Traditionally you may deliver your books and records to your accountant three months after the year end and about a month later your tax position would be calculated. In reality, you would have been unaware of your tax liability during your accounting year and therefore your tax liability would have crystallised at the year-end date.
The evolution of cloud technology has enabled us to work closely with our clients and share access to the most up-to-date financial information. We have therefore heavily invested in our team to provide professional advice on the latest cloud technology to provide you with a relevant, timely financial position. Cloud technology enables us to work closely with you on a quarterly or six-monthly basis to review your tax position during the financial year, enabling us to manage your tax liability not simply reacting to it months after the accounting year has ended.
Hunts are accredited partners to market leading cloud accounting platforms
Xero and Quickbooks. Access your account via the buttons below.
Whether you are a start up business or an established small to medium sized company, we are here to provide the services you need to complete the full picture of your accounts. We'll help you maximize the potential of your business or new ideas.
At Hunts, we go beyond the standard financial reporting compliance. We use the latest accounting software and technologies to produce accurate up-to-date financial information to help our clients make informed timely decisions.
We understand that VAT often seems like a burden; the statement of being an "unpaid tax collector" is frequently heard. Although the government have tried to lessen the burden on small and medium sized business’s it still remains that calculating it correctly and delivering the VAT Returns on time takes you a considerable amount of time. We work with clients to help them prepare and submit their VAT Returns, and this can be in conjunction with the book-keeping service.
Hunts can also help you choose the right VAT scheme for your business - this decision alone could substantially improve your cash flow and potentially save hundreds of pounds in the amount actually paid to HMRC. In addition it can also significantly reduce the risk of genuine errors made and therefore time and money should you be the subject of HMRC visit.
We use a software based system for this which maintains the electronic file facility with Companies House. This means that maintaining and making amendments to your statutory records, filing confirmation statements can be made on a same day basis.
Getting the right advice about the structure of your business is crucual, as the business grows we ensure you maximise all available tax allowances and reliefs. We also provide proactive advice if you look to acquire or sell business to ease the pressure that come with this process.
Preparing payroll each month can be time consuming and complex, directing resources from core business activities. Its complexity is amplified by changing auto-enrolment, RTI, employment legislation processes and the accompanying regime of penalties for non-compliance. Whatever your business type or size (sole trader, small business or limited company), efficient payroll systems are crucial. We offer a full, flexible and tailored payroll bureau which not only relieves you of this pressure but also includes payroll advice to improve the performance of your business. Our service includes:
With HMRC's new system of penalties or errors, having on of our accountants complete your annual self-assessment tax return on your behalf, can give you peace of mind. As well as preparing your returns Hunts are here to give advice on maximising your allowances and reliefs, mitigating inheritance tax liabilities and advise on capital gains issues.
Tax investigations are on the increase, with individuals and companies alike being targeted and under more scrutiny than ever.
Investigations are stressful, time-consuming and costly for the party involved. As your Accountant we want to protect you where possible which is why we offer a Fee Protection Insurance service which covers you against the cost of professional fees associated with a tax investigation. The cost for this protection varies according to whether you are a Limited Company, Partnership, Sole Trader or SelfAssessement client. Please contact us for more detail.
We have the facility within the office to take instruction from a client in the morning to form a new private limited company, and be able to provide them with the certificate of incorporation with full company registers, memorandum of articles of association by the close of play the same day.
The benefits of choosing the right accounting software are considerable: simplifying clients' administrative process and providing relevant, timely and accurate information to you and to us, ensuring we focus on real-time advice, support and planning in a cost efficient way.
Cloud accounting software has the benefit of enabling our clients and us to work on your accounts jigsaw puzzle in unison: you choose which pieces you do, while we work on the rest, and both parties have access to the full picture in real-time.
We work with Quickbooks, Xero and Sage software and are able to integrate these into your accounting services with the provision of practical advice and support.
If you would like more advice or just need to chat an issue through, please talk to Nick on 01935 815008
or email . Alternatively, simply provide your details here and we will call you back.
Our free mobile tax and finance app brings our accounting tool kit to your fingertips, 24/7. Functions include our GPS mileage tracker, latest tax calculators, key tax dates, useful tax tips, and partner links to QuickBooks and Receipt Bank.
Available free from:
Nick began his accounting career with Yeovil based firm Hunt Wagstaff (no relation), at the tender age of 16. He qualified as a professional accountant within his first 3 years and went on to work with Marshall Beavan in Gillingham. Following a period of time travelling Europe, Nick set up Hunts Accountants in 1998 in Sherborne. Since then Nick has provided insight, strategy and accounting support to over 1100 clients, serving as accountant bedrock to businesses in Sherborne and throughout Dorset and Somerset.
Andrews' industry experience gives him excellent insight into how accounts are managed from the client side. Andrew is involved in preparing VAT and Management Accounts across a variety of clients and is a Certified QuickBooks ProAdvisor.
Jenny joined Hunts Accountants in April 2014 and brings with her a wealth of experience. She has worked with a wide range of clients from sole traders to limited companies covering all aspects of accounting from bookkeeping, VAT preparation, payroll, corporation tax and personal tax.
Maria completed her AAT qualification before starting a family and went on to practise accounting with her private clients from home. She brings to Hunts invaluable experience in partnerships and sole traders accounts.
Luke joined Hunts in 2012 and completed his AAT and ACCA qualifications whilst with Hunts. In addition to preparation of clients’ accounts Luke plays a key role in the implementation of Hunt’s new accounting software technologies. He is our in-house Xero and QuickBooks expert and a certified ProAdvisor.
Natasha joined Hunts in 2007 and completed her AAT qualification whilst with us. In between time out to have children, Natasha has achieved her fellowship status, and is responsible for client’s accounts preparation, business and personal tax for sole traders, partnerships and limited companies.
Tom joined Hunts in 2017 after completing his degree in Accounting and Business at Bournemouth University, and is currently working towards his Chartered Certified Accountant status. Tom assists in the preparation of year end and management accounts.
Luke is responsible for managing the Hunts payroll bureau. Luke is a member of Chartered Institute of Payroll Professionals and has a wealth of experience across all aspects of payroll, auto-enrollment, NIL and CIS.
Amy brings to Hunts an assortment of international marketing and project management experience. Having worked freelance whilst raising a family, she enjoys the opportunity to work with local clients, businesses and Sherborne Chamber of Trade. Amy supports across the business from marketing, HR to administration.
28th September 2020
We have two key announcements this week, please find details below of the key points which may affect you.
Return to working from home
In response to the working from home guidance this week, we will continue to adopt a working from home approach. However we will continue with a skeletal staff in the office, meaning the office will remain open during normal hours.
Rishi Sunak cancelled the autumn budget and put together a Winter economy plan which was announced yesterday. The plan provided details of further government aid to help through the COVID pandemic. As always, we await the detail but please find below a summary of the key points:
Job Support Scheme
This will mean that staff can be asked to work reduced hours with the Government will pay 1/3rd of hours not worked from the 1st November 2020.
There is good guidance with worked examples of how this will work, see the link below:
Self Employed Income Support Scheme (SEISS)
Bounce Back Loans and CBIL Loans
Further guidance on the above measures
As I have said in previous emails I would encourage you all to look at using the measures being made available to maximise your cash reserves. My comments before about creating a "war chest" I feel are still very relevant. As we have already seen since March we continue to face a very uncertain time with restrictions seeming to be constantly changing this can only lead to a very tricky time for us all.
26th August 2020
In July, the government confirmed investment to kickstart the tourism economy and support small businesses in order to aid recovery from the impact of COVID-19. This investment will be distributed to small businesses by way of grants, ranging between £1,000 and £3,000, allocated by regional growth hubs.
The ‘Growth Support Kickstart Grant’ will offer funding to eligible businesses for activities such as obtaining specialist professional advice to include HR, financial, accountancy and IT and digital. The grants also cover the purchase of minor equipment to support businesses in adapting or adopting new technology in order to continue to deliver their business activity.
Applications are expected to go live at the end of this month and will close on 3rd December 2020, or before if all funds have been allocated. Grants will be awarded on a first come, first served basis so if you’re thinking of applying, we recommend putting together your application now. Details of information required can be found on the link below:
Grants can be applied for through your local growth hub, please find below links to the 'Devon & Somerset', 'Dorset' and 'Wiltshire & Swindon' hubs:
As always, we are on hand to answer your queries should you need us.
17th July 2020
Further to the changes announced in last week’s Summer Statement, HMRC have released details in relation to the temporary reduction in VAT, which comes into force tomorrow. We are have summarised these changes for you below and included guidance on how to apply the new VAT rate in Xero, QuickBooks and Sage.
Temporary reduction in the rate of VAT for hospitality, attractions and holiday accommodation sectors:
These VAT Changes will be effective from 15th July 2020 to 12th January 2021.
The VAT Rate will be reduced from 20% to 5% during this period.
Flat Rate Scheme – certain percentages have been reduced in line with the introduction of the temporary reduced rate of VAT.
This will affect the following sectors:
Hot and cold food and non-alcoholic beverages sold for on-premises consumption i.e. in restaurants, cafes or pubs.
Hot takeaway food and non-alcoholic beverages taken off premises.
Sleeping Accommodation in hotels or similar establishments, holiday accommodation, pitch fees for caravans and tents and associated facilities.
Admissions to the following attractions which are not already eligible for the cultural VAT exemption: Theatres, Circuses, Fairs, Amusement Parks, Concerts, Museums, Zoos, Cinemas, Exhibitions, Similar cultural events or facilities. Where admission to these attractions is covered by the existing cultural exemption, the exemption will take precedence.
Further details can be found following the link: https://www.gov.uk/government/publications/revenue-and-customs-brief-10-2020-temporary-reduced-rate-of-vat-for-hospitality-holiday-accommodation-and-attractions/guidance-on-the-temporary-reduced-rate-of-vat-for-hospitality-holiday-accommodation-and-attractions
Cloud software provider, Xero, have issued guidance in relation to applying the new VAT rate within Xero:
For most Xero users the reduced 5% VAT Reduced Rate is already available in Xero. All you need to do is to select the appropriate VAT Rate for affected suppliers as instructed by HMRC from 15th July to 12th January 2021.
If you prefer to identify the new Tax Rate you can go to the Accounting Tab and then select Tax Rate at the bottom of the Tab.
Then select New Tax Rate Add your new description and the 5% VAT and Save.
Similarly QuickBooks have issued the following guidance:
If you are not already able to select the 5% VAT Rate when creating Sales or Purchase Invoices you need to do the following:-
Go to your Taxes Tab, then Select VAT
You will see a box that says EDIT VAT, please click on this
There will be a drop down box select EDIT RATES
You should then be able to see a 5% Reduced Rate Please switch this to the on position.
If you are not able to see the 5% Rate please click on ADD TAX RATE box
Then Add the 5% Tax Rate for Sales & Purchases and save at the bottom of the screen.
There are no software updates required for Sage. For information on how to deal with the VAT rate changes in Sage please follow the guidance on the accountant and bookkeeper VAT support hub.
Our team is on hand, as always, should you have any further queries or need any assistance with your software.
We are always interested to hear from talented individuals looking to take the next step in their career.
Please address your CV to Nick Hunt at: Hunts Accountants, The Old Pump House, Oborne Road, Sheborne, Dorset DT9 3RX or email .
See below for details of our current vacancies.
We currently have no vacancies.