Small Company Specialists

Company accounts benefit from new technology. The following description provides technical information.

A company is free to choose its own year end. It then needs to submit accounts to Companies House nine months after the year end (assuming it is a small company in its second or later year). Any accountant such as David Porthouse & Co which specialises in small companies is likely to have to deal with a deadline at the end of every month. This creates plenty of incentive for us to work out how to prepare accounts quickly, for which we have turned to new technology. We now have our own accounts preparation system which works at high speed once all the information has been entered into the system. To enter information we use methods such as optical character recognition to scan bank statements, and we have plenty of backup methods to support OCR.

We expect to prepare accounts in fewer chargeable hours given the advanced technology which we use, so we expect to be more affordable and we can work out a fixed quotation in advance, based upon turnover and other details of the business.

Apart from this, we use additional software which we have developed ourselves to deal with matters such as an overdrawn director’s loan account. Our software is able to work out the interest charge at the official rate on a daily basis so there is no need to file a P11D return, which can avoid a lot of complication. Generally though, we would prefer not to have to use this specialist software, which is why this website exists.

We can prepare dividend paperwork (it’s done on our own spreadsheet system) and help with director’s payroll. All our hire purchase calculations use the actuarial method (another spreadsheet system) so any cash flow statements which we prepare are accurate and we can readily deal with early termination of an HP agreement.

Our policy on cash flow statements is to do them for free in IAS 7 style where we suspect that there might be a benefit. A company which may be overtrading is one example. In the case of a sole trader or partnership, instead of a cash flow statement we would suggest re-arranging the balance sheet in “represented by” format with the year’s profit as the first line item.

We can prepare colourful accounts which reflect your corporate style as found on your letterhead, invoice, website or any similar material. We can install your letterhead in invoicing software, so this is not just a cosmetic exercise.

Sometimes a company’s accounts are as much a work of literature as a set of numbers. We keep a spare stock of text which we can copy, paste in and re-edit according to requirements. This speeds things up and helps to remind us what form of words to use.

The tax system changes every year, and there are often other changes in the rules which tend to affect companies much more than other businesses. Company directors need quick access to up-to-date information, and this website provides some of it. You can access the website by a search such as “your new company carlisle” on Google, Bing or Yahoo, or via a QR code, or you can just type in the website address. To help you remember the address, it is a pun on Carlisle Axe, which was a famous product of the City in times gone by. You might like to bookmark the website once you can see it. We welcome suggestions as to what sort of information you would like to see.

Let’s say you are running a substantial company where you need to pay VAT, and you have employees. As your taxes become due, we can e-mail a customised notice to you which shows the amount due and the account details for making an electronic payment. The notice will show you the correct payment reference for your company or for your personal income tax, and it will be colour-coded for each tax. Making electronic tax payments implies sending large sums of money into the “wide blue yonder” of the Internet, and we take the trouble to assist you in getting it right. Our system uses a spreadsheet programmed in Visual Basic.

On the whole, we feel that it is a fair claim that we are specialists in small companies. The main point of being a “specialist” is that we should be both quicker and cheaper !