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Press Release – Cloud-Based Real Time Accounts Can Save Your Business

By | Goddards Accountants | No Comments

12th January 2017
DEREK W1
Goddards Accountants Prove That Cloud-Based Real Time Accounts Can Save Your Business

In a recent interview with Goddards Accountants, Shane Lukas, from AVN – an association of forward-thinking accountants, discovered how Derek Williamson from Goddards Accountants could help to save businesses through his real time accounts strategy and planning for the future.
Goddards accountants are advocates of cloud-based software solutions that help to give businesses a better control over their accounts as well as helping accountants to work in the present and plan for the future. By having access to real-time accounts, Derek Williamson was able to help one client from an imminent cash flow crisis, by discussing the client’s current state of accounts with the client’s bank manager. This discussion and use of forward-planning by Derek Williamson meant that the bank manager was able to provide a much-needed overdraft.
The overdraft that Derek Williamson was able to secure for his client would not have been made possible without having a forward-thing approach to accounts and the use of cloud-based software that allows instant sharing of data and interaction. The bank manager even admitted that had the client come to him just six weeks later; he would have refused his overdraft request.
Goddards Accountants are AVN accountants, which means they are expected to go the extra mile for their customers. Derek Williamson believes his business does this by asking insightful questions to help their clients prepare and plan well for the future. Goddard Accountants are proactive in their approach and utilise the latest software so that they can deliver a better service for their clients. In fact, their forward-thinking and future planning approach has led to Goddard’s Accountants being specially selected to feature in The Business Owner’s Guide to the UK’s Best Accountancy Practices. This book showcases the best accountancy practices that help businesses to become successful and more enjoyable to run.
To find out more about how Goddards Accountants can help you, call them now on 020 8941 2187.

Goddards Accountants work with clients in “Real Time” in order to assist clients in maximising their profits.
The Business Owner’s Guide to the UK’s Best Accountancy Practices
Publisher: Added Value Solutions
Publication Date: 30/09/2016
ISBN-13: 9780955100772
For further information contact: Derek Williamson; derek@gandco.co.uk, phone 020 8941 2187

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Press Release – The Budget

By | Uncategorized | No Comments

Storm clouds revealed by the Budget will force taxpayers in England to work an extra two years without pay to balance the country’s books.

Goddards Accountants of West Molesey have today launched a free “2016 Tax Fairness Review” and “Business Builder” initiative to prevent local taxpayers and businesses being drowned by the storm clouds identified in the small print of George Osborne’s Budget. Launching the initiative Goddards Accountants partner Derek Williamson said:

“Inevitably the likes of the sugar levy, school reforms, lifetime ISAs, business rates exemptions and flood defence spending promises will grab most of the headlines. But the real story today is not about the detailed announcements, which ranged from innovative and genuinely useful to window dressing and spin. It is not even about the prediction that there are storm clouds on the horizon.

The real story today is, that the storm clouds aren’t gathering, they are already here. They were here before the Chancellor stood up. And they are still here now he has sat down.

The brutal truth, which the Chancellor confirmed today, is that successive governments have spent over £1.7 trillion more than they have earned. That’s the equivalent of over £58,000 for every single taxpayer, or over £93,000 for every single family in Surrey. Putting it another way, someone working full time and earning average national wages would have to work for two years and give every single penny of their wages over to the taxman just to pay for what the country has already spent. And that’s not all, because to pay for new government spending the average London or Surrey taxpayer will also need to hand over another 21 weeks’ worth of wages in tax every single year.

Shocking as those numbers are, the good news is that Englishmen can fight back in two key ways. Firstly, by making local business more successful we can generate enough extra jobs, income and wealth to make paying those extra taxes much less painful. And secondly we can make sure that none of us pay an unfair share of those taxes.

Exactly how much we each end up paying is very complicated, and there are a great many traps for the unwary. So we believe that the region’s taxpayers need to take urgent action to protect themselves, their families and their businesses. And to help them, today we are launching a free 2016 Tax Fairness Review service for businesses and individuals to make sure that they don’t pay a single penny more than their fair share in tax.

We are also launching a free “2016 Business Builder” initiative to help London and Surrey’s businesses generate the growth and prosperity the country needs in order to make paying all those extra taxes easier and less painful. Using leading-edge software, systems and thinking, it will help local businesses discover new ways to create more jobs, profits and wealth.
Together these initiatives will help to ensure that the region is treated fairly as it pulls it weight.”

Readers who do not want to pay more tax than they need to can claim a free 2016 Tax Fairness Review and Business Builder by calling Derek Williamson at Goddards Accountants on 020 8941 2187.

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Divorce – What has been hidden can often be revealed

By | Forensic Accountancy | No Comments

In divorce proceedings it is often the case that one party claims that the other has hidden assets and has failed to declare them on the Form E financial statement. It is in such cases that the expertise of the forensic accountant comes into play.

Forensic accounting is the specialist practice area used to investigate details on financial issues, which can then be used in negotiations or in court. In family cases that regularly valuing business assets and calculating capital gains liabilities or how much income a business generates so that the figures can be used in financial statements.

In addition forensic accounting is used to find ‘hidden’ assets.

The types of assets most commonly hidden are cash, bonds, mutual funds, the cash value of insurance policies and variable annuities, stocks, travellers’ cheques, savings bonds and bearer municipal bonds. Converting cash into assets such as art, jewellery, antiques, vehicles and collectibles is often used by one party in the divorce.

In their attempts to conceal assets, partners may often involve relatives or acquaintances who may or may not be aware that they are party to the concealment. Repayment of non-existent debts to friends or relatives is often used as a smokescreen – as may also expenses for gifts, travel, rent or college tuition.

Where one party owns a business they may use it as a vehicle to conceal assets, by paying salaries to fictitious people or skimming cash from the business – or even undervaluing stocks and writing off as bad debts valid debts collected in cash.

Trying to find such assets or prove unreported income is often one of the most difficult jobs during the divorce process. Being aware of the ways individuals move assets into the hands of their partners or behind false documents, and of the techniques needed to find those hidden assets, can result in their discovery.

If one of the partners to the divorce does not have documents to prove the whereabouts of their assets, however, identifying even ‘easy to find’ assets can prove costly. In those cases one has to ask if the cost of the investigation is worth the potential value of the assets which are assumed, at that point, to be hidden. Remember, they may not actually exist.

However, through diligent and effective preparation it is possible to discover assets no disclosed or acknowledged by the other party.

In a recent case we were advised by the wife of some public company shares she ‘thought’ her husband had owned. We were able to ascertain which shares they were, when they were sold and the fact that sales proceeds were not banked in the UK. As a result, we ultimately found over £6m in hidden assets.

We have also used self-assessment tax returns and company CT600 corporation tax returns to investigate hidden assets and reported our concerns about under-declaration to HMRC. Their subsequent investigations have proved very useful in finding these assets. In our experience, the use of forensic accountants has always proved of benefit when searching for hidden assets in divorce proceedings.