
We don’t believe that you should have to source expertise and information from different company service providers which is why we have developed a complete range of solutions – whatever your needs may be.
Company Formations
- New company
- Shelf company
- Limited Liability Partnership
- Limited by guarantee
- Unlimited
- Residents Management company
Company Searches
- Full searches
- Accounts
- Mortgage Register
- Conveyancing Search
- Registered Office Search
- Certified copies of certificates
Technical Services
- Change of company name
- Change of share capital
- Special share classes
- Adoption of new articles
- Re-registration services
- Memorandum and articles of association
- Restoration of companies
Company Secretarial Services
- Registered Office service
- Maintenance of statutory records
- Completion of registers
If you wish to know more about our Company Formation and Secretarial
service or would like to arrange a free initial meeting in order to
discuss how we can help you in more detail please contact
us.
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Payroll Bureau
Most businesses will agree that managing the payroll and understanding the ever-changing legislation that affects this function of your business is frustrating and time consuming.
We can provide you with a complete payroll solution.
The business benefits to you are simple
- Outsourcing your payroll means you don’t pay any in-house costs
- Our payroll team are experts in their field and understand the commercial and technical requirements of your business
- Our service is always on time and is always accurate
- Our service includes the year-end documents you need without an additional charge
- We are never ill, or on holiday so you can be assured of a committed payroll service for your business
We take the worry out of handling payroll arrangements by providing your business with an efficient and expert personal service for both very small and very large companies.
We can also give you the added protection and benefit of professional advice through our hotline service as part of our service.
Our Services include
Payroll Bureau Services
- Data Input
- Setting up, amending and deleting employee details
- Input of timesheet details, bonus calculations & overtime
- Input and recording of SSP and SMP payments
- Input of PRP payments
- Working Family Tax Credits
- Student Loan Repayment Deductions
- Pension Deductions
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Processing
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Output
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Production of P14’s and P60’s
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- Other
- Production of standard reports
- Departmental analysis
- Pensions listings
- Production of job costing information
- Production of accounts posting information
- Payments to the Inland Revenue
If you wish to know more about our Payroll service or would like to
arrange a free initial meeting in order to discuss how we can help you
in more detail please contact us.
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Business Planning
Business planning is essential if you are to maximise the profit potential of your business and achieve your own personal objectives.
Experience shows us a good business plan is the common factor linking many successful businesses. The business plan should be a living document of your vision, showing where you are, where you want to be and how you are going to get there. It is vital in providing potential investors with sufficient information for them to make an assessment about providing finance.
An effective business plan will provide:
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A framework for cohesive decision making.
The process of preparing the business plan will focus your ideas into credible decisions on future goals and define your vision.
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A forum for communicating ideas to team members within the business.
The business plan should be an open document from which team members in your business can identify with the goals and assist in their attainment
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A benchmark against which you can measure business performance
The business plan should translate your vision into achievable financial and operational goals against which actual achievements can be regularly measured.
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A reflection of the business strengths and abilities of the management team
It is vital to build on the strengths of the business and its management team. Whilst minimising the risks of its weaknesses.
We have a comprehensive breadth of experience in preparing credible
business plans for owner managers and business start-ups. If you wish
to know more about how our business plan service can help you or you
would like to arrange a free initial meeting in order to discuss more
details how we can help you please contact us.
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Forecasting
Cash flow is the lifeblood of any business. Failure in your cash flow inevitably leads to failure in your business.
Businesses which forecast their future financial performance and cashflow are much better equipped to deal rapidly with any unexpected hiccups than those who do not plan ahead.
In depth knowledge from a team of professionals enable us to provide you with cashflow advice and forecasts for use either internally in managing your business or for presentation to third parties such as bank managers.
If you wish to know more about our forecasting service or would like
to arrange a free initial meeting in order to discuss how we can help
you in more detail please contact us.
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Strategic Planning
Too many of us in business seem to have no time away from operational and management commitments. By holding a Strategic Planning Day way from the office you can benefit from a facilitated planning session that offers you the opportunity to focus on your personal and business objectives away from the “heat of the battle”.
Would Strategic Planning help your business?
Strategic Planning for SME’s is essentially:
The Strategic Plan is a live, vibrant thing that will:
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Identify where the business is now
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Put together a quality plan to succeed with these goals
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Have a review process to ensure implementation and review for
change
If you wish to know more about our Strategic Planning service or would
like to arrange a free initial meeting in order to discuss how we can
help you in more detail please contact us.
Key performance Indicators
We work closely with you to develop short, medium and long term goals for your business and its owners.
We help you to identify your vision and then define your strategy for achieving it. The strategy can then be translated into an organisational structure and operational plans relating directly to business functions. Only then can we develop Key performance Indicators to monitor, review and improve your business performance.
If you wish to know more about our Key Performance Indicators service
or would like to arrange a free initial meeting in order to discuss
how we can help you in more detail please contact
us.
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Capital Projects
We can help you answer the question whether investment in capital assets is really necessary. Often there are other ways of achieving increases in production capacity or efficiency. We can assist with:
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Planning
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Costing
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Forecasting cash flows and increased profit
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Calculating Returns on capital
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Evaluating Finance options
If you wish to know more about assistance with Capital Projects or
would like to arrange a free initial meeting in order to discuss how
we can help you in more detail please contact
us.
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Raising Financing
We have long established contacts with many financiers including all the major banks as well as independent finance houses, and can therefore work with your existing bankers or introduce new financiers. We can assist with:
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Evaluating alternative methods - Debt factoring, overdraft or loans, share issues etc
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Individual asset purchase – HP, lease, loan etc
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Negotiating with alternative providers
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Assessing Tax implications of the options
If you wish to know more about raising finance or would like to arrange
a free initial meeting in order to discuss how we can help you in more
detail please contact us.
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Business Disposals
When it comes to selling your business, you will want to maximise the return on your investment by selling at a peak market valuation. The ability to achieve this outcome and your desired exit route will depend largely upon the expertise of your advisers.
We have expert teams who will seek to obtain the best returns for you. We specialise in dealing with entrepreneurial business owners and are committed to maximising the value of smaller and medium sized companies. Our services include:
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Planning disposal of the business
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Preparing the business for sale
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Recommending ways to increase business value in anticipation of a sale
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Identifying potential purchasers
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Valuation
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Confidential negotiations with purchasers
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Advising on heads of terms and sale agreement
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Tax planning to minimise overall tax payable
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Investing the proceeds (link to financial services)
If you wish to know more about business disposals or would like to
arrange a free initial meeting in order to discuss how we can help you
in more detail please contact us.
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