The city of Exeter is a prosperous and stable community with a growing population. This means that the city has a highly qualified and varied work force. Combine this with a sound economy and a progressive, enlightened local government, and the result is a vibrant, active city that’s filled with significant opportunities. Exeter accountants share in this prosperity. In fact, they provide a suite of important and necessary services to Exeter’s citizens and business community. But finding an accountant isn’t always easy. Read on for some helpful advice.

About Accountants in Exeter

To be successful, Exeter accountants must have a detailed and intimate knowledge of the area’s economy and business climate, including the city’s visionary “20:20″ initiative. This is a programme that brings together leaders from the public, private, and not-for-profit organisations, providing them with valuable insights into the city’s economic, social, political and international infrastructure, with an eye toward what the long term future might hold for Exeter. The city’s economy is a key factor, and accountants in the city play an important role in helping to manage and steer Exeter effectively. So, when you’re looking for an accountant, it’s essential to find one who has a deep and comprehensive understanding of the area. The best accountants in Exeter also have a “can do” attitude that views problems as opportunities rather than stumbling blocks.

How to Begin the Selection Process

The first step in finding the right accountant for your needs is to seek recommendations from people whose opinions you trust. The Internet and local advertising, such as in newspapers, also are good resources. Make a short list of accounting firms or individual practitioners, and contact each one. Then, ask a series of pointed questions that will reveal each firm’s or person’s methods, approach and attitude. Examples of such questions include those related to the accountants’ qualifications, success rate and knowledge of the area. It’s also crucial to learn about their fees, as well as their negotiation and marketing skills. Accountants’ personalities are important as well: They should be detail-oriented, but congenial and skilled in drawing out and discovering the information they need to serve their clients effectively. Once you have your list, containing perhaps 3 to 5  firms or persons, assign each a grade, and eliminate those with low ones.

Choose Your Accounting Professional

At this point, the choice comes down to factors you’re most comfortable with, such as the accountant’s personality and experience. More questions usually arise at this time, so don’t hesitate to ask them. The accountant you select should be one who wants your business, and who can customise his services to meet your particular needs. A good accountant should be able to place you in the midst of  Exeter’s dynamic, energetic and vital environment. The city offers a stable economy, along with high scores for quality-of-life factors. The government is modern and forward-looking, and the people form an educated, willing, and mobile work force.

The best Exeter accountants recognise and successfully exploit these attributes.

Exeter is a city in transition. Like many urban centres, Exeter is undergoing significant change, much of which is financial. A survey of over 1400 residents was aimed at discovering which local government services were important, and which were less so. In the published results, civic spending was regarded as one of the least important discretionary services. In this era of increasing public clamour over government expenses in the city, accountants in Exeter play an important and critical role. To be successful, though, accountants are advised to acquire professional certifications that validate their skills. Here’s a quick summary of some of the certifications available.

Types of Certifications Available for UK Accounting Professionals

Today’s financial climate is quite complex, so it’s no longer a simple matter just to obtain chartered accountant (CA) certification, and expect to have a prosperous career. There are many other certifications worth obtaining, including those from the following organisations:

• Association of Chartered Certified Accountants (ACCA)
• Association of Accounting Technicians Certification (AAT)
• Certified Management Accountant (CMA)
• Certified Financial Manager (CFM)
• Chartered Institute of Management Accountants Certification (CIMA).
• Institute of Financial Accountants (IFA)

Which Certification Should You Seek?

Short answer: It depends. For example, if you wish to pursue a career in management accounting, then CIMA certification will be most valuable for those in the UK, Europe, Asia, and the Middle East. For accountants who intended to practice in the UK, CIMA also is a highly relevant certification, because it’s considered an executive level accreditation. In addition, in the UK, the AAT and ACCA certification have value. AAT sometimes is considered an entry level certification for those who do not hold an accounting degree. AAT practitioners are familiar with issues relate to VAT, PAYE and others, and they are often referred to as “accounting technicians.”
For countries outside the UK, it’s best to have CA (chartered accountant) credentials obtained from a certifying entity that is authorised to confer them. Certifications like that from ICMA in India and Pakistan are not widely recognized in the UK, so accountants in Exeter are advised to be circumspect regarding these.

Some Concrete Advice

Because accounting is a large, intricate, and diverse field, those who intend to obtain professional certifications need to do a thorough analysis of which certifications are the most relevant for them. It’s also a good idea to investigate some of the newer categories of the profession, such as environmental and forensic accounting. In both Exeter and the UK at large, the competition for accounting jobs is fierce, so some due diligence may turn up an attractive niche that’s a bit out of the mainstream, but still quite lucrative. Once you’ve picked your accounting sub-speciality, it’s a simple matter to determine what certifications are required. Finally, be sure to consider is whether the certifications you’re seeking are multinational, that is, are they recognised outside the UK?

In order to enhance their careers, accountants in Exeter should consider obtaining one or more of these important professional certifications.

Opportunities in Exeter

Exeter offers world-class services to world-class organisations like the Met Office, EDF Energy, Pennon Group, Friends of Provident, Flybe, and BT. Such firms often require a suite of financial services, and Exeter is skilled in providing them. As the region prospers, demand for these services increases. Businesses and individuals often have need for regulatory and statutory audits, and other types as well. Audits provide real value to businesses, and are a core business for accountants. Exeter accounting firms offer the ideal blend of personalised service with forward-looking vision. The result? Clear and objective insight into business processes, along with relevant analysis and recommendations.

About the Workforce in Exeter

The workforce is a key component in any region’s success. In Exeter, the work force’s positive characteristics, such as flexibility and loyalty, exceed the national average. This, in turn, creates a dynamic environment that attracts all types of professionals, including accountants. Exeter’s employers are able to attract high-calibre financial professionals both locally and from the country at large. Accountants are particularly important in Exeter’s remarkable success, because they help to manage and sustain the city’s financial infrastructure. Accountants, whether they work at Exeter Science Park, Skypark, or Princess Hay, or anywhere else, make significant contributions to the city’s long term financial success.

Other Positive Aspects of Exeter

Exeter’s competitive salaries allow employers to recruit quality candidates. To support the city’s burgeoning success, a skilled corps of financial professionals provides critical services, such as business planning. Business planning is particularly important, because a concrete business plan often is required by entities from whom a business may be seeking funding. Only a skilled accountant can prepare a business plan that will help a financier gain a clear understanding of the financial character of a business. In addition, accountants provide the valuable service of forecasting, which entails a profit forecast, a cash flow forecast, and a balance sheet forecast. Fundamental services related to income, corporation, capital gains, and inheritance taxes also are provided by accountants. Exeter continues to pursue progressive partnerships with key companies, organisations and individuals which are helping to shape the city’s future success in an exceptionally positive way.

Whether you’re a business, organisation or just a person in need of financial advice, it’s always wise to seek counsel from an accountant. Exeter, fortunately has a large number of accountancy firms and single practitioners who stand ready to help with virtually any type of finance- or accounting-related issue. These skilled professionals provide a wide variety of accounting services, and it’s important to choose a local accountant for many reasons. For example, only a locally based firm will have a deep  understanding of and experience with financial matters in Exeter and its environs. Such a firm can best serve the unique and specific needs of the city’s residents and businesses. Read on for some important information about engaging an accountant in this vibrant city.

About Exeter’s Financial Climate

The financial climate in Exeter is quite diverse. Businesses and organisations have one set of needs and requirements, and individuals have another. Exeter-based accountancy professionals offer a wide range of services that are tailored to match the specific needs of persons and businesses in the city. Such services include, but are not limited to:

• Business and personal taxation assistance, including value added tax
• Audit of statutory accounts
• Management accounting
• Manual or computerised bookkeeping
• Preparation of annual accounts
• Advice on buying or selling a business
• Retirement planning
• Succession planning
• Business planning
• Business plan evaluation, advice, and validation
• Due diligence
• Assistance with raising finance

About Exeter’s Business Climate

Exeter’s positive business climate is the result of a conscious and optimistic collaboration that exists between the city’s business and civic leaders, and also amongst the towns and villages in the region. This has created a highly successful partnership that fosters, controls and manages change in an effective and dynamic way. Exeter is an energetic, ambitious city with a strong commitment to supporting innovation and encouraging positive change. To support such a progressive vision, a stable financial infrastructure is essential. So, it makes good sense to manage and secure your personal or business financial affairs by engaging a local accountant. Exeter firms stand ready to help, and can do a great deal to help clients understand and exploit the many opportunities that exist in the region. Here are some key points to consider when making your choice.

Choosing the Right Accountancy Firm

Before engaging a firm, it’s important to have an in-depth understanding of your particular financial situation, requirements and needs. This will go a long way toward creating an effective relationship with an accountant. Exeter has a diverse financial climate, so it’s important not to divide your business amongst multiple companies, because this fragmentation leaves you open to incorrect or conflicting decisions and actions. Be sure to check the credentials of any firm you’re considering. It is you, not your accountant, who will be held responsible for any errors. Ensure that the accountancy firm carries indemnity insurance, which will protect you against any losses suffered as a consequence of their actions. Engaging an accountant is one of the best ways to protect yourself against financial disasters.

Bookkeeping Services

Good bookkeeping is the lifeblood of a stable, strong, and successful business, and professional accountants stand ready to help. Many businesses are too small to employ a full-time bookkeeper, which in turn means that they often lack the key information needed to keep the business sound, and to help it grow. Good bookkeeping means good management information reports.

Management Information Reports

Regular management reporting is a key tool in managing a business. It helps to pinpoint both strengths and weaknesses, and provides reliable and accurate information. Such reports generally are prepared on a monthly, quarterly and annual basis, and are key indicators of a business’s health and fiscal stability. Many accountants in Exeter will take the time to get to know you and your business. Only then can they provide the most relevant financial information that allows business owners to make the best management decisions.

Business Strategic Planning and Forecasting

With your bookkeeping sound and your management information reports in hand, your accountants are then able create a detailed strategic plan for your business that contains reasonable and reachable goals. Without a sound vision of the future of your business that’s provided by forecasting and planning, it’s possible to miss key opportunities to improve cash flow and maximise profits. A partnership with an accounting firm will ensure that your plan is executed correctly, whilst keeping the business well-grounded. Without a visionary plan, many business owners fail to take advantage of current resources that can positively influence future outcomes.

Payroll Services

Payroll can be a big distraction for business owners. It’s important not to get waylaid by all the legal and financial details, and to stay focused on what you do best. For that reason, many elect to outsource their payroll functions and reporting to accounting firms. These firms not only issue pay checks in a timely and reliable fashion, but also handle all related reporting and tax filings. Many business owners have found that contracting out their payroll frees them up to focus on the core functions of their enterprises. If you do prefer to keep your payroll in house, an accounting firm can assist you in automating it by recommending the correct computer software for your particular needs.

Accountants in Exeter are important partners for those who own successful, growing businesses in the region.

The city of Exeter is an active, vibrant place to live and work. It has a strong and growing economy that helps both individuals and business thrive and prosper. To maximise your success, however, it’s crucial to obtain the right financial guidance regarding both your personal situation, and how best to take advantage of the opportunities that exist in Exeter. Accountants place a key role in this process, and can be valuable allies who provide important services. Without a professional accountant at your side, your tax bill may be much higher than it needs to be. You may be liable for significant penalties as well. Read on for some important reasons why to engage accountants. Exeter has a complex burgeoning economy that’s difficult to navigate on your own.

Accountants Keep Current on Tax Laws

It’s virtually a full-time job to keep current on the UK’s complex tax law structure. If you don’t have the right advisor, the consequences may be disastrous. Many people need to expand how they think about accountants. Exeter, in particular, is blessed with many well qualified and experienced practitioners who make it their life’s work to understand how tax law applies to their clients’ particular situations. If you have a business, for example, accountants can advise on how to maximise and manage your cash flow. For individuals, accountants can counsel you regarding a sound and viable plan for retirement. In either case, accountants are dedicated to helping clients accumulate and retain wealth by using their extensive knowledge and understanding of tax law. This is the true raison d’être of professional accountants.

Accountants Help Clients Save Time as Well as Money

Take a moment to consider all the time you spend on work-, home- or business-related activities. If you opt to “go it alone” in financial matters, chances are you’ll have to steal time from these all-important activities to navigate the vagaries of UK tax law. Wouldn’t you rather spend your time on activities that are more important? Accountants help their clients do just that. Many people have realised that engaging an accountant frees them to concentrate on more important issues, such as family, business and career. What you’re gaining when you pay for accounting services is the priceless commodity of time.

More About Accountants’ Fees

Surprisingly, most of the fees for accounting services are quite reasonable and flexible. For example, you may elect to keep an accountant on retainer, especially if your finances are complex, and you need counsel often. It’s also possible to engage accountants on a “pay-as-you-go” basis. This is a good option for those who need only occasional or minimal services. When considering an accountant or accounting firm, do be sure to enquire about their fee structure, because some offer bundled packages of services at fair and reasonable prices. These services often prove to be invaluable, especially when provided by professional, well trained and experienced accountants. Exeter is fortunate to have a wealth of such practitioners.

The Ernst and Young Survey

E & Y conducted a comprehensive survey of 500 senior executives in the financial services industry in both Europe and the US. The survey’s results, released in November 2010, are disturbing: Only about 35% of the respondents expressed the belief that the industry’s overall approach to regulation will be sufficient to stave off a financial crisis, either in their own countries or worldwide. Localised response from the UK indicated that just 25% of the financial professionals who responded to the survey believe that their country is heading in the right direction vis a vis reforms in the industry. Over 50% of respondents indicated that they expect profits to be lower in the long term directly because of increased regulation. In what seems to be a wholly defensive move, about 2/3 of these financial professionals said that they are spending significantly more on compliance, including nearly an additional 60% on risk management. This disturbing trend seems to indicate an impending crisis, for which many may be ill-prepared.

What the Survey Means

With enterprises investing so significantly in compliance and risk management, 60% of respondents   indicated that increased regulation will have the effect of forcing them to restructure and reformulate their business models in a strikingly fundamental way. The long term impact of this restructuring remains difficult to assess. One executive at Ernst and Young put it this way: “There are signs that investment banks are seeking to focus on less capital intensive activities. Meanwhile, retail banks and insurance companies are turning their attention to fast-growing emerging markets.” This realignment does not bode well for traditional markets.

More Survey Results

Another disturbing trend revealed by the survey is the possibility of a significant flight of talent in response to proposals to restrict bonuses that are included in many reform initiatives. In the UK, a full 60% of professionals indicated they would relocate. There’s also some angst about how evenly or unevenly the regulations will be applied — a large majority of respondents (about 80%) say they want to see regulations standardised at the global level. Unless this is done, they say, certain markets will gain unfair advantages over others. The E & Y summed it up this way: “These are uncharted waters for the industry, and the long-term cumulative impact of regulation on the financial health of the banking system against a backdrop of macroeconomic uncertainty remains unclear.”

The phrase “macroeconomic uncertainty” is particularly telling. It indicates that many experts are concerned about the overarching impact of regulation on global markets, which, in turn, is likely to send both key managers and investors scurrying for cover.

Exeter Accountant – Bank Statements, Deposit Slips and Check Register

Provide all bank statements and bank deposit slips for the past year. You also may want to have your accountant review the checks you have written, especially if you’re a business owner. In fact, most accountants prefer to work with your check register rather than your bank statement, which might be incorrect. This allows your accountant to verify the bank’s information against your records to ensure they are synchronised.

Exeter Accountant – Credit Card Statements

Like your bank statements, you need to provide statements for all your credit cards because your accountant needs to verify credit card purchases against receipts.

Exeter Accountant – Receipts from Purchases

During the year, keep EVERY receipt. It’s up to your accountant to determine which ones are relevant to your financial and tax situation, especially if you’re a professional or own a business. Keeping receipts is the only true way to track expenditures and purchases. In some cases, an item you buy might be subject to depreciation, such as an automobile. Only an accountant has up-to-date information about the current laws, regulations and schedules related to depreciation.

List of Assets

If you are a professional or own a business, you should be keeping a list of all the major assets you acquire. This means noting purchase date and purchase price as well as the purpose for which the asset is being used. It can get complex, because major assets may or may not be subject to depreciation over time, as mentioned above. An accountant can verify this for you and advise on which depreciation method would benefit you most.

Words From An Exeter Accoountant On Loan Statements

These days, many people have debt in the form of loans as well as credit cards, so your accountant will need to see those. Advise your accountant of any loans restructured you may have had restructured, because this can affect your tax status. For example, in some situations, a restructured loan, if it includes any debt forgiveness, is likely to be considered taxable income.

Exeter Accounting, Payroll and Funding Information

If you’re a professional or business owner, you’ll need to provide your accounts payable, accounts receivable and payroll information (if applicable) to your accountant. If you have brought personal funds into a business enterprise, you’ll need to report the amount and form. This can be anything from depositing personal funds into a business account or paid a business’s bills with personal funds.

For the best results in managing your finances, be sure to engage a valuable ally in the form of an Exeter accountant.

Q. What is inheritance tax?

A. While most people know that inheritance tax becomes due on the estate of a deceased person, many don’t know that this tax sometimes is levied on gifts made or trusts established during a person’s lifetime as well. If the estate is valued at less than £325,000 in the 2010-2011 tax year, it may not be subject to the tax. Another aspect of this law increases the threshold for registered civil partners and married couples so that the tax applies only to inheritances valued at less than £650,000.

Q. Who is responsible for paying inheritance tax?

A. Usually, the executor or representative of the deceased person’s estate pays inheritance tax using the estate’s funds. In the case of a trust, the trustees must pay the tax on the assets in or transferred to the trust. Rarely, inheritance tax applies to persons who receive assets or gifts from the deceased. The tax is due on money, assets and property.

Q. How do I know if I’m subject to inheritance tax?

A. An accurate valuation of the decendent’s estate is essential to learn whether an heir is subject to the inheritance tax. To accomplish this and to protect your interests, it’s a good idea to engage an accountant to oversee the process. The assets contained in an estate consist of the total value of cash, property (such as a house) and possessions (such as jewellery or art). From that total, the decendent’s debts are subtracted (such as outstanding payments due and funeral expenses), leaving the true value of the estate.

Q. Are all gifts made to me by the deceased person always subject to inheritance tax?

A. Not in every case. Your accountant should examine and evaluate any gifts made to you in the decendent’s lifetime to determine if they are exempt. Non-exempt assets must be included in the estate’s overall value.

Q. Is there more I should know about inheritance tax exemptions?

A. Yes. Even if the estate is valued over the thresholds, in some cases assets can be gifted without being subject to inheritance tax. Gifts made to a spouse or civil partner usually are exempt. Another exemption applies to gifts made to qualifying charities, either while alive or in one’s will. Gifts valued at £250 or less always are exempt.

Q. When do inheritance taxes become due?

Inheritance taxes must be paid within six month’s of a person’s death. Instalment agreements are possible. Remember that you must submit an inheritance tax form, even if no tax is due.

To ensure you fully comply with all aspects of inheritance tax while protecting the assets of the estate as far as possible, a consultation with a professional accountant in Exeter is essential.

Reason #1: Your Situation is Unique

Unless you’re exceptionally financially savvy, it can be quite daunting to try to untangle the complexities of your financial situation. There are many aspects of tax law that may apply to you, but they might be difficult to discover on your own. Engaging trained accounting professional ensures that all relevant laws and rules are equitably applied. If, for example, you had multiple employers in a given year, or if you own property, there may be both advantages and disadvantages that apply to your situation. An accountant can help you effectively sort this out.

Reason #2: You have extensive investments.

If you have complex investments, a trust, for example, there are specific laws and regulations that apply. If you have considerable stock and bond holdings, they can be significantly eroded by tax levies, unless you learn how to protect them legally, as far as is feasible. If you hire an accountant, his or her intimate familiarity with tax law relating to investments will most certainly surpass yours.

Reason #3: You’re unfamiliar with the complex calculations and forms involved.

Anyone who’s tried to file taxes on their own will tell you that the calculations and forms required by HM Revenue and Customs are quite arcane. One wrong calculation can cause a cascade of errors, many of which could be disastrously detrimental to your tax status or to the amount of tax you owe. Only a trained accounting professional has the education and understanding to use the right forms and to fill them in correctly.

Reason #4: You owe back taxes.

If you have failed to pay taxes in previous years, or if you need to make complicated amendments to past filings, you should seriously consider hiring an accountant. HM Revenue and Customs is a huge entity with virtually unlimited resources. Why would you risk not enlisting the aid of an accountant who can act as a powerful advocate for you?

Reason #5: You’re undergoing a tax audit.

Your accountant will accompany you to the audit to explain any entries HM Revenue and Customs might question. Also, accountants keep track of the latest tax law changes just as HM Revenue does, so having an informed professional with you is essential.

Finally, having your taxes prepared by an accountant will ensure you will receive the maximum refund you’re entitled to. Getting the right help from the very start is key — and only an accountant in Exeter can provide it.