Carrington Accountancy's new FSS service - giving businesses and sole traders greater control and clarity of their financial position

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The new free Financial Snapshot Service from Carrington Accountancy was launched one month ago. Carrington's clients are loving it - if indeed it's possible to love your accountant!

It’s a fact; most small businesses don’t know what profit they have made or what tax they owe until their end of year accounts have been done. Generating new business and servicing existing clients quite often takes priority, and rightly so, but when the accounts are produced – at some point in the nine months after the trading year – the tax bill and profit (or lack of) often comes as something of a shock. Some businesses also like to extract dividends at least twice during the course of a trading year but lack of information about the profits actually available for dividends leads to either too little or too much being taken from the company. It is easy to confuse what is in the company bank account with what is actually available to take as a dividend.

Carrington Accountancy decided to address this problem and now provide clients with a quarterly Financial Snapshot showing them exactly what tax liability is building up and what profits are available to take as a dividend. Sole Traders are also advised as to the amount of drawing they can safely extract. Managing Director, Nicola Owen said ‘initially we surveyed our clients to see if they thought it was a good idea and then we tested the report on 25 clients. The feedback was really great, especially as we tried not to make it too complicated. At the end of the day most businesses wanted to know how much to put aside for tax and how much money they were making, they could then decide if they wanted to take any dividends’.

The service – for which there is no additional fee - was rolled out in to all clients in February and it has proved to be a great success. John Mumford, Carrington's Technical Director commented 'Businesses can now plan more accurately for their future rather than waiting for their accounts to be produced after their trading year has ended. Once you pass your year end it becomes very difficult to implement any tax planning measures for that year and the tax bill is pretty much crystallised. ‘

Carrington Accountancy - the service

Carrington Accountancy offers all the usual accounting functions for small and medium sized businesses and individuals that need tax advice and business planning. Most clients want to be able to get an answer quickly to any queries and know that VAT, payroll , accounts etc are all being produced accurately and efficiently with no delays and no problems. Carrington Accountancy rarely charge on a time basis time, preferring a fixed rate agreed for the service. Carrington Accountancy has grown the business through client referrals rather than spending large amounts on advertising.

Rob Dyer, a current Carrington Accountancy client stated his view publicly last month on the company's facebook page ; 'OK so they're accountants, but they're great guys who never seem to mind answering my questions without the clock running.' This is a pretty good description of how Carrington Accountancy operate.

Carrington Accountancy can be found giving useful information on Facebook, Twitter and Linked In, just click on the icon on the website homepage.

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Nicky Owen
nicky.owen@carringtongroup.co.uk
0207 397 2882
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