Posts Tagged ‘Accountants in Swansea’

Wages rising faster than inflation

Wednesday, April 16th, 2014

There’s more good news for the British economy as wages are increasing at a higher rate than that of inflation, for the first time in six years.

It was announced yesterday (15th April 2014) that inflation had fallen for the sixth consecutive month to 1.6 per cent. Meanwhile pay is increasing across the private and public sector.

The ONS reports average earnings rose 1.7 per cent in the three months to February compared with a year earlier, up from 1.4 per cent last month.

Unemployment is also falling. Figures suggest only 6.9 per cent of the workforce is out of work, the lowest figure since February 2009.


Claiming tax relief for the self-employed

Friday, January 17th, 2014

There are more reasons than you might be aware of in favour of working for yourself. We’re all aware of certain perks – this way, you get to choose their own hours, holidays and direction. Another advantage of being self-employed is that you actually get to claim the tax on many of your business expenses back from the government.

Many people who are self-employed are dimly aware that some of the things they buy and consume for work are tax deductible. At the same time, a lot of people aren’t taking full advantage of this allowance and consequently are losing out on large amounts of money.


How To Prepare For Retirement And Choose A Pension Plan

Thursday, December 19th, 2013

In uncertain times, it’s as important as ever that you get the best pension plan possible. There are so many options available however, and the chance to save – or lose out on – a significant chunk of cash for the years ahead.

That’s why it’s best to shop around, read the small print and be as sure as you can that you are buying in to a plan that’s right for you.

One of the biggest choices you need to make as you prepare for retirement is also the first. You’ll need to pick an annuity provider – basically, an insurance company that will pay you a fixed income for as long as you live. This is in return for the money you’ve already saved in your pension pot.

Like any form of insurance, there’s an element of risk involved for both parties. In essence, you’re more likely to benefit the longer you live after retirement – the providers, on the other hand, will pay out less if you pass away sooner rather than later.

When you do pass, the company keeps whatever money you have already given them – it doesn’t go to your next of kin, the government or anyone else. So the insurance companies refer to your lifestyle and actuarial tables in calculating how much you’re eligible to receive.

Many pensioners simply accept the rate offered by the insurance company they’ve used throughout their life, thinking it may be the best, or close enough to the best, rate they could be offered.

However this is actually a relatively competitive market. You may be able to do a lot better than you realised, so do ask around and see what other providers can offer you.

When you do shop around, be sure to divulge any information that might increase your offer.

For example, if you smoke, are overweight, or have a medical history, you may be quoted a better rate. To be blunt, that’s because the provider in question reckons that indications of illness will result in a shorter lifespan for you and a better deal for them.

It’s estimated that up to 70% of retirees could qualify for an enhanced rate, but only a fraction actually get it.

If you can negotiate a high rate though, you can beat the system by living as long as you can, and receive a guaranteed income for the rest of your life!

We do stress that you take the time to research properly, as it’s so easy to change providers before you start receiving your pension – but you can’t switch afterwards.

3 Tips For Keeping The Taxman Happy

Tuesday, December 10th, 2013

Paying corporation tax is a necessary but unpleasant aspect of doing business. Few of us relish having to deal with the tax authorities at all – even if everything is in order, undergoing audits and filling out reports can be major drains on your company’s productivity and time.

However, you can take steps to hopefully dissuade the tax authorities from prying too much – they tend to keep an eye on entities that have experienced irregularities in the past, and so staying in their good books will allow you to focus more on keeping your business running uninterrupted in future.

Keep track of your incomings and outgoings

At the end of the tax year, you need to be able to present HMRC with a fairly detailed account of your expenditure and income for the year.

Rather than trying to pull all of this together at the last moment, make an effort to track expenses throughout the year. You might like to scan or photograph invoices and the like and save them, if you’re willing to go through them all as the new calendar year begins. Or you can enter amounts as you go along into a spreadsheet or even a mobile app.

Save for your tax bill

Make sure that you’re putting an appropriate amount of money aside so that you’re not caught out when it’s time to pay. Delays, extensions and partial payments aren’t unusual, but they will cause you to fall out of favour with HMRC.

Ask early for an extension

There are many perfectly understandable reasons for not being able to make your payment. Perhaps you had an unexpected expenditure, or lost a lot of business because of circumstances beyond your control.

If you’re fairly certain you won’t be able to pay the full amount before the deadline, HMRC’s Business Payment Support Service needs to know as soon as possible.

Some form of payment plan can be set up, but the earlier this is arranged the better, as missing the deadline without notice will mean you incur penalties and interest. And it may be some years before the tax authorities are willing to fully trust you again, rather than hound you.

Some of this advice will sound obvious, as it is just common sense ways to prepare for the end of the tax year, and ensuring that you pay what you owe on time. However, you can think of this post as a non-exhaustive checklist. With the deadline for online returns (31st January) approaching, the time to get everything in order is now!

Accountant For Small Business in Swansea

Monday, July 8th, 2013

Small business owners have different accountancy needs that medium to large corporations which is why Swansea chartered accountants Fergusons have developed a complete accounting package aimed at small businesses in Swansea.

Most small business owners are busy running their business so fail to see the opportunities that a well run set of accounts can achieve when it comes to profits and cash flow.

Xero Accounting For Small Business in Swansea

Fergusons introduced Xero cloud accounting some time back and now local business owners in Swansea are raving about this incredible accountancy software that is so easy to use.

Business accounts should be helping Swansea business owners run their business more profitably and help increase cash flow but more often than not owners are too busy in their business to run their business accounts efficiently.

That’s where Xero accounting helps business owners in Swansea. Listen to Steve Brace of KSC Carpets explain the difference it has made to his business …


So if you need an accountant for a small business in Swansea then give Fergusons a call on Swansea 01792 894375

Swansea Accountants

Monday, July 8th, 2013

Fergusons have been accountants in Swansea ever since the firm was first set up to provide an accounting and bookkeeping service many years ago. As a Swansea chartered accountants firm we provide a complete range of business accountancy services including:

  • Business Accounting
  • Audits
  • Bookkeeping & Management Accounts
  • Business Start Up
  • Company Secretarial
  • Corporate Finance
  • Corporate Tax & Planning
  • VAT
  • Payroll

Swansea Accountants Support For Personal Accounting

Whilst we work with local business owners in Swansea and South Wales we also provide personal accountancy services such as:

  • Estate Planning
  • Personal Tax Planning
  • Retirement Strategies
  • Self Assessment
  • Trusts & Executorships

Swansea Accountant – Specialist Services

As a Swansea accountancy firm we realise that not all of our customer or clients fit neatly into one of our accountancy services so we also provide a range of specialist services including:

  • Retail Specialists
  • Construction Specialists

If you are looking for a Swansea accountant who will deliver a first class service and work with you to maximise the potential of your business then give Ferguson Chartered Accountants a call on Swansea 01792 894375


If you want to know what our customers think of us and some of our services, especially the Xero cloud accounting