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Accountants spend years building a profitable business, investing time and resources in establishing a unique service for clients.  With increased competition across the industry for new customers, and challenges to retain clients, accountants are looking at new ways of deliver services more effectively. Outsourcing services or recurring tasks allows accountants to build capacity to grow their business and increase resilience to competition. What does outsourcing services involve Outsourcing means engaging a third party to deliver services usually provided by an internal resource. For ac ..read more

Using an individual, or a team based offshore to deliver financial services offers many benefits to small businesses struggling to access the expertise needed to manage their financial operations. With an outsourced finance team, small business owners can confidently access the services they need without incurring the costs of a full-time accountant or finance professional. At Initor Global, we have been helping businesses deliver effective financial services since 2006. We pride ourselves on finding the right solution for any size of business, from start-ups to larger organisations. What is ..read more

The government’s Economic Crime and Corporate Transparency Act 2023 (‘the Act’) received Royal Assent on 26 October 2023. The Act contains important amendments to the Companies Act 2006 and other changes accountants need to be aware of. While many of the changes introduced by the Act will require secondary legislation to be enacted, some changes are planned from 4 March 2024. These include new identity verification requirements for company directors, persons with significant control (PSCs) and members of a limited liability partnership, and the information companies must submit to Companies H ..read more

The Chancellor of the Exchequer (Jeremy Hunt) delivered his Autumn Statement to Parliament on 22 November 2023, setting out the government’s plans for tax and spending for the 2024 fiscal year and beyond. The statement contains 110 new measures with implications for the finances of businesses, individuals, and taxpayers. This blog highlights the key announcements, with a particular focus on information accountants may need in advance of the new tax year from April 2024. It is not a complete guide to the Autumn Statement. If you require the full text of the Chancellor’s Statement and supportin ..read more

Change management, or ‘transformation’, is currently high on the list of priorities for most UK accountants. Investment in new technologies such as cloud accounting software and the automation of recurring tasks is increasing, much of this driven by the need to adapt quickly following the remote working challenges of the Covid-19 Pandemic. Developments in Artificial Intelligence are helping accountants look critically at the way they work with clients while ensuring they remain available to provide personal, expert advice when needed. In summary, modern technologies can now support different ..read more

Accountants are already bracing themselves for the inevitable surge in self-assessment work between October and January. Some are already thinking about what lessons have been learned in previous years to ensure this year’s workload is manageable and the risk of fines or penalties for clients avoided. Regardless of the action taken to smooth the flow of information from clients and accountants’ work, many accountants will still find themselves working long and unsocial hours throughout the festive period and in the lead up to 31 January. At Initor Global, we have been helping UK accountants d ..read more

Accountants will be aware that the government’s Basis Period Reforms are due to be implemented for the 2024/25 tax year.  This means unincorporated businesses with trading profits used for income tax purposes will need to produce accounts based on the relevant tax year. Transitional rules apply for the 2023/24 tax year for businesses where the accounting year and the tax year do not match. For accountants with sole trader or limited liability partnership clients, the reforms are important and will require a careful review to identify those where the accounting year does not end on 31 Mar ..read more

Every year, accountants across the UK brace themselves for the inevitable surge in demand for self-assessment tax return services over the winter months. Notifying your clients about the benefits of filing a return early can help smooth this peak. It also provides better peace of mind that your clients are on top of their tax liabilities and able to avoid the inevitable fines and penalties from HMRC for late filing or payment. HMRC has been particularly active this summer, contacting tax agents and accountants via their regular newsletters to encourage taxpayers to file their 2022/23 tax retu ..read more