Top tax saving ideas for limited companies

As a Limited company you’re probably looking for ways to minimise your tax liability and maximise your profits. This can help to improve your cash flow whilst knowing you don’t have to hand over as much of your hard earned profits to the tax man, always a great feeling!

In this blog we will look at ways you can do this.

Be aware of allowable expenses

Many businesses fail to understand exactly what they can and can’t claim for when it comes to tax deductible expenses. The one thing you don’t want to be doing is claiming for things which aren’t allowable. If you do this and you’re investigated you could be hit with a hefty fine. To avoid this, it’s important to understand what HMRC class as an allowable expense. You may be surprised that you’re missing out on vital expenses. Here are a number of examples of what is classed as tax deductible;

1. The costs of forming your limited company – professional fees incurred during registration

2. Premises costs – utility bills, rent, business rates etc

3. Directors and employee salaries and other staffing costs, including recruitment expenses

4.Cost of stock and raw materials

5. Administrative costs – stationery, phone and internet, computer software

6. Travel and accommodation for business trips (NOT commuting)

7. Accountancy fees

8. Advertising and marketing costs

9. Business entertainment isn’t usually an allowable expense for tax purposes. But you can host a social event for your staff and claim it as a business expense, as long as the cost doesn’t exceed £150.00 per person, and it’s an annual event (like a Christmas Party) that’s open to all staff.

This list is not exhaustive and we advise getting professional advice.

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Doing your bit for charity

Most businesses choose a registered charity to give donations throughout the year. If you do this, providing it’s money earned by the business and the charity is registered then the donation is classed as a tax deductible expense. The great thing about this is you’re doing something good for others, whilst saving money on your tax bill.

Account for Capital Allowances

Capital allowances are a form of tax relief that allow businesses to deduct the cost of certain capital assets from their taxable profits. These assets typically include tangible assets like machinery, equipment, vehicles, and sometimes even buildings. The purpose of capital allowances is to provide businesses with tax relief for the wear and tear or depreciation of these assets over time.

R&D (Research & Development) Tax Credits

R&D Tax Credits are a tax incentive provided by HMRC to encourage businesses to invest in research and development activities. This scheme is designed to stimulate innovation, technological advancement and economic growth by reducing the financial burden associated with R&D expenditures. If you’re eligible to receive these, they can significantly reduce your tax liability.

Find out more

How you pay yourself and other shareholders

If you’re wise about how you pay yourself and your shareholders you may be able to reduce your tax bill. The reason for this is that if you receive dividends then the tax rate is lower, so by choosing a salary alongside dividend payments you may be in a better position when it comes to paying your tax.

Pension Contributions

If you pay into a company pension then this is classed as a tax deductible expense. Not only are you saving money on your tax bill but you’re also saving for your retirement at the same time!

Do you have employees?

If so then you may be eligible for employment allowance which can reduce your National Insurance contributions.

You can find out more about eligibility here:

Check eligibility

If you implement Employee Share Schemes, this can provide tax benefits to both the employer and the employee, providing the share scheme is one of the following:

– Share Incentive Plan

– Save As You Earn (SAYE)

– Company Share Option Plan

– Enterprise Management Incentive (EMI)

Corporation Tax rate

The standard rate of corporation tax is 25%. If your profits are £50,000 or less then you will only pay 19%. If your profits are between £50,000 and £250,000 you may be entitled to marginal relief. It’s best to speak to a finance professional when it comes to the rates you will pay and your entitlement to the marginal relief.

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Losses

If your business has made losses over previous years then you can use this to your advantage by offsetting your taxable profits for future years and therefore reducing your tax liability. This process can get quite complex so get in touch and we can discuss this with you.

Annual Investment Allowance (AIA)

Do you purchase plant or machinery? If so then you may be able to deduct the full cost of these purchases from your taxable profits depending on if they qualify for AIA.

Find out more

There are many ways we can reduce your tax bill so why not get in touch today?

It’s always best to seek advice from a professional to ensure you’re making the right decisions for your business and making the most of every opportunity you can to maximise your profits by reducing your tax liabilities. Remember HMRC are often making changes to their rules and regulations, so it’s best to remain compliant.

Why it’s important to get your work life balance right

One thing all business owners struggle with is managing to get their work life balance just right. This can be particularly difficult when you’re first starting out in business as you have to invest much more time and effort into getting your business off the ground.

Growing a business can put a strain on relationships and your social life. It’s important you manage your time better in order to ensure your personal life and health aren’t affected negatively.

Achieving a healthy work-life balance is essential for maintaining your physical and mental health, as well as ensuring your overall quality of life. Here are some tips to help you achieve a better work-life balance:

Set Boundaries

Establish clear boundaries between work and personal time. Define specific working hours and avoid checking work-related emails or messages outside of those hours. This is easier said than done but anything non urgent can wait. It’s important to set boundaries with your clients so that they know you cannot be contacted outside your working hours unless there is an emergency. Let them know they are more than welcome to email you or message you any time of day but not to expect a response until you’re back at your desk.

You may find that if you respond out of hours, then they will always expect this. So avoid replying unless it’s really necessary.

Prioritise

Set yourself a to-do list each day. This can be done pen on paper, or you can use time management software such as Trello or Asana. This will help you to prioritise your tasks and manage your time more efficiently. If there’s jobs that can wait then don’t feel you need to get them done ASAP. There’s only so many hours in a day so don’t over commit yourself. Not only is it not good for your stress levels but overworking yourself can have an impact on your health and personal life.

Learn to say No

If you’re like me you’re a ‘yes’ person. However, saying yes all the time means you’re taking on too much. Let your clients know that the job can be done but the deadline may have to be slightly longer. The majority of the time they will understand this.

Power of delegation

It can be hard to let go but delegation is key to getting the perfect work life balance, especially if you’re wanting to grow your business. Make a list of everything you do and if an activity doesn’t require your expertise then show someone else how to do it. You may think you can just do it quicker yourself, which you probably can. But once you’ve shown someone how to do it, you then have the time to invest elsewhere in your business or give yourself free time back for family and friends. Tasks may only take a few minutes, but when there’s a number of them, they all mount up! Time is precious.

Use Automation

Over the years technology has developed significantly. There are lots of ways to automate your processes. A little automation can make a huge difference in your productivity and free up your time. Just be careful not to over automate, keep the personal touch.

Take breaks

Take regular breaks throughout your working day. Don’t be chained to your desk. Taking regular breaks will increase your productivity and boost your concentration levels. Try your best to get out in the fresh air. Fresh air increases your oxygen levels to your brain meaning you have a clearer mind.

If your finances allow, book a holiday. Having some down time to relax and recharge will give you a better perspective on your business. It also means you get to spend more time with family and friends. Great for your mental health and securing those relationships.

I’ve just returned from holiday. I’ve spent time with my family and now have a new lease of life. I’m feeling much more motivated and have new ideas for my business.

Get organised

If your business has set processes in place it can run without you. Write down or create Looms of processes so that these can be handed over in your absence.

Make sure your workspace is clear and tidy, an untidy desk will mean you find it harder to concentrate. Tidy desk, clear mind.

Use online calendars for both your work and personal life, share them with your family and friends so it’s easy to get dates in place to socialise.

Use time blocking to block out time from your day for self care, such as a daily walk, a trip to the gym. Exercise will boost your energy levels.

Get enough sleep

Make sure you’re getting enough sleep. If you have too much on your mind it will be difficult to sleep. Avoid using electronic devices before bedtime and make sure your bedroom has a relaxed vibe. Go to bed at a reasonable time and get up early. Getting up earlier in the morning will give you greater motivation for the day ahead.

Remember that work-life balance is unique to each individual. It’s important to find a balance that aligns with your values, goals, and responsibilities. Striving for balance can lead to increased well-being, higher job satisfaction, and improved overall quality of life.

Regularly assess your work-life balance and make adjustments as needed. Your needs and priorities may change over time.

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What is Basis Period Reform and how will it affect me?

If you’re a Sole Trader or a Partnership then you may be affected by Basis Period Reform (BPR) if your accounting year end date is not between 31st March and 5th April. Under the reform, if your accounting year end falls outside these dates then you will need to make changes to the way you calculate your profits for this current financial period (2023 – 2024) and going forwards.

If your accounting period end dates do fall between 31st March and 5th April then you could still be impacted by BPR if you have unused overlap relief.

What’s overlap relief?

An accounting overlap is when you have accounting periods which are not the same. This may occur when you first start your business or if you decide to change your accounting period dates. Overlap relief is given as there is a chance that you may be taxed twice on profits during the transition.

How will I be impacted by BPR?

Regardless of your current accounting year end date you will now have to submit your business taxes for HMRC’s stipulated financial period of 6th April – 5th April. From April 2024 this means your profits will be assessed in the same tax year in which they arise.

There will be a transition period for sole traders and partnerships who don’t currently have an accounting date 6th April- 5th April. This means that you may have to submit profits for an accounting period which is longer than 12 months resulting in paying more tax than you expected. In order to compensate for this HMRC will assess the additional tax and spread the cost over 5 years for you.

How will that work?

If your current accounting period ends between 31st march and 4th April then HMRC will treat your accounting end date as 5th April, this is what they call late accounting date rules. This means you won’t have to worry about the rules under BPR, you can continue with your current accounting period. For example if your accounting end date is 1st April for 2024/2025 tax year then you should report on profits earned for 2nd April 2024- 1st April 2025. Any business during the additional days between 3rd and 5th will be included in your tax submission for the following year.

If your business has an accounting year end date that doesn’t fall between 31st March and 5th April then you will have to comply with the transition rules for BPR. This means that you will be required to;
Prepare 2 sets of accounts for accounting year 2023/2024
Pay tax and national insurance based on the profit of that tax year

Depending upon what month your accounting period ends it could mean that you have less time to prepare and submit your tax return. In certain circumstances you may not be able to finalise your year end and may have to provide estimates instead.

Alternatively you can choose to change your accounting period accordingly.

Changing your accounting period

You will need to notify HMRC of any changes made to your accounting period. You can choose any accounting period but to avoid BPR then of course it will need to fall within 31st March- 5th April. Your chosen accounting period cannot be over 18 months long. If you have previously changed your accounting period within the last 5 tax years, you will not be allowed to change your accounting period.

If all of this is too much for you to get your head around then please get in touch. We’d love to help you get your finances in order with as minimum stress as possible.

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Client Focus – Stephen Page Sculpture

In this edition of Client Focus we meet sculptor Stephen Page (Stephen Page Sculpture), Stephen creates bronze sculptures from his studio in the Tanat Valley and has exhibited at galleries around the world.

Sculptor Stephen Page sits down and discusses how he finds the admin side of his business the most challenging and how he’s always found KC Accountancy Services to give essential help and advice.

Hi Stephen! As a business owner, what is it that motivates and drives you?
One of my biggest motivators is developing new ideas from my studio.

If you had to describe your life as a business owner in three words, what would they be?
Sculpture, creative, and good!

What has been your biggest success and what have you found most challenging?
One of my biggest successes has to be developing relationships with galleries in the UK and abroad to exhibit my work.

I have always found the admin side of the business, the most challenging, but I know I always have the team at KC Accountancy Services for any guidance I require.

What advice would you give other business owners who are starting out?
Just stick at it, there will be challenging moments, but also so many highs to be had.

How did you start working with KC Accountancy Services, was there a reason they stood out from other accountants?
Having worked with Kim previously, I’ve always found her help and advice essential. So for me, it was a no brainer to use the service of KC Accountancy Services and I’ve never looked back.

Why do you think it is important to work with an accountant, how has your relationship with KC Accountancy Services benefited your business?
KC Accountancy Services have always been on hand with helpful
advice and have offered a friendly and efficient service. They are also always quick to resolve any issues I may have, allowing me to focus on the other aspects of my business.

What are your future plans for Stephen Page Sculpture?
In the not long future I would like to develop new and larger work for new types of markets, watch this space!

Thank you Stephen!

For more information on Stephen and to see his work visit: www.stephenpagesculpture.com

“I have known Steve since 2005 when we worked together in a bronze art foundry, I was very much office based though, as anyone who knows me will tell you, my artistry and creative skills could do with some work!

Steve and I shared similar journeys as we started our businesses alongside full-time work and gradually built them up to allow us to step away from employment and into the world of self-employment.

Some will argue that following this route can make your journey longer to reaching goals and leaving employment, but for others it allows you the security whilst building a business that is financially stable when it is time to take the leap!

Steve and I were lucky to have supportive employers, who allowed us to operate our ‘side hustles’, however, if you are considering taking the route, I strongly advise you to check your employment contract and have an open discussion with your employer before. There are instances where a conflict of interest can occur, and you
don’t want your business to start on the wrong footing!

Once Steve left his full-time employment and concentrated solely on his business, it has been amazing to watch his growth. Very quickly he became VAT registered and at that point we introduced QuickBooks software which Steve now manages completely himself and prepares the quarterly VAT returns with confidence. We offer our VAT return checking service, where we log in to the software and check the transactions included in the VAT return are coded correctly, specifically that the correct VAT has been applied. We adjust where needed, but feed back to Steve what errors we have corrected and why.

As the software is kept up to date regularly, this allows Steve to see his profit and loss whenever he wants and he can even get a rough idea of what his tax bill will be at the end of the year. I have said it so many times, but knowledge is power and our clients love being in control of their business and knowing exactly where they are by a
simple click of a button!

If you’re interested in working with accountancy software, get in touch today to find out about the discounts we can offer on monthly subscriptions.”

If you would like more information about our services, or if you are a current client and would like to be featured in a future edition of Client Focus, then please don’t hesitate to get in touch with our team:

info@kcaccountancyservices.co.uk

Tel: 01691 674792

To view the full interview in PDF, please click here.

Client Focus – Amy Jones of Greta-Mae Interior Design

In this edition of Client Focus we meet Amy Jones founder of greta-mae, an Award winning independent Interior Design Studio based in Mid Wales. Working across Wales, Cheshire, Shropshire, Liverpool, and beyond, greta-mae offers a bespoke and client-focused design service for residential and commercial clients.

Amy from greta-mae interior design discusses how it’s incredibly beneficial to have
someone to help guide you and take you on the journey from a start-up through to an established business and the challenges of navigating a relatively new business through covid.

Hey Amy! As a business owner, what is it that motivates and drives you?
Having the freedom that comes from being self-employed, having an unlimited
earning potential.

If you had to describe your life as a business owner in three words, what would they be?
Creative, challenging, and rewarding!

What has been your biggest success and what have you found most challenging?
Winning the Homebuilding & Renovation awards for our own renovation. That
and managing to navigate a relatively new business through covid. The most challenging was covid and not knowing at the beginning how it would affect my
business and if it would survive.

What advice would you give other business owners who are starting out?
Work with an accountant from the beginning, they can help you set goals for your business and help you work out how to get there.

How did you start working with KC Accountancy Services, was there a reason they stood out from other accountants?
I liked that KC Accountancy Services were on my doorstep, so I could pop in
and see them if I had any questions. Kim is also very approachable and explains things to me in a way I can understand.

Why do you think it is important to work with an accountant, how has your relationship with KC Accountancy Services benefited your business?
It’s important because without a healthy balance sheet you don’t really have a business, so having someone there to help guide you and take you on the journey from a start-up to an established business that is profitable is incredibly beneficial.

What are your future plans for greta-mae interior design?
I am looking to increase the profit in my business so I can employ more staff, Kim and I will be meeting quarterly to make sure my business is hitting its KPIs to enable me to grow my business, increase my staff and deliver a higher wage for myself.

Thank you Amy!

For more information on greta-mae and the services they offer visit: https://www.greta-mae.co.uk

We have been working with Amy for a couple of years, in that time it has been exciting to watch her company grow and the successes she has enjoyed.

As we enter a new financial year, we met with Amy to discuss her goals, not just in business, but on a personal level too. Ultimately, you need your business to assist in achieving your personal goals as well as your business ones, otherwise what’s the point of all your hard work!

We discussed the various services we can offer to assist with goal setting, management and then data analysis and reporting to monitor progress and ensure the goals are reached. We will be working far more closely with Amy this year, producing quarterly management reports and progress monitoring during face-to-face meetings.

Key Performance Indicators (KPI’s) are different for every business, for example some businesses would like to analyse leads converted to customers to ascertain the effectiveness of advertising spend or even just simply monthly revenue or average order rate.

We start with goal setting and then a plan on how we can achieve them. This gives us a clearer understanding of the KPI’s you will need to monitor.

If you would like work more closely with us on a quarterly basis, please get in touch today.

info@kcaccountancyservices.co.uk

Tel: 01691 674792

To view the full interview in PDF, please click here.

MTD ITSA – It’s Coming, Time To Get Prepared

Working with our software provider QuickBooks we have developed a quick guide to what MTD ITSA means for you and the proposed timeline of when the changes are due.

The guide can be viewed here.

As always, please don’t hesitate to get in touch to find out more about how we can help you get prepared and ahead of the game.

Autumn Statement – Round Up

The chancellor, Jeremy Hunt announced the Autumn Statement on 17 November, with some eye watering tax hikes and modest cuts.

Here are some of the main changes that will affect many of us…

1. National Minimum Wage for people over 23 will rise from £9.50 to £10.42, from April 2023

2. Income tax rate and personal allowance will remain frozen for a further 2 years, until April 2028 – 20% and £12,570 respectively

3. Dividend Allowance will reduce from £2,000 to £1,000 in April 2023 and reduce further to £500 in April 2024

4. Local councils in England will be able to raise council tax up to 5% without a local vote, this was 3% previously

5. Electric cars will no longer be exempt from road tax from April 2025

6. The Energy Price Guarantee (EPG) will be maintained through the winter, limiting typical energy bills to £2,500 per year. From April 2023 the EPG will rise to £3,000.

We have put together a concise document detailing all the changes announced along with our comments, you can download this here.

Client Focus – Aled & Bryn Jones of W. Jones and Son

In this edition of Client Focus we speak to cousins Aled and Bryn Jones of W. Jones and Son, a family run builders merchants based in Llanfyllin. W. Jones and Son was established in 1907 and continues to serve the trade and public in their local area and the Borders.

Aled and Bryn Jones from W. Jones and Son discuss why it’s important to get to know your customer base and how professional advice and support is essential to small businesses.

Hi both! Could you tell us a little bit more about W. Jones and Son and what you offer your customers?

The business was first established by our great grandfather, William Jones in 1907, after he had been working on the dam at Lake Vyrnwy, and then the dams at Elan Valley. It was originally a carpentry and joinery business, the moved into the supply of general building supplies in the 1930’s.

Fast forward to 2022, we have continued as a builder’s merchants and primarily we offer supplies for all building projects. The most recent change to the business was to create a shop area allowing the public and tradesmen the opportunity to browse our hardware items.

If you had to describe your lifes as a business owners in three words, what would they be?

Challenging, rewarding and fun!

What has been your biggest success and what have you found most challenging being business owners?

We both became part of the partnership in 2017 and our biggest success has been moving the company forward by introducing more efficient digital systems and expanding our site to include the shop area.

Our most challenging time was during the aftermath of Covid-19 and Brexit. In general, it has been a difficult time for the construction industry with supply issues and huge price increases. Navigating the business through this has been very difficult at times.

What advice would you give other business owners who are starting out?

Get to know your customer base and their needs early on, this will ensure you are offering the services and good they need. It also allows you to adapt when needed!

How did you start working with KC Accountancy Services, was there a reason they stood out from other accountants?

KC Accountancy Services was recommended to us by one of our customers and they instantly stood out due to their hands-on approach and accessibility.

Why do you think it is important to work with an accountant, how has your relationship with KC Accountancy Services benefited your business?

The nature of our business means we rely heavily on professional advice and KC Accountancy Services has benefitted our business with constant support and advice, we can’t recommend them highly enough.

What are your future plans for W. Jones and Son?

We plan to continue with our current growth by bringing new products and services to our customers.

Thank you Bryn & Aled!

For more information on W Jones and Son and the services they offer visit: www.w-jonesandson.co.uk

“W Jones & Son is a relatively new client, we started working with them at the end of 2021.

The business was established in 1907 and has remained a family run business ever since, Aled and Bryn are the most recent family members to take the helm and just before we started working together, they implemented full digital systems into the business. This has had a profound effect on the business and has made everything more efficient.

The new systems allow us to perform our role as advisors more effectively as we can work with live data and advise based on this.
We have found this particularly helpful recently as the business looks to changing its legal structure and move away from the partnership format to a limited company.

Incorporating an established business can be tricky, with lots of factors to consider and careful planning to ensure the move remains tax efficient. Having digital systems and clear working practices in place before hand, means that we can work with our clients to plan the move with access to up to date information, specifically regarding assets.

The transfer of assets when a business is incorporated can create high tax charges, it is important this is considered carefully. Where a capital asset has provided capital allowance relief to a business, upon transfer there can be a balancing charge to pay. Also, transfer of property can create a capital gains tax liability and stamp duty land tax charge.

There are various reliefs available for businesses, we take our advisory role very seriously in this process and we will be working very closely with Aled & Bryn over the coming months to make the transition as seamless as possible.

I’m looking forward to seeing the business transition through incorporation and working with the business going forward, providing advise and support whenever needed”.

info@kcaccountancyservices.co.uk

Tel: 01691 674792

To view the full interview in PDF, please click here.

Client Focus – Aaron Child, owner of Painted Life Ltd

In this edition of Client Focus we meet Aaron Child owner of Painted Life Ltd, a video production company based in Shropshire but producing work all over the world. Painted Life specialise in creative marketing videos for businesses, events, and tourism.

Aaron from Painted Life discusses how it’s important to invest in yourself and your business and how KC Accountancy Services has given him endless guidance and support through the many ups and downs over the last few years!

Hello Aaron! As a business owner, what is it that motivates and drives you?

Creating projects that push my skills and creativity to its limits. Exploring stuff that’s never been done before!

If you had to describe your life as a business owner in three words, what would they be?

Non-stop, creative, and chaos!

What has been your biggest success and what have you found most challenging?

Opening up my studio in the centre of Shrewsbury (Highly Flammable Studios) after coming up with the idea whilst traveling in 2016. The most challenging is maintaining work/life balance.

What advice would you give other business owners who are starting out?

It’s important to invest in yourself and your business. Even if getting an accountant involved at the start feels like a big investment, to begin with, it will absolutely pay off in the end and save you so much stress! and I couldn’t recommend Kim more highly! She’s an accounting genius with a real passion for helping people. And she’s damn good at it too!

How did you start working with KC Accountancy Services, was there a reason they stood out from other accountants?

From the very beginning, Kim from KC Accountancy Services was super friendly, helpful, and incredibly kind! She has not only helped me sort out my accounts but has given me endless guidance and support through the many ups and downs over the last few years! I definitely see Kim as part of the team!

Why do you think it is important to work with an accountant, how has your relationship with KC Accountancy Services benefited your business?

Working with Kim has given me a much better understanding of the finances in my business. She is an endless resource of useful information and she is constantly on top of the ball when it comes to grants and funding opportunities – particularly through covid, Kim was proactive and helped me obtain funding I didn’t even know was available.

What are your future plans for Painted Life?

We have been setting up Highly Flammable Studios for the last 3 months and it will be officially open very soon!! We intend it to be a creative hub for digital creatives across Shropshire – as well as a space I can make some really cool projects happen! Other than that, myself and my partner Alana hope to make travel films a little more regularly – maybe a documentary or two across the world!

Thank you Aaron!

For more information on Painted Life and the services they offer visit:
www.paintedlife.co.uk

“I began working with Aaron in 2018, his company, Painted Life Ltd, was well established at this point but he was struggling with lack of support and advice from his then accountant. When Aaron contacted me, he explained he was looking for a more personal service, an accountant he could rely on. He was already using QuickBooks in his business, which was great for us as this meant we could jump straight in and look at the current business performance without needing to perform a lot of bookwork to get this information.

When I first started working with Aaron, he was operating from a small office space above a popular coffee place in Oswestry. Very early on into our working relationship, he explained how he wanted to travel and still operate his business as he travelled through Europe. We assisted him with tax advice for foreign income and how best continue operating and maintain his compliance for tax and as responsibilities as a director. Unfortunately, Aaron’s travels ended abruptly due to Covid, and he was forced to return to the UK, but to no work due to the tight restrictions. We assisted with grant applications and secured as much funding as possible.

Just recently, Aaron’s company has undergone huge changes, opening a large studio space in the heart of Shrewsbury, and expanding his range of services available. Highly Flammable Studios was an idea Aaron came to me with in 2021, at the time he was in full planning mode and wanted reassurance he could afford the new commitment of the lease on the building. We introduced Aaron to a piece of software called Fluidly, which allows scenario planning, using his data from QuickBooks it provides detailed cashflow forecasts and the effect a particular scenario would have on the company cashflow. This gave Aaron piece of mind but also a solid starting block for investment he would need to ensure he had ready.

I am so excited to see Aaron and Painted Life Ltd flourish and succeed as he starts his new venture with Highly Flammable Studios, we will be there by his side for advice and support as and when needed, of course. There is no better sense of accomplishment, then seeing your clients grow and succeed, this is at the heart of all our services”.

info@kcaccountancyservices.co.uk

Tel: 01691 674792

To view the full interview in PDF, please click here.

Client Focus – Gareth Jones, Owner of GNJ Steel Fabrications Ltd

In this edition, we catch up with Gareth Jones business owner of GNJ Steel Fabrications Ltd, specialists in Steel Framed Buildings, Concreting, and all aspects of Groundwork.

Gareth discusses some of GNJ Steel Fabrications’s business successes and how trying to maintain a healthy work/life balance can be challenging at times. Gareth goes on to Discuss how KC Accountancy Services being able to offer flexible meeting times, is a great way not having to impact on his working day.

Hi Gareth! Could you tell us a little bit more about GNJ Steel Fabrications Ltd and what you offer your customers?

GNJ Steel Fabrications Ltd specialise in Steel Framed Buildings, Concreting, and all aspects of Groundwork.

In three words, describe your life as a business owner?

Dedicated, Hectic, Proud

As a business owner, what has been your biggest success and what have you found most challenging?

For me, my biggest success is how the business is continuing to grow which has been difficult times for some businesses. With regards to the most challenging it has to be trying to maintain a healthy work/life balance as it’s very difficult whilst running your own business.

What advice would you give other business owners who are starting out?

You only get out of life what you put in! It’s not easy and there will be bumps along the way, but don’t give up, it will pay off in the end.

How did you start working with KC Accountancy Services, was there a reason they stood out from other accountants?

We started working with Kim at KC Accountancy Services after a family friend had recommended them. KC Accountancy Services offered the flexibility to be able to meet in the evenings which meant it wasn’t having an impact on our working day.

Why do you think it is important to work with an accountant, how has your relationship with KC Accountancy Services benefited your business?

As a business, we find KC Accountancy Services very efficient, reliable, supportive, and always on hand to give advice and answer any questions.

What are your future plans for GNJ Steel Fabrications Ltd?

To continue to grow the business and fabricate our own buildings.

Thank you Gareth!

For more information on GNJ Steel Fabrications Ltd and the services they offer; call: 07811 376525 or email: gnjsteelfabs@hotmail.com

I began working with Gareth and Nicola in 2019 at the very beginning of GNJ Steel Fabrications Ltd. I remember the early meetings very well, where both Gareth and Nicola were eager to get the business going but fearful and cautious at the same time, however, they are both determined to succeed and build a business they can potentially hand down to their sons in years to come.

We introduced QuickBooks software immediately, the software has given Gareth and Nicola the ability to have complete control of the business performance and can keep on top of cash flow – Software is not only in place for compliance!

Once the software was set up, we introduced simple administrative systems, following some training with Nicola, she has been able to take over the day-to-day bookkeeping and managing the weekly payroll. We are of course always at the end of a phone if needed, but one thing I have found over the years, is that, empowering our clients to manage their own day-to-day tasks and involving them in understanding the business performance, leads to greater successes and effective planning.

Less than 12 months into GNJ Steel Fabrications operating, Covid-19 hit and the country went in to lockdown, thankfully the restrictions meant the company could continue to operate safely and Gareth ensured there was enough work to keep his employees secure in their employment and continued to grow the business in what we will all remember being a very difficult time.

Gareth and Nicola both have a strong work ethic and work long hours every day of the week. I am aware how important time is as business owner and therefore, offering flexibility around meetings and reviews, means we don’t stick to office hours and offer our clients meetings at times to suit them. This has been beneficial for my working relationship with Gareth and Nicola, plus it’s completely acceptable to enjoy a glass of wine whilst reviewing the annual accounts when meeting in the evening 😉

I look forward to continuing working with Gareth & Nicola and I’m excited to see their business go from strength to strength as their hard work pays off!

info@kcaccountancyservices.co.uk

Tel: 01691 674792

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