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Helping businesses earn more, pay less tax, and allow you to live the life you want

Chartered Accountants on the outskirts of York

Chartered Accountants in York

As business owners ourselves we know the frustration, stress, and sleepless nights caused by running a business, managing a team, and keeping track of what taxes are due.


At Inglis, we save you time, stress and money by helping you stay in control of your business and maximising your tax reliefs. We are more than just an accounting firm, we support you and your business in the long term, and help you achieve your business and life goals.

Net Zero Accountancy

Net Zero Accounting

Inglis have proudly reached the first level of certification to becoming a Net Zero business, working with climate action platform, Net Zero Now.

A Force for Good

A Force For Good

Whilst profit, tax and cash is important to us, we support several good causes including Wetwheels Yorkshire, York Mind, and Kitchen For Everyone York.

Popular services

At Inglis, we offer a range of accounting services to help your business grow and thrive

Virtual Finance Director

Leave us to manage the finance function of your business so you can concentrate on the day-to-day running of your business. As your Virtual Finance Director, we will be a sounding board you can bounce ideas off, as well as acting as your business coach and working alongside you to ensure you meet your business goals.

Virtual Finance Director
 Management Accounts

Management Accounts

Do you know how much money is coming in and going out of your business on a day by day, week by week basis? In order that you can make informed decisions to manage your business better, we offer a management accounts service that will help you keep on track of your company's numbers.

Bookkeeping

As you grow your business the number of transactions you complete can quickly add up and bookkeeping can become a daunting and endless task. We offer an out of house bookkeeping service so all you need to do is pass us your sales invoices and receipts and we will do the rest.

Bookkeeping
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32 Ways To Save Tax and Extract Maximum Value From Your Business

Ever wonder what you can take out of your business or how you can save more tax? This guide explores 32 ways of ensuring that you’re maximising every opportunity you could be to improve your life, your families and your employees.

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32 Ways To Extract Maximum Value From Your Business Download

Latest Blog Articles

By Donald Inglis 25 Mar, 2024
Do you have surplus cash sitting in your business bank account? Your cash is ‘surplus’ when it exceeds the amount of money the company needs for its usual everyday operations. If you’re able to buy stock, fund your work in progress, pay your bills and buy replacement fixed assets and assets for expansion – and still have cash left over – this becomes surplus cash. As a general rule of thumb, it’s good practice to have enough cash to cover any contingencies – generally, three months of outgoings. However, if your surplus cash is simply left in a bank account, this can be a missed opportunity. Leaving cash sitting in the bank represents a wasted chance to invest that cash in building the business, or to extract it for your own use. It also threatens long-term tax reliefs such as Business Asset Disposal Relief (formerly ‘Entrepreneurs Relief’) or Business Property Relief. So, what’s the best way to utilise and maximise this surplus cash? Forecasting how much cash you need to run the business If there’s surplus cash in the business, you need to decide what to do with it. The first thing is calculate how much cash the business should have available at any one time. This will include: Money to continue paying bills while waiting for customers to pay you, Funds to increase stock and the value of work carried out that hasn’t been invoiced, and Money set aside for the lumpy bills such as quarterly VAT or annual corporation tax payments. One way to track that is by carrying out a three-way (profit and loss, balance sheet, cashflow) forecast. That’s something we can help you set up and monitor. You can never be 100% sure what’s around the corner, so it’s also sensible to build up a reserve to cover any unexpected downturn in business or unexpected costs. Key ways to maximise your surplus cash You need a certain amount of funds to keep the business operating smoothly. This amount will go up and down as the business moves through its operating cycle. Having contingency funds is very sensible, but you shouldn’t worry about the cash balance getting down to zero. It may not feel comfortable, but that’s why a buffer is a good idea. If you have excess cash there are a number of things you may want to consider doing with it: Just leave it in the business – if there really is no better use for it, then why not? Make sure you get some returns on it, though. Think about using a savings platform, which not only helps spread the risk where the amount held is above the deposit protection limit, but can give you a higher interest rate by accessing more accounts than you could sensibly manage yourself. Pay down your loans – where you have surplus funds, you should consider paying off any loans that the business has, taking into account the interest rate being charged and any early-redemption penalties. Pay it back to your shareholders by buying back shares – buying back shares can be more tax-effective than paying dividends, but talk to us first – this is not a ‘DIY’ exercise. Pay it to the shareholders as dividends – as long as there are retained earnings available, this can be a way of extracting cash, although you should consider the personal tax implications for you, as the owner. You, and other owners in the business, can also take steps to manage your tax exposure by using options such as the Enterprise Investment Scheme (EIS). Make additional contributions into your pension fund – as the owner, topping up your director’s pension fund may be tax-deductible for the company, while also providing long-term benefits for you and your fellow directors/owners. Expand the business – using your cash to expand the business can include investing in increased capacity for what the company already does, or diversifying into something completely different – for example, venturing into the property rental market. Buy rather than rent – where the business is renting premises, think about buying suitable commercial property instead and putting your capital into bricks and mortar. Or , perhaps, on a smaller scale, purchase new plant and equipment to replace any items that you’re currently renting or leasing. Make charitable donations – cash tied up in a bank doing nothing is also achieving nothing; donating surplus cash to charity can make a real difference to the charities you support. And as an added bonus, you may get tax relief on these contributions. Talk to us about making use of your cash planning If you believe you may have surplus funds, talk to us about the various options available to use it more effectively. Also, talk to us about preparing a three-way forecast to help decide whether or not this is something you should be concerned about. Over the years, we’ve grown into one of the leading accountants in York, expanding our range of accounting services whilst staying true to our core values and our force for good ethos. If you would like to earn more, keep more of your hard-earned profits and enjoy the life you want then book a discovery call with Donald Inglis .
By Donald Inglis 20 Mar, 2024
In today's digital times, you're probably used to having unrivalled access to your financial numbers, key performance indicators (KPIs) and cashflow metrics. Without good bookkeeping, the speed and quality of your reporting can quickly fall down. So, why is fast and accurate bookkeeping so important? And what are the main bookkeeping tasks that your business should be getting right? The financial importance of good bookkeeping Bookkeeping is a fundamental part of your financial process as a business. Without it, your accounting software has no financial data to work with, your FD doesn’t have the most current numbers, and your accountant can’t see the current financial health of the business. Inputting your financial transaction into some form of record-keeping system is also a mandatory commitment if you’re a registered business and paying goods and services or value-added tax. Bookkeeping is what provides you with a historic breadcrumb trail of your finances – allowing you to track your cashflow, revenues and profits over a given period. How to maximise your bookkeeping So, bookkeeping is a vital part of your financial management. And the key to having your transactions recorded, available for reporting and accessible whenever you need them. But how should the bookkeeping process work, in an ideal world? Let’s walk through the core bookkeeping steps and how you can get the most from this financial admin task. To keep on top of your bookkeeping: Scan all financial paperwork – the initial part of the bookkeeping process is to scan and record all receipts, invoices and remittances. This gives you a digital copy of the paperwork that relates to your income and expenses – important when you get around to filing tax returns and expense claims etc. Record all transactions immediately – getting your transaction recorded and in the books ASAP is vital. This includes recording both your income and expenses, as soon as they occur, and matching them with the scanned paperwork. This not only helps you stay organised but also means your financial data is always up-to-date and can provide real-time reporting and numbers. This can be a huge help when running the business. Categorise transactions accurately – when recording transactions, make sure you’re accurate and categorise each item correctly. Not only does this remove the potential for errors and miss-keying in your books, it also helps you track your spending and income more accurately, so your reports are an honest reflection of your financial health. Reconcile your accounts regularly – reconciliation is the process of matching your transactions (both income and expenses) against your bank statement and other financial statements. It’s a key part of your bookkeeping and should be done regularly, to ensure that your balances are correct and that your records are totally up to date. Use a cloud-based accounting system – bookkeeping doesn’t involve books (ledgers, in accounting-speak) anymore. In the digital world, you can use cloud-based accounting software, like Xero, to record your transactions and access your financial data in the cloud from anywhere, at any time. This makes it easier to keep on top of your numbers when out of the office (and Xero will even automate the reconciliation process too). Outsource your bookkeeping to a professional – yes, you can do your own bookkeeping. But there’s a LOT of value to delegating all the hard work to a professional bookkeeper. If you don't have the time or expertise to manage your bookkeeping yourself, outsourcing is a smart move. A bookkeeper will make sure your books are always accurate and under control. Plus, they can produce cashflow statements, revenue forecasts and other reports to help your business decision-making. Talk to us about outsourcing your bookkeeping With today’s cloud accounting software, bookkeeping is a far less tedious task than it used to be. But it’s still a regular, time-consuming job that can take you away from running the business. If you’re thinking about outsourcing your bookkeeping, and freeing up that admin time, we’d love to talk to you. Our outsourced bookkeeping service will take on your bookkeeping tasks, to streamline the whole process. We’ll also introduce you to automated data-entry tools like Dext Prepare, Auto Entry and Hubdoc, that make snapping receipts and scanning invoices a breeze. Get in touch to discuss our outsourced bookkeeping service.
By Donald Inglis 14 Mar, 2024
Leading a business can be hard work. But the good news is that you're not the only founder, owner-manager or CEO who's treading this path. Networking with your peers is a great way to make connections with other entrepreneurs, while also looking for new business opportunities. 5 ways to improve your networking skills Being part of a wide network of entrepreneurs and business leaders is about being part of the business community. It’s about giving to the community, as well as being supported by it – and knowing that you’re surrounded by other entrepreneurs who share very similar goals. So, networking is a valuable thing to take part in, whether you’re a brand new founder, or a seasoned business owner who’s been around the track a few times. But how do you get GOOD at networking? There’s no simple answer to this, but we’ve highlighted five key things you can do to get more from your networking and to give more back to your community. To become a better networker: Be authentic and relational – if you’re going to make a success of networking, it naturally makes sense to appeal to people. Being genuine and interested in getting to know your peers will help a lot. Be yourself, be friendly and take the time to learn about the people you meet. Ask questions about their work, their interests, their goals and what generally makes them tick. This isn’t just about ‘doing business’, remember; it’s about getting to know people as people, and being part of this community. Be a good listener and ask thoughtful questions – in networking, listening is just as important as talking. When you're talking to someone, listen intently, look people in the eye and pay real attention. Resist the temptation to interrupt or start thinking about what you're going to say next. Instead, focus on understanding their perspective and asking thoughtful questions. Ultimately, you want to make it clear that you’re interested in what this person has to say, and that you’ve found some common ground together. Be helpful and offer your expertise – one of the best ways to build relationships is to be an asset to your industry community. Look for ways to use your experience and skills, and offer ideas, advice and help (if people are looking for assistance). This could mean sharing your industry knowledge, providing resources, or making introductions to other people in your network. When you help others, you help the community, underline that you’re a valuable resource and that you’re interested in building relationships. Be an asset to your niche/sector/industry – share new ideas, drive innovation and be a voice that stands out in the network. If you want to make an impact, it’s important to stand out from the crowd. A good approach is to be someone who’s known for their expertise, creativity and thought leadership. Get involved in industry discussions, and write articles and blog posts about the big issues in your sector. The more you contribute to your niche/sector/industry, the faster your star will rise. Follow up after networking events – getting the networking right is one thing, but it’s important to also get your follow-ups right too. Get people’s business cards, phone numbers or emails and get in touch after the event to touch base. A quick email or LinkedIn message could well be the start of a blossoming new business relationship or friendship. It’s also a good idea to connect on social media and to comment, share and repost your new contact’s posts. What are the best places for networking? Industry-specific events and conferences – industry events are great places to rub shoulders with other professionals in your field. You can get involved in discussions, learn about the latest trends and developments and even present your own sessions. Social media platforms – you’re spoilt for choice when it comes to social media sites to help your industry networking. LinkedIn, X, Facebook, Threads and BlueSky all help you connect with the people you’ve met through your networking, and build on those relationships to share your insights and ideas more widely. Local meetups and workshops – most cities and towns will have regular business meetups and workshops that you can dip into. Business breakfast events and evening get-togethers are a great way to meet local business owners and to find out what’s going on in your local community. If you’re looking to raise your profile and improve your networking, we’d love to lend a helping hand. We’re connected to hundreds of different business owners and leaders – and we’re more than happy to introduce you. Our advice is to put yourself out there in your industry community, track down your local business peers and get busy with your content marketing and social media posts.
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