Top Reasons to Live And Work in Louth

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Louth is a stunning town situated in the East of Lincolnshire. Here are the top reasons why you should live and work here.

The Location 

Louth’s stunning location is second to none. It is situated in the heart of the Lincolnshire Wolds. The Lincolnshire Wolds is renowned for being an Area of Outstanding Natural Beauty. Its calming hills and deep valleys are striking against the coastal landscape of marshes and dunes.

Being East Lincolnshire, it is very near the coast so perfect for those summer beach days or winter walks next to the sea. The Wolds is sparsely populated, so pollution is at a minimum. Therefore, expect to see the sky and stars at night in all their glory! 

Without a doubt, Louth is the perfect location to work from home!

Louth Market

Louth is a traditional town and with that comes a quaint market which trades on Wednesdays, Fridays and Saturdays. Although with the pandemic, these days might vary or be cancelled so best to do your research if you wish to venture to the Louth Market. Once it is up and running, you can see what the market has to offer, from delicious food to pretty crafts; the market has it all!

The Beautiful Parks

There are some beautiful parks to visit, walk-in, have picnics in and socially distance in too! These are Hubbard’s Hills and West Gate Fields. Hubbard’s Hill was established in the early 1900s. It is beautiful in the summer where children can paddle in the river and families are seen catching crawfish with nets.

Westgate Fields has lawns surrounded by lime trees, oaks and ashes and has a beautiful view of St James’ Church poking over the tops of the trees. There are four leaf sculptures to visit, these are carved from oak and are owned by Louth Art Trail.

The Attractions (when they open!)

The attractions are limitless in Louth! There is much to see and do in this lovely town. All of which to be frequented when the lockdown is lifted once again! Louth has its own Golf Club, taking advantage of the hilly terrain and acres of grass.

Louth Museum opened in 1910 and was modernised in the early 2000s by the Heritage Lottery Fund’s money. It contains the largest collection of Victorian woodcarver Thomas Wallis paraphernalia in the country as well as other historical artefacts.

St James’ Church is a sight for sore eyes and worth a visit for its history and photogenic-nature. It was a gathering point for the Lincolnshire Rising in 1536. This was organised by Catholics to protest the Monasteries dissolution. There is a cafe and souvenir shop too.

When theatres re-open, Louth Riverhead Theatre is THE place to visit! It is owned and run by a small number of volunteers. There are touring productions, musicians, tribute bands, musicals, poetry recitals, evenings with television personalities and comedians who perform there.

Lincolnshire Wolds Railway is another great attraction of Louth. It runs for 1.5 miles between two stations, Ludborough and North Thoresby.

Playhouse Cinema is the only cinema for 15 miles and contains three screens. It was a former chapel and became a movie theatre in the 1920s. It shows the latest releases, classic films, independent ones as well as live recordings from the Royal Ballet and Royal Shakespeare Company.

If you need any help with the accounting of your business in Louth, don’t hesitate to get in contact with me.

UK Accountants Voice Their Environmental Worries About Businesses’ Approach To A “Sustainable Recovery”

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The Global survey of accountants this year has unearthed accountants’ disappointment of businesses environmental as well as social strategies. These accountants and financial experts support the move to a “sustainable recovery” but fear that businesses are only escalating negative environmental/social impacts.

The survey was part of a report by the Association of Chartered Certified Accountants (ACCA). It was titled “Mainstreaming Impact: scaling a sustainable recovery“.

In its research, it asked 829 accountants and finance experts around the world about the environmental progress and performance among the organisations they work for.

It was recorded that 90% of those questioned were not happy with the current environmental and social sustainability efforts carried out by their organisation. The accountants said that they want to see their organisations increase all their efforts to become more sustainable, and in doing so, create positive societal change post-pandemic.

One in 20 of the accountants and financial professionals surveyed said that finance teams did have an essential role in contributing to a “more socially inclusive and environmentally sustainable future”.

75% of respondents mentioned that the business they currently work for needs to target the social inequalities which still exist to this day. This could be through wealth, race, sexuality, sexual orientation, religion and gender.

However, an additional 10% to this said that businesses need to make more efforts in curbing the environmental damage, a forefront topic of 2020 behind the global pandemic.

A worrying statistic showed that only 54% of respondents believed that they had the training and skills that were vital to combat the environmental and social change in the business they are employed by.

Many of those surveyed highlighted the barriers businesses face to environmental and social improvements. For example, the cost implications, a narrow focus on returns and a lack of senior management.

Helen Brand, chief executive of ACCA stressed that accountants have “a huge role” to play in environmental performance improvements. She added that this was “because it’s through professional education that accountants can support the transition to a net-zero carbon world.”

Head of sustainability at ACCA, Jimmy Greer said that “Professional accountants and finance teams are central actors, with the skills, knowledge and ambition to do more” and that businesses “need to make board level governance commitment to additional and intentional social and environmental positive impact creation.”

Greer finished by saying that businesses “must allocate resources within finance teams and across organisations to build decision-making capabilities related to environmental and social impact.”

If you need any help with your accounting needs, get in contact with us today.

How to Find the Best Accountant in Louth

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Finding the best accountant to assist with your business can be tough. There are a lot of choices out there and knowing what to look out for when researching is essential. Before I dive into what you should and shouldn’t look out for, let’s go over the basics of what an accountant can help you with. 

What can an accountant help you with?

The practice of accounting covers a variety of different principles and services. Most accountants will be able to assist with most financial business elements including but not limited to; payroll, self-assessments and tax returns, bookkeeping and VAT, charity accounts and resident management accounts. 

The new Making Tax Digital scheme is another area of accounting you may wish to seek help with. 

On to how to find the best accountant in Louth ….

Google

The easiest and most obvious way to find an accountant in your area is to look online via search engines such as Google and Bing. This will usually bring up a few different results depending on the area you’re looking in with a mix between individual businesses websites and directory websites such as Yell or Bark. 

Google will also show you results from the Google Maps/Google My Business search results. These results are great as they allow you to see the businesses reviews, opening times, FAQs and more at a glance. 

Social Media

Social Media is a great tool for finding new accountants you may not have heard of before. You can use the search bar on social networks such as Facebook to search for terms like “accountant louth” and then filter by pages related to this search. You can also use the Facebook recommendations tool to ask others in local groups which accountants they would recommend. This leads nicely onto my next point …

Ask other business owners

Asking other business owners for recommendations is a great way to get an accountant that is well trusted by your peers. As mentioned above, you can use social media to achieve this or if you’re part of local networking groups and events you could ask here too.  

What to look out for

Qualifications and experience

A good accountant should be well qualified and experienced in their field. Most accountants will display their qualifications on their website and may include case studies of businesses they have worked with. 

Qualified accountants will be registered with the ACAA (Association of Chartered Certified Accountants) and will likely display the ACAA badge on their website and social media channels. You can also check the ACAA website to ensure your chosen accountant is registered. 

Who do they work with

Some accountants will specialise in certain industries while others will work with businesses in a variety of sectors. Some will specialise in small business accounting and others will work more with larger corporations. 

Researching who your potential new accountant works with may be beneficial if you’re looking for someone who either specialises in your industry or who works primarily with businesses of a similar size to yours. The best way to do this is to just have a chat with your chosen accountant and discuss your needs and any questions you may have.

What they do

As mentioned at the start of this article, different accountants may offer slightly different services. If you have a couple of different accountants in mind, check online or have a chat with them to see if they cover the multiple different services you may need. It’s also worth thinking ahead to potential future services you may need from them – if you’re a small business with no employees now, this may change going forward and you may end up needing payroll services. In this case, it would be good to choose an accountant who offers payroll services from the get-go rather than having to change or hire an extra accountant further down the line!

Hopefully, this short guide is helpful in aiding your search for the best accountant in Louth. If you’d like to speak to me about my accounting services, contact me today.

Accountant’s Guide to Managing Your Business Finances

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Financial management can take many years to master. Managing your money is difficult but so vital to grow and develop your business. Nowadays, we are blessed with the ability to hire accountants to help manage our business finances for lower costs than you may think. However, you cannot be purely reliant on accountants alone as you are accountable for managing your finances. Here is your guide to equipping yourself with the essentials to manage your finances…

Understand the basics of finances

All business owners must have the basic skills of managing finances in order to have a successful business. There is terminology which is vital to know like the breakeven point, net profit, cash flow, expenses and gross revenue. These will be terms used on a daily basis so make sure you understand them all.

Furthermore, you must also understand business accounting documents such as revenue forecast, cash flow statement, income statement and balance sheet. If you aren’t familiar with these terms and documents, google them and research what they all mean and do. It will be invaluable knowledge for your business. 

Keep track of your cash flow

Cash flow is the money that goes in and out of your business and is easy to lose track of so ensure you are organised and know where it is at all times. The inflow of your business is from selling your goods whereas your outflow is the money your business spends on stock, payroll as well as marketing too. Try to always keep your outflow lower than your inflow, even though this could prove difficult. Just bear it in mind at all times and never lose track of your business goals.

Ensure your business and personal finances are kept separate

If you are a small business owner, it may seem easy and simple to have all your finances in one account. This is not recommended as it makes your business disorganised and can lead to tax issues as your business grows larger in the future. The first thing you should do when setting up your business is having two separate bank accounts for your personal life and company.

Spread out your tax payments

Paying your tax in a lump sum isn’t always the wisest of moves as large amounts of money leaving your cash flow can seriously affect it. Instead of this, try and opt for tax as a monthly expense. This will help you with budgeting.

Have a business cash reserve

Have a business bank account that can be used as a cash reserve. Top it up as often as you can and make it easy to withdraw money when needed for your business. This will take the pressure off when you have any additional bills to pay for your business.

If you need assistance with your business accounting, contact me today!

An Introduction to VAT

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VAT can be a confusing concept to grasp if you have never needed to pay VAT before. Nonetheless, being VAT registered can bring with it lots of advantages concerning your finances. Here is a brief introduction on VAT with some answers to questions you may have on the subject.

VAT is a tax which is added to the majority of services and goods. It is something you must pay if you are a business or merely an individual. You pay it on a range of things from bills to clothes. For companies who make over £85,000 a year, they will need to add VAT to their goods and services’ costs. Businesses must register for VAT if they turn over more than this.

Once registered, a business will need to charge VAT on the goods and services which they sell and offer. Companies will also need to fill in a return every three months. This will include information like how much VAT their business has charged as well as how much their business has paid.

Businesses will have to pay outstanding amounts of VAT if they have charged more than they have paid. In contrast, companies are able to claim back VAT money from HMRC if they have paid too much VAT than they have charged.

VAT rates in the UK are 20%. That is the standard rate. Mobility aids and children’s car seats are 5%, and most food, male razors, children’s clothing and books are 0%. Health, financial insurance and most sports services are exempt from VAT too. Find out more about on different types of VAT.

Sole traders and freelancers must also pay VAT if their turnover annually will exceed the £85,000 threshold. The VAT will be registered in their name unlike businesses, and they must ensure always to keep records of the VAT they are charging customers.

There are a few VAT schemes to consider when applying for VAT, so it is important to do your research to discover which one is right for you. There is standard accounting, which is the common one, the Flat Rate for businesses which turnover less than £150,000 per year, as well as Annual Accounting for a turnover of less than £1.35 million and cash accounting which is the same threshold but for small businesses.

Advantages of VAT are that you can reclaim VAT that is paid on top of things bought for your business, such as phones, laptops and office equipment. You can register for VAT even if you do not earn the £85,000 per year yet. This will mean you won’t have to bother looking out for the threshold when you hit that sum and owe HMRC a large lump sum.

To register for VAT, you will need to go to the gov.uk site. You will need things like a tax reference, bank details of your business and company number/address. After this, you will gain your VAT certificate with details of your VAT.

Five Reasons Why You Need an Accountant

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Managing your finances is not for everyone. It can become very complicated and dreary and detract from the time and passion you put into your own business with the wasted hours filing tax returns. Whether you are just starting out or running a top company with the aim to expand, an accountant can be a big help. Here are five reasons as to why you need an accountant!

Saves Time

Having your own business begins with the idea that you are passionate about. This excitement doesn’t tend to include the hours spent going through your finances and paying taxes. Accountants are paid for doing the financial work you don’t want to do. They will allow you to save time to focus on your business. You get to spend time making money and not having to crunch numbers.

You are still legally responsible for an accountant’s accuracy, but you can hand over full account management to them. Your accountant can do virtually everything on your behalf, saving you so much time. They can do things like complete tax returns, manage PAYE and more. They can even be the ones who communicate with HMRC! 

Organisation

Deadlines for tax can change regularly. This can be a stressful ordeal, and getting a foot out of line could lead you to underestimate your future tax bills. An accountant is organised and knowledgeable on all things financial. They can guarantee that deadlines will be met, and you will be paying the correct amount of tax at the right times. Having an accountant will be a useful safety net to ensure nothing goes wrong and will keep all your numbers organised and tidy.

Save Money

Hiring an accountant is not as expensive as you might think. Good accountants can address areas where you could save money. This could be through claiming entitled expenses. This would cut your tax bill considerably and might mean that in the long run, your accountant will be paying their own fee through the money they saved for you!

Support and Advice

Not only are accountants there to help with your finances but having their support can really improve your whole businesses’ setup. If it’s a new business and you’re inexperienced, they can be there to look over your plans and goals. As you grow and expand, they can show you your options and direct you in ways dependant on your business’s structure. 

Makes life simple

Working with figures and finances is not everyone’s cup of tea. Hiring an accountant is a good idea if you dread the thought of seeing spreadsheets, invoices, and tax returns. You can sit back, relax and concentrate on your business and make money while your accountant does the work you don’t wish to spend your weekends doing. Life will be pure bliss, and you have the added knowledge that you won’t be penalised for late payments!