How Can You Reduce Your Tax Bill?

It’s January, you have just been to your accountant to sign of your accounts and tax returns and given your tax liability for the year. The first question you ask your accountant is how do I reduce my tax bill for that tax year?

The Limitations of Year-End Adjustments

The truth is that after the end of year we are not able to make large adjustments to your tax position, we might make some small adjustments for use of home office and travel costs if relevant which does help, but no big tax adjustments to knock money off your tax bill.

Building a Relationship with Your Accountant

What can you do then? Have a relationship with your accountant, they are best placed to give you advise on your business to help you make decisions about expenditure during the tax year that helps with tax deductions.

It’s Not Just About Tax Savings

But it is not just about making tax savings, no it is more than that. How can you make more money? Are you being efficient in your purchasing processes? Is there wastage either time or products? Do you have a high turnover of staff? Why might this be the case? Are you looking to grow your business?

Using Management Accounts to Improve Your Business

All these questions and more can be answered by your accountant. How do we do this? By preparing management accounts which shows us your current in year performance. We can then review this against other businesses and give you opportunities to consider how you can make changes, plan for taxation, plan for growth, look at how much cash you do or do not have.

Plan Ahead with Quarterly Reviews

We recommend sitting down with one of our team at least once a quarter to discuss your business needs and wants. We will guide you by providing insightful financials as well as advice on how to make changes to improve your business.

Its up to you whether or not you make these changes but at least you are being proactive rather than reactive when it come to your business.

Proactive vs. Reactive Business Management

As accountants’ management accounts and business advisory is what we love as it gives us an opportunity to help businesses change. With just compliance we are just reporting what has been done with very little opportunity to change.

Grow Your Business with Our Expertise

If you are looking to grow your business, then contact us for more information. Yes, it will cost you a little more but look at this as an investment in your time and business.

Business Support Services to Fuel Your Growth

Running a business involves more than delivering an excellent product or service. At Spence Accounting, we offer business support services to strengthen the core of your operations and empower you to achieve sustainable growth. From hands-on training to tailored software solutions and strategic business planning, we’re dedicated to helping you thrive in a competitive environment.

Our Core Business Support Services

Training & Development

To run a business successfully, you need more than expertise in your field. Our training and development services provide you with the skills needed to manage your business efficiently. Whether it’s learning new software or gaining management skills, our coaching and support help turn your goals into reality.

Software Solutions

Selecting the right software can transform how you handle your business operations. We help you choose and implement accounting software tailored to your needs. With tools like Dext (formerly Receipt Bank), you can digitise records, improve accuracy, and stay organised without endless paperwork, allowing real-time insights into your finances.

Business Planning

A solid business plan isn’t just for new ventures; it’s a roadmap for future growth and resilience. Our team supports you in developing and updating business plans to set strategic goals and prepare for unforeseen challenges. From growth targets to disaster planning, we help you stay prepared for whatever comes your way.

Payroll Services Tailored to Your Business Needs

At Spence Accounting, we understand that payroll management is both essential and complex. Processing payroll accurately and on time is critical to employee satisfaction and compliance with tax regulations. With our payroll services, you can rest easy knowing that every detail is managed efficiently, leaving you free to focus on your business.

Whether you’re a small business with a few employees or a larger organisation, we provide tailored payroll solutions that meet your unique needs.

What’s Included in Our Payroll Services?

Accurate Payroll Processing

Our team processes payroll on an agreed schedule, ensuring every employee is paid correctly and on time. From calculating wages and statutory deductions to processing bonuses and leave, we handle all aspects of payroll so you don’t have to.

HMRC Compliance

Compliance is crucial, and we manage all payroll-related reporting to HMRC, including Real Time Information (RTI) submissions, ensuring you meet all UK payroll regulations without hassle.

Secure Payslip Distribution

In our commitment to sustainability and confidentiality, we provide secure, electronic payslips that can be emailed directly to employees. This eco-friendly approach reduces paperwork, maintains confidentiality, and lowers your carbon footprint.

Customised Payroll Reports

Gain insights into your payroll costs and tax obligations with our detailed payroll reports. These customised reports are tailored to your business and provide a clear view of salary expenses and tax liabilities, helping you plan finances with confidence.

End-of-Year Returns

We take care of your end-of-year payroll responsibilities, including P60 preparation and submission, ensuring a smooth process that saves you time and stress.

Auto-Enrolment Pension Support

Our payroll services include comprehensive support for auto-enrolment pension schemes. We manage employee enrolment and contributions, keeping you compliant with pension regulations.

Bookkeeping Services to Strengthen Your Financial Foundation

At Spence Accounting, we know that solid bookkeeping is essential for any successful business. Clear, accurate financial records give you a true picture of your financial health, support informed decision-making, and ensure compliance with tax obligations. With our collaborative bookkeeping services, you can choose the level of support that suits your needs, whether you prefer to manage your records yourself with our guidance or leave everything to our experienced team.

Flexible Bookkeeping Solutions Tailored to Your Needs

Do-It-Yourself with Expert Support

If you prefer to stay hands-on, our Do-It-Yourself option gives you control over your financial records. We provide expert advice and resources to ensure your bookkeeping is accurate and compliant, helping you save money and stay informed.

Full-Service Bookkeeping

For those who want to focus on growing their business, we offer a comprehensive service where we handle all your bookkeeping tasks. From transaction tracking to account reconciliation, our team ensures your records are in order so you can enjoy peace of mind.

With fixed monthly fees based on transaction volume, you get transparent, predictable pricing that simplifies financial planning.

Our Business Growth & Financial Strategy Services

Financial Health Assessment

Understanding your financial position is key to effective planning. Our team conducts a comprehensive assessment of your financial health, identifying areas of strength and opportunities for improvement. This service is designed to give you a clear view of where your business stands, setting the stage for targeted growth strategies.

Cash Flow Management

Healthy cash flow is the backbone of a growing business. We work with you to optimise cash flow, ensuring you have the resources you need when you need them. By forecasting cash flow on a monthly or quarterly basis, we empower you to make timely decisions and avoid cash shortfalls.

Strategic Financial Planning

From expansion plans to major investments, strategic financial planning can make or break a business. Our experts develop custom strategies to help you reach your business milestones, whether it’s opening a new location, launching a new product line, or expanding your workforce.

Budgeting and Forecasting

Proactive budgeting and forecasting are essential for staying agile in a competitive market. Our team provides you with data-driven insights and regular updates, giving you a forward-looking view of your finances. This enables you to anticipate challenges and seize opportunities as they arise.

Why Choose Spence Accounting?

• Proven Expertise: With years of experience, we understand what drives business growth and bring practical, proven strategies to help you achieve your goals.
• Full-Service Support: From financial health assessments to in-depth strategic planning, we cover all your business needs under one roof.
• Technology-Powered Solutions: We leverage the latest software tools for accurate forecasting, budgeting, and financial modeling.
• Personalised Guidance: Our advisors take the time to understand your business, ensuring that every recommendation aligns with your vision and objectives.
• Key Benefits of Our Business Growth Services.
• Gain a comprehensive understanding of your financial health.
• Make data-driven decisions to fuel sustainable growth.
• Increase cash flow predictability and stability.
• Benefit from expert advice tailored to your unique challenges.

Spence Accountants Joins Handpicked Accountants Network

We can now announce our inclusion to the Handpicked Accountants network following recognition of our outstanding service delivery and family-owned accountancy practice founded in 2007.  Handpicked Accountants is a platform which shortlists only the best tried and tested accountants across the country, now featuring Spence Accountants.

About Handpicked Accountants

Featuring a directory of the highest performing accountants across the country, Handpicked Accountants simplifies the journey to finding a local accountant for small-to-medium businesses, contractors, and freelancers. The team behind Handpicked are fully versed in what to look for when sourcing an accountant and what to steer clear of following decades of working closely with the UK’s leading accountancy firms.

Why Choose Spence Accountants?

Boasting a wealth of knowledge in the accountancy sector, we have been instrumental in the business growth journey of businesses from day one of incorporation, through to their next generation of ownership. We are a Xero Certified Advisor and a QuickBooks Certified Pro Advisor which allows us to deliver a technology-driven service to simplify your record-keeping journey. We also provide access to Receipt Bank which allows you to upload your receipts directly to your accountant, reducing paperwork and benefitting the environment.

A Message from Handpicked Accountants

David Tattersall, Head of Client Relations at Handpicked Accountants, said: “At Handpicked Accountants, we strive to provide a first-class service to small-to-medium businesses, removing the confusion, extensive research and time required to source an accountant which fits the relevant criteria. We are delighted to welcome Spence Accounting to the Handpicked Accountants fold, recommending yet another outperforming accountant in the East Midlands area.”

You can now find Spence Accounting on the Handpicked Accountants website.

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