The eastern region is one of strategic importance to the energy sector and no matter which area your business operates in you will face unique challenges around accounting and taxation matters. Whether you are contracting for the first time, running your own company or managing the local office of a multi-national conglomerate, we are here to help you.
Our dedicated team has been advising companies and individuals in the energy sector, together with the associated supply chain, for many years and on all aspects of accountancy, tax planning and business advice.
As a local firm with global reach we are ideally placed to guide you throughout your business journey
Over the years, the energy sector has changed and grown to embrace alternative technologies, so too has our understanding and knowledge of both the similarities and differences. Much of the required accounting and taxation compliance is similar to other sectors but it is the provision of those specialist areas of advice when you need it which sets us apart.
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.
The energy sector is a diverse and fast moving place to do business with innovation and progress round every corner. At Lovewell Blake we have the local approach complemented by specialists when you need them and a broad international offering.
Can Lovewell Blake handle the international aspects of my affairs?
Lovewell Blake is a member of HLB International. HLB International is a global network of independent advisory and accounting firms, comprising member firms in 158 countries. HLB International member firms offer audit, accounting, tax and business advisory services. HLB International is a leading mid-tier accounting network. Through our HLB sister firms, we have access to vast expertese all over the world and regularly work with these firms to provide a joined up, international strategy to many of our clients.
What is Cloud Accounting and how does it work?
Cloud Accounting put simply means that your bookkeeping software is accessed online via website or app. This means that the data is automatically backed up and can be accessed from a variety of devices in any location with an internet connection. So rather than purchasing software to load onto your PC or laptop, you pay a monthly subscription for access to the software.
Functionality is much improved with automatic bank feeds commonplace and documentation scanned and archived electronically. You can issue electronic invoices with immediate online payment options which can help improve cashflow. Receipts can be scanned and posted automatically by the software which can save huge amounts of time data imputing.
If you're considering Cloud Accounting get in touch and one of our experts would be happy to guide you through the process.
Should I set up my business as a limited company?
When setting up in business, the structure you adopt is important. Limited companies are common but add a level of compliance to affairs which many small business owners can do without at the start of their business journey. In basic terms there are three things to consider and discuss with your accountant or adviser:
1. Cost - A limited company is a separate legal entity which has to prepare accounts and file a corporation tax return each year. As a sole trader your only compliance obligation is to prepare and file a personal tax return each year. As such, administering a limited company is likely to add cost to your overheads.
2. Tax - Limited companies pay tax on profits at 19%, extraction of profit can be done by salary, dividend or a mix. With the correct strategy there can be savings compared to a sole trader structure where tax and national insurance are payable on profits.
3. Risk - Limited companies provide a layer of protection as they are a separate legal entity. Whilst there are provisions to target Directors who behave recklessly, generally speaking the 'veil of incorporation' can offer legal protection to Director / Shareholders compared to unincorporated business structures.
Whether to incorporate will be a decision based on a balance of these three factors. Speak to one of our experts to discuss the best solution for you.