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Helping businesses earn more, pay less tax, allowing 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
FREE DOWNLOAD

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 02 Oct, 2024
It’s no secret this year’s Autumn Statement may well contain some sweeping changes to the UK tax code and fiscal legislation. The new Chancellor of the Exchequer, Rachel Reeves, has made it clear that there are ‘difficult decisions to be made’, primarily due to the £22 billion deficit in the public finances that the Labour Government has inherited from the previous administration. Savings must be made and government revenues must be improved if the Government is to get the UK economy back on track in the medium to long term. Autumn Statement 2024: possible announcements So, what announcements are we likely to hear from the Chancellor on 30 October 2024? Here’s a quick rundown of some of the rumours, announcements and possible changes: Proposed cuts to winter fuel payments for some pensioners. Cuts to the winter fuel allowance have already been passed in Parliament, with the possibility of further paring back of benefits across other welfare and social payments. VAT on private school fees. The Chancellor has also announced that all education services and vocational training supplied by a private school, or a connected person, for a charge will be subject to VAT at the standard rate of 20%, from 1 January 2025. No rises in taxes for working people Rachel Reeves has made it clear that she won’t target taxes for working people , like income tax, NI or VAT. Keeping consumers spending and businesses trading will be vital to any kind of economic recovery. Corporation tax changes not impossible Back in February, Labour pledged not to increase corporation rates if elected to government. However, there’s potential for the standard rate of 25% to be reduced to make the UK more competitive. Rises in capital gains taxation While working taxes won’t be increased, there may be changes to some taxes, such as capital gains tax and inheritance tax . This could be bad news for business owners and high-net-worth individuals. No introduction of a wealth tax The Chancellor made it clear in the run-up to the General Election that a wealth tax was off the table, so we’re unlikely to see any changes to the higher bands of income tax in this Autumn Statement. Changes to pensions The annual total of the state pension will rise by £460 from April 2025 , but key changes to private pensions legislation are also possible. This could involve restricting tax deductions on contributions to either the basic rate (20%), or possibly 30%. There could also be reductions in the amount that can be withdrawn tax-free from your pension, currently 25%, capped at £268,275. More detail on changes to non-dom rule Changes to the non-domiciled rules for UK business owners and high-net-worth individuals were previewed in July. There could be more details around how the new Foreign Income & Gains (FIG) system will work and what the potential impact could be for owners with overseas assets. Stay updated Want a breakdown of all the big announcements from the forthcoming Autumn Statement? In the days following the Autumn Statement we will be publishing a breakdown of all the major annoucements on our Resource Hub - so stay tuned!
By Donald Inglis 23 Sep, 2024
The purpose of a business is to make money, and that means you need to know the difference between profit and cash flow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You can improve net profit only by changing the things that affect revenue and expenses. For example, if: You renegotiate with your suppliers, you may get stock cheaper, or carry less inventory Your staff engage with customers better, you can learn more about what they do and don’t like – and get more business You can roster staff differently, you may be able to run your business more efficiently. Cash flow comes from various sources. However, it also covers operating expenses, taxes, equipment purchases, repayments, distribution, and so on. Note that a profitable business does not always have good cash flow. And a business with good cash flow is not always profitable. For example, you can have good cash flow, and loss-making expenses. To work out how fast you can grow your business, look at your projected cash flow. We can advise you on this. Keeping cash crowned as king Your business can’t survive without cash. The following six takeaways are essential for business success: Protect your cash position, by knowing what it is. Build a cash flow statement and always keep it up-to-date. If you foresee a shortfall, start at once to fix it. Create a cash buffer as an insurance against unexpected difficulties. Protect your cash position against revenue shocks, by maintaining a balance equivalent to at least two months of operating expenses. Be realistic with revenue expectations. Take action now if it looks like sales are not going to get you to breakeven. Credit checking up front will reduce the risk of customer non-payment. Make sure you follow up with clear payment terms agreed in writing. Communicate regularly with customers and automate where possible. Every pound you spend reduces cash reserves. The best way to protect your cash is to create a budget for the spend you know you need, and stick to it. Improve your cash flow If you want us to evaluate your current financial strategy, identify key areas for growth, and provide actionable insights to help you improve your cash flow, then book a discovery call with Donald Inglis .
By Donald Inglis 19 Sep, 2024
For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But what actually drives these revenue levels? And how do you get in control of these drivers? Knowing where your cash is coming from is more crucial than ever As a trading company, you face the multiple challenges of a global recession, changed consumer buying and higher inflation, all this impacts trading, markets and buying expectations. The better you can understand the nature of your revenue and its drivers, the more you can flex, manage and control your ability to generate this income. This helps your medium to long-term strategic thinking, and your decision-making, allowing you to be confident that you’re focusing on the business areas that deliver maximum revenue. Import areas to consider will include: Revenue channels – where does your revenue actually come from? Do you create income from online sales and ecommerce, through retail sales in bricks and mortar stores, or through wholesales to other businesses? You may focus on just one of these channels, or it could be that you use a mixture of two, three or more. Revenue streams – your total revenue will be made up of a number of different ‘streams’ So, you might be a coffee shop, whose revenue streams include coffee sales, cake and pastry sales and lunch sales. Knowing which revenue streams you rely on, which are most productive and what return they are delivering allows you to make decisions. If 80% of your income comes from 20% of your products, perhaps you need to tighten up your product range and ditch some of the poor sellers. If you’re selling more services to one particular industry, perhaps you should focus more marketing in this specific niche, or downscale your sales activity in less profitable niches. Product/service split – Do you know which products/services are the most profitable in the business? Which products/services have been resilient to market changes (giving you some revenue stability) and which have adapted well to change? The more you can dive into your metrics and find the most productive and adaptable products and services, the greater your ability is to provide constant and evolving revenue for the business. Value vs volume – Is your revenue based on selling a high volume of products/services at low margin, or low volume at a high margin? Based on this, can you move your margin down to create a more attractive price point (and more value for customers)? Or are their ways to push volume up, shifting more units and boosting total revenue? By diversifying into new channels, new streams or new products/services you can aim to balance value and volume to create brand new sales – and higher revenue levels. Talk to us about exploring your revenue drivers If you want to boost revenue and increase your overall profitability, come and talk to us. 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 us to review the numbers in your business, help you to understand your revenue drivers and will give you proactive advice on enhancing your total revenue as a company then book a discovery call with Donald Inglis .
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