We understand that your business is much more than a commercial enterprise. We get to know you and your motivations to design a unique service tailored around you and your family. We pride ourselves in combining our local Partners and Managers across East Anglia with our teams of specialists to work with you throughout all the challenges you encounter.
- Local Partners and Managers specialising in family businesses
- Experienced experts in VAT, tax and pension planning
- Cloud accounting and bookkeeping support whenever you need it
- Payroll and HR advisory services to take the pressure off
In addition to the diverse range of experts you would expect, consider our own firm of Financial Advisers at Lovewell Blake Financial Planning. Whether it be pension planning, investment strategy or shareholder protection options, the highly qualified team work seamlessly with your accountant to develop a truly joined up and integrated approach.
Different because you are
We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.
If the time has come to consider selling your business or you are looking to expand through acquisition why not speak to our dedicated team of advisers in our Corporate Finance department. We can help value your business or your target and guide you through every aspect of the sale or purchase process.
During the preparation of your accounts we will review the financial performance and position of the business and use this as a basis for proactive business and tax planning. This approach is appreciated by our clients.
When preparing your accounts we don't just simply 'crunch the numbers'.
Tracking the progress of your business allows you to easily identify areas for improvement.
I trust Lovewell Blake to take care of my accounts, tax, VAT submissions and CIS returns but more than that it is the understanding and support I receive from my accountant which sets the service apart.
How easy is it to change accountants?
It is generally very straightforward to move to Lovewell Blake from another accountant. We will write to your previous adviser for professional clearance and also obtain copies of selected historic information such as last years accounts and tax references. We will then issue a letter of engagement and register as your tax agent direct with HMRC.
Should I pay myself a salary or dividends?
If you operate a limited company, are a shareholder and have profit reserves, you could pay a dividend to shareholders. If you are doing this for tax planning purposes be careful of how all shareholders are treated, especially if they are family members and not actually working in the business.
Anyone receiving dividends can utilise the dividend allowance which means the first £2,000 received is taxed at 0%. Over £2,000 the basic rate tax charge on dividends is currently 7.5% with higher and additional rates for higher earners. Salaries incur PAYE and Employees National Insurance contributions. Employers also pay Employers National Insurance contributions. Whilst companies will receive corporation tax relief on these costs (which would not be the case for dividends) the comparative cost can often be higher than the dividend route.
Whether or not it will be beneficial for you to pay higher dividends and lower salaries will be a matter for review. There is no simple rule which will apply to all and with higher taxes on dividends the decision is much more negligible than it has been in the past. Much will depend on your other income, role in the business and corporate structure of your company.
Taking a step back though, if you are starting in business you may want to review your choice of business structure first. Consider the cost of operating a limited company and the benefits of limited liability. See how these balance with potential tax advantages and make an informed decision. We can help with these discussions, allowing you to enter business with your eyes open.
Book a meeting with one of our specialists to discuss how best to structure your business and remuneration strategy.
What is the difference between outsourced bookkeeping and cloud accounting?
Cloud Accounting is the use of integrated, online software solutions to administer your bookkeeping and finances. At Lovewell Blake we have a team of Cloud Accounting specialists across our offices who can recommend the right software for you, help you get set up and provide training so that you can take advantage of the technology to administer your own systems in a modern and efficient way.
Taking the support one step further, we have a team of bookkeeping administrators who can undertake all the weekly, monthly and quarterly work needed. From scanning and posting your invoices and receipts to reconciling your bank accounts and providing trading summaries and KPI's so you can track your business performance. Our fully tailored outsourcing packages provide true peace of mind.
Whichever option you select, or even a hybrid of the two, we will ensure cutting edge technology merges with great service to provide you with the best solution to your business need.