Category Archives: Firm News

Nearly two thirds of family businesses feel customers value the way in which they are run, according to Moore Thompson

mark-hildred-prOne of the East of England’s leading firms of accountants, Moore Thompson, has found that the region’s family-run companies value their business model.

The firm’s research, conducted at the end of last year, looked into the health and plans of a number of family businesses and has found some interesting results.

Of those asked, 36 per cent intended to pass or sell on the business to their children, while 31 per cent were more inclined to sell it to a third party.

When asked what was more likely to cause an issue within their company family or typical business issues, more than half (58 per cent) said it would be family.

However, when asked what family issues they were currently experiencing 73 per cent said they either didn’t have any issues or weren’t sure if current issues were family related.

Of those who did identify family issues, nine per cent said sibling rivalry was a problem, while nine per cent said that differing opinions on business direction were of concern. A further nine per cent said that family members either didn’t want to or were unable to take over the business.

Moore Thompson’s Managing Partner, Mark Hildred said: “It seems clear to us, having spoken and worked with family businesses, that in some areas they do have some distinct advantages, but unlike other firms there are some additional issues to take into consideration and many could benefit from additional advice based upon our experience.”

All of the business owners surveyed had an idea of what they wanted to happen to the business in future, whether it was selling it on or passing it on to a family member, yet only 42 per cent had a formal succession plan in place.

“Our research clearly highlights that many family-run firms aren’t properly prepared for succession or have a suitable exit strategy in place,” said Mark.

“All companies, whether family-run or not, should factor this into their long-term business plan, as the model and method selected could significantly affect a number of factors such as continuity of trading and tax liabilities from a sale or sudden departure.”

When looking at the strengths of their business, 58 per cent agreed that being in a family business made them stronger than those not in a family business.

Despite this, 54 per cent did feel that running a family business is more difficult than running a ‘normal’ business.

The main benefit though was that 64 per cent felt that their company benefited from the reputation of being family-run amongst its customers and suppliers.

“Our latest family survey was very enlightening and it has indicated that while running a family business was not without its occasional issues, there is a lot of benefits from having such a close-knit company,” added Mark.

Moore Thompson starts 2018 with exam success

Craig Reid - MT SpaldingOne of the East of England’s leading firms of accountants, Moore Thompson, has kicked off 2018 by celebrating the exam success of three of its staff members.

Jordon Wingert, Asif Hamid and Jack Cartwright have recently passed important exams on the road to gaining prestigious professional qualifications.

Jordon, based at the firm’s offices in Spalding, has passed two of her ACCA (Association of Chartered Certified Accountants) exams.

The qualification, made up of 14 exams, is extremely tough and requires trainees to complete three years of work experience alongside their studies.

Meanwhile, Wisbech-based Jack has also passed one exam and has just one left before completing his ACA qualification, which is accredited by the Institute of Chartered Accountants in England and Wales and recognised worldwide as one of the profession’s top attainments.

Finally, Asif has passed one exam and has four exams remaining before completing his ACCA qualification.

Congratulating Jack, Asif and Jordon, Moore Thompson’s Training Partner, Craig Reid, said: “These exams are very tough and require a lot of hard work and dedication – something that our staff have clearly demonstrated.

“I would like to join everyone at Moore Thompson in wishing them the best of luck as they look to complete these prestigious qualifications in 2018.”

Moore Thompson has a long and proud history of providing professional training to staff members and has helped hundreds of young people achieve their goals of becoming an accounting professional.

Chancellor talks of small businesses as backbone of British economy but delivers little to SMEs, says Moore Thompson

mark-hildred-prOne of the East of England’s leading firms of accountants Moore Thompson has reviewed the Chancellor’s Autumn Budget and says that it offers little to help small businesses.

Rising to address Parliament the Chancellor of the Exchequer, Philip Hammond, recognised that the Government couldn’t “build an economy fit for the future without supporting its backbone” – the country’s small to medium-sized enterprises (SMEs).

Mr Hammond proclaimed that he recognised the pressure small businesses were under, but Moore Thompson says that this is not truly reflected in the Budget he went on to deliver.

One of the key measures in his speech was the confirmation that the National Living Wage (NLW) and National Minimum Wage would continue to rise, with the NLW reaching £7.83 an hour from April next year.

This will increase payroll costs significantly for firms, forcing them to pay additional National Insurance Contributions and increasing payments into their workplace pension schemes.

Mark Hildred, Managing Partner at Moore Thompson, said: “It is nice to see that Philip Hammond recognises the importance of SMEs to the UK, however, it is a shame that one of the measures buried in his Budget will see costs rise for businesses of all sizes. Whilst wages do need to rise to meet inflation, an increase of around 4.4 per cent for workers aged 25 and over may be more than some companies can endure.

“Some companies will have to look at other areas of their business in order to meet these costs, which may mean reducing investment in years to come – something that businesses may already be doing in light of Brexit.”

In a small giveaway to SMEs, Mr Hammond announced changes to business rates that will see the date at which rates switch from being set by the Retail Price Index (RPI) to Consumer Price Index (CPI) brought forward to April 2018 – two years ahead of schedule. This is expected to reduce the burden of business rates by £2.3 billion over next five years.

The Chancellor also confirmed that the Government would invest £2.3 billion in research and development, setting aside additional money, worth up to £500 million, for the development of AI and broadband. R&D Research and Development Expenditure Credit would increase from 11 per cent to 12 per cent on qualifying expenditure, to help firms invest more.

Small businesses across the UK will also welcome the freezing of the VAT threshold. Prior to the Budget, the Office for Tax Simplification released a report suggesting that the Government should reduce the threshold to bring more businesses within the VAT regime – as the UK has one of the world’s highest limits.

However, the Chancellor said he may look to reform the threshold in future, but not within the next two years.

“I would imagine that many small business owners will be very disappointed by this Budget,” said Mark. “Whilst there are a handful of ‘gifts’ scattered here and there, the proposals as a whole fail to address some of the key issues that companies are currently facing.”

On a personal level, the Chancellor also confirmed that the personal income tax allowance would continue to rise to £11,850 in April 2018, while the higher rate threshold will rise to £46,350, which is in line with the Government’s current commitments.

New faces welcomed to Moore Thompson’s team

mark-hildred-prAs part of its ongoing expansion, Moore Thompson, a top 100 accountancy firm based in the East of England, has recruited five new members of staff to its team.

Asif Hamid, Aaron Wykes, Harry Witt, Sherry Yuen Ying Tung and Danny Hunt have recently joined the firm, which continues to experience growing demand for its services and support from its offices in Spalding, Market Deeping and Wisbech.

Asif joins Moore Thompson’s Spalding team having previously worked as an accounts manager at a specialist VAT firm in Peterborough.

He holds an AAT (Association of Accounting Technicians) qualification and is also ACCA (Association of Chartered Certified Accountants) part-qualified.

Aaron, another recent appointment, will join the firm’s sister company Moore Thompson Financial Management, where he will work as a Paraplanner supporting the practices independent financial advisers.

The three final recruits, Danny, Sherry and Harry, have both been hired as trainees and will now undergo training with the firm in the months and years to come.

Mark Hildred, Managing Partner at Moore Thompson, said: “We are very excited to welcome these new people to our team. Each of them has shown an eagerness to progress in their profession, which is something we always encourage at Moore Thompson.

“I would like to wish them all the best of luck in their new positions and look forward to hearing how they get on.”

In September the firm also welcomed Kieran Smith, who has taken over the position of Payroll Manager with the firm’s busy bureau, where he continues to assist companies with re-enrolment and auto-enrolment into the workplace pension scheme.

South Holland Business Awards gains support from Moore Thompson

mark-hildred-prEast of England accountancy firm, Moore Thompson, is delighted to once again be sponsoring the drinks reception at the South Holland Business Awards.

Hosted by Spalding & District Area Chamber of Commerce, the awards are a highlight of the year for local businesses, as they recognise some of the region’s most successful companies.

Moore Thompson, which has offices in Spalding, Wisbech and Market Deeping, was delighted to be invited to support the drinks evening on Thursday 23 November 2017 at Springfields Event and Conference Centre.

Mark Hildred, Managing Partner at Moore Thompson, said: “We are once again happy to be supporting the South Holland Business Awards and are looking forward to meeting this year’s finalists at the Awards’ Drinks Reception, which our firm has chosen to support.

This event will also offer South Holland’s leading lights in the world of business the opportunity to mingle and share their experiences of working in the prosperous region.

Moore Thompson declare latest tax conference a success

mt-tax-conference1One of the East of England’s leading accountancy firms Moore Thompson has held a successful conference to help businesses expand their knowledge of the latest tax issues.

The conference, held at the South Holland Centre, follows on from a similar event held last year by the firm, which was extremely well received by local companies.

During the presentation, guests enjoyed a talk from leading tax specialist Giles Mooney – a Chartered Accountant and Chartered Tax Adviser, who has played a leading role in tax training in the UK for more than two decades – and got to meet with members of Moore Thompson’s team.

Speaking after this year’s event, Mark Hildred, Managing Partner at Moore Thompson, said: “I would like to thank all the businesses that joined us for our second annual tax conference, we were delighted to be able to meet so many guests. I would also like to thank our speaker Giles, who delivered an enlightening talk.

“The feedback that we have had from those who attended has been fantastic and we hope to continue to replicate this success in years to come at future tax conferences.”

Moore Thompson is no stranger to helping businesses and regularly holds seminars to assist businesses with their tax and accounting requirements.

Moore Thompson predict a cracking time at Peterborough Biscuit Business Event

The Peterborough Biscuit Business Event held at the East of England Arena and Events Centre is to return once again thanks to support from leading accountants Moore Thompson.

The firm is once again taking up the role of gold sponsor of the Finance and Accounts sections of the event, which take place on Wednesday 7 February 2018, from 8am to 6pm.

The event acts as a showcase for the excellent business community that operates in and around Peterborough.

Moore Thompson, which has offices in Spalding, Market Deeping and Wisbech, will also be exhibiting and speaking at next year’s Peterborough Biscuit, having achieved much success at a similar event earlier this year.

Mark Hildred, Managing Partner at Moore Thompson, said: “We are delighted to be once again sponsoring the Peterborough Biscuit Business Event at the East of England Arena and Events Centre.

“Our team will be on hand throughout the show to provide useful advice, so I would encourage businesses to join us at this fantastic event.”

For more information about the Peterborough Biscuit Business Event and to book your place, please http://www.peterboroughbiscuit.co.uk/

Moore Thompson is named as one of the UK’s top 100 accountancy firms once again

One of the East of England’s leading firms of accountants, Moore Thompson, are celebrating once again, having been included in this year’s UK top 100 accountancy list.

The leading firm, which has offices in Spalding, Wisbech and Market Deeping, has been selected for the Top 50 + 50 list, put together by professional publication Accountancy Age, thanks to its exceptional performance during the last 12 months.

This is the fourth time that Moore Thompson has made the prestigious list, which includes some of the largest names in the world of accountancy.

Mark Hildred, Managing Partner at Moore Thompson, said: “We are absolutely delighted to be listed in this year’s Top 50 + 50 list, which places us amongst the UK’s largest and fastest growing accountancy firms.

“We feel this listing recognises our contribution to the profession and the support we provide to businesses across the region, as well as our wonderful success during the last year.”

Moore Thompson strengthens its online accountancy expertise with new accreditations

Staff at one of the East of England’s leading accountancy firms, Moore Thompson, have strengthened the firm’s provision of online accountancy services by gaining accreditation from Xero – one of the industry’s leading software providers.

Matthew Upex, a Manager at Moore Thompson’s Market Deeping Office and Jodie North, an Associate Senior, have both completed professional training and are now Certified Xero Advisors.

This means that they are able to provide detailed advice to clients on the use of Xero’s online accountancy packages, which make use of the cloud to allow management teams to assess their accounts in real-time, using any connected device, anywhere in the world.

The system, which has taken the businesses world by storm, has become all the more important in recent years as the UK Government seeks to digitise the tax process.

As early as 2020, business above the VAT threshold (£85,000) will be required to report all of their tax details online on a quarterly basis, with smaller businesses to follow suit in future.

Speaking about his and Jodie’s accreditation, Matt said: “Businesses across the East of England and beyond are calling out for innovative solutions, which meet the demands of the modern business world.

“Xero is the perfect package in this respect, as it allows businesses to access information on the go and allows us as advisers to tailor our support to meet specific issues within the company in real time.

“Obtaining this certification requires us as advisors to understand all the in-and-outs of the system so that we can provide clients with the highest level of service.”

Mark Hildred, Managing Partner at Moore Thompson, added: “With the Government due to roll out its plans for Making Tax Digital – the digitisation of the tax regime – in the next few years it is essential that businesses begin to prepare themselves now.

“Thanks to this accreditation we now stand out as a firm that is leading the way in the region with the provision of online accountancy services.”

Moore Thompson hopes to make tax less taxing at upcoming seminar

Omark-hildred-prne of the East of England’s leading accountancy firms, Moore Thompson, has announced that it will be holding a free tax conference in October.

The event, due to be held at the South Holland Centre in Market Place, Spalding (PE11 1SS) on Wednesday 18 October 2017, will explore a wide range of tax issues and will seek to bring clarity to the UK’s ever-changing tax regime with concise and engaging presentations from Moore Thompson’s team.

Special guest speaker, Giles Mooney – a Chartered Accountant and Chartered Tax Adviser, who has been involved in UK tax training for more than two decades – will also share his expertise with the assembled guests.

This is the second year that the conference has been held by the firm and it follows on from its successful event in 2016, which saw a large audience gather to learn more about the latest changes to tax.

This year’s event will focus on Making Tax Digital, explaining what it will mean for local businesses and the next steps that they will need to take to be ready for the phasing in of the new online taxation system in 2020.

Mark Hildred, Managing Partner at Moore Thompson, said: “We are really looking forward to greeting some of the region’s top business leaders at our upcoming annual tax conference.

“There have been a number of significant changes to taxation in the last year and there are some important issues to consider in the next couple of years, which we hope to cover during our presentations.

“I would encourage businesses to come join us at this free event to help them prepare for the months and years ahead.”

To find out more about Moore Thompson’s 2017 Tax Conference, please visit www.moorethompson.co.uk/upcoming-seminars