Let us provide you with more time to concentrate on running your business, and peace of mind that your accounts and returns are in order.

Our accounting and compliance services include:

• Preparation of annual accounts and tax returns
• Preparation of periodic management accounts
• Book-keeping services
• Maintaining PAYE and VAT records and associated returns
• Preparation for HMRC investigations
• PAYE and National Insurance compliance
• Self-Assessment advice

Being in the heart of Somerset, we take pride in supporting local farms and associated agricultural and rural businesses.  We use the expertise we have developed in this area to understand the challenges posed by the industry and assist with the ever changing issues that these businesses and their owners face.

As well as assisting you to comply with your statutory requirements, we also advise on specific matters that are of importance to our farming clients, recently including:

• changes to the tax allowances on plant and machinery purchases and making the most of the available allowances,
• succession planning and inheritance tax,
• Solar energy projects
• Utilising farmer’s averaging rules to reduce the tax impact of profit swings
• Making herd basis elections maximise the tax advantages of running a herd of animals.
• Business diversification

We can perform your auditing and financial analysis with a minimum of fuss and maximum efficiency and accuracy.

As well as giving you the peace of mind that your accounts are fully compliant with statutory requirements, we can identify strengths and weaknesses in the finances of your business, helping show the way to future success and profitability.

Our core auditing services include:

• Statutory audits
• Internal audits
• PAYE/NIC Audit
• VAT Audit
• Minimising fraud exposure
• Specialist audits
• Solicitors’ Accountants’ Reports
• Charity Expertise

Regulatory Information

Chalmers HB Audit Ltd are registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales”.  Details of our audit registration can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland under reference number C004606498.

The professional rules applicable to our audit work in the UK are the Audit Regulations which can be found at www.icaew.com/auditnews.  Additionally there are the International Standards on Auditing (UK and Ireland) at www.frc.org.uk/Our-Work/Publications.aspx.

In carrying out our audit work we are subject to the Code of Ethics which can be found at:

www.icaew.com/en/members/regulations-standards-and-guidance/ethics.  With respect to audit work we are also subject to the APB Ethical Standards which can be found by searching for “Ethical Standards” at www.frc.org.uk/Our-Work/PUblications.aspx.

Professional Indemnity Policy

Our professional indemnity insurer is Allied World Assurance Company (Europe) Ltd.

Starting up in business can be a daunting prospect, with budding entrepreneurs all too often left to fend for themselves. We will help you to cut through the red-tape and support you at a crucial time in the life-cycle of your business.

Bring us your business ideas and we’ll help you to evaluate them in a constructive and realistic manner. We can also help you:

• Decide on the most suitable structure for your business – sole trader, partnership, or limited company
• Prepare a business plan, cashflow projections, budgets, and trading forecasts
• Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
• Establish a good working relationship with your bank
• Complete any registration procedures with Companies House and HM Revenue and Customs
• Deal with company secretarial issues
• Set up a recording system for your internal use and for complying with statutory requirements

Our support for you stretches far beyond the essential compliance services. We aim to be your business partners, working with you to ensure the best possible chance of success.

We want to help improve your bottom line, not just tell you what it is!

Areas where we can assist you include:

• Business start-up planning and advice
• Raising business finance
• Strategic planning
• Financial management
• Financial information systems
• Computer systems advice
• Cashflow forecasting and management
• Long term plans for your business and your exit

…and much more.

There are many complex accounting and reporting requirements governing charities and not-for-profit organisations. Our specialist advisors can guide you through the maze, helping your organisation to save valuable time and resources.

Some of the areas where we can help you include:

• Accounting and taxation services
• Financial planning and management strategies
• VAT
• Payroll Giving
• Audit and risk management
• Business planning
• Cashflow management and budget planning
• Outsourcing
• Fundraising
• Charity Commission and SORP compliance
• Undertaking Independent Examiner’s Reports

The Companies Act places strict obligations on companies to submit the required documents according to deadlines.

We can provide peace of mind, by taking the hard work off your hands.

Our Company Secretarial services include:

• Preparation and filing of statutory returns
• Preparation of minutes and resolutions
• Company formation
• Company searches

Administering the payroll can be an arduous and time-consuming task for today’s busy business owner.

We can help to relieve the burden with our comprehensive payroll service, which includes:

• Customised payslips
• Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
• Completion of weekly/monthly statutory forms to submit to HM Revenue & Customs under the new Real Time Information regime
• CIS returns
• Summaries and analyses of staff costs
• Administration of incentive schemes, bonuses, and ex-gratia and termination payments
• Administration of pension schemes including those already under auto enrolment.

In addition to the preparation of statutory accounts and tax returns for our solicitor clients, we also have experience in completing Accountants’ Reports, assisting our solicitor clients to comply with the SRA Accounts Rules for dealing with client monies.

In addition

• We are bound by guidelines set out by the Institute of Chartered Accountants of England & Wales
• We use professional and tailored work programmes and check-lists, which include specific tests  for Solicitor’s Accountants’ Reports that are further tailored specifically for each individual firm.
• We have sound knowledge of relevant legislation applying specifically to these annual reports and are able to provide you with updates on rule changes as they occur.

Our services are not restricted to businesses and we have a large core of personal tax clients. Whether you need assistance with your self assessment tax returns or advice on inheritance tax planning, we can help you.

Our dedicated team can provide the following services:

• Advice on minimising tax liability for all personal taxes including:
  • Income tax
  • Capital gains tax (CGT)
  • Inheritance tax (IHT)
  • Non-domiciliary taxes
• Completion and filing of relevant returns
• Advice on what payments are due and when
• Advice on trusts and estates

Early planning is crucial when making arrangements for the future of your estate upon your death. Such forethought may enable you to take full advantage of the tax opportunities available and thus maximise the amount that is passed to your beneficiaries.

We provide a discreet estate planning service that includes:

• Help with drawing up and reviewing your Will
• Making full use of exemptions and lower tax rates on lifetime transfers
• Optimising lifetime transfers between spouses
• Transferring agricultural or business property
• Transferring assets into trust
• Arranging adequate life assurance to cover potential inheritance tax liabilities

Trusts are relatively easy and very tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net. They can also be useful for:

• Providing funds for your children’s education, maintenance, etc.
• Restricting access to property by future beneficiaries
• Providing for people who are mentally or otherwise incapacitated

We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts.

Planning for your eventual retirement can easily be overlooked, especially if you are concerned with the day to day running of a business. Yet with careful and timely planning you will be able to make the most of the options available.

We can assist with the following:

• Devising an exit strategy
• Tax-efficient disposals
• Management buy-outs
• Pension provision

Whether you are Self Employed, a Company Director, receive rental income, or have other sources of untaxed income, you have a statutory requirement to complete a Self Assessment Tax Return each year.

We aim to make this process as simple as possible for you, by not only assisting you to complete the form each year and calculating your tax position, but also by answering any questions you may have on the self assessment system and

As part of the preparation process, we will also review your income and tax positions to ensure that your tax affairs are structured in the most efficient way.

We can help ensure that your personal wealth is managed as tax-efficiently as possible.  We can advise with:

• Personal tax planning
• Extracting profit from your business
• Remuneration strategies
• Planning for a comfortable retirement
• Estate and inheritance tax planning
• Gifting strategies