Skip to main content

The Bigger They Are: A Case For Accountants


Many of us seem to think that accountancy is easy. For the uninitiated, keeping track of one’s accounts is a simple act of addition and subtraction, though it couldn’t be further from the truth. Accountancy is quite an in-depth affair, and even small businesses can struggle when it comes to meeting regulation and meeting basic standards – standards that are rising with the Government’s introduction with Making Tax Digital, and it’s much feared quarterly tax report.

The services of a good chartered accountant in North Wales or further beyond are absolutely invaluable – take the recent, and rather well documented case of Upul Eshine Kulasinghe- the 68-year old director of Pure Strategic Limited. Unfortunately, Kulasinghe was disqualified from his position as company director after an insolvency service investigation found that he had failed to maintain and preserve adequate accounting records.

Kulasinghe furthermore failed to verify £274,346 of company expenditure. Likewise, Kulasinghe was found to have failed to verify whether a declared sum of £296,617 was a true representation of sales achieved by Pure Strategic Limited. Deliberate wrongdoing cannot be proved, but in the eyes of the law, it cannot be disproved.

Kulasinghe, whether an opportunist or simply someone that was out of his depth unfortunately faces the penalty of being unable to act as the director of any company for a period of 6 years. It doesn’t need to be repeated that proper records is an absolutely vital activity for directors, and neglecting these responsibilities can equate to the loss of a career.

That being said, being unsure of the intricacies behind managing your accounts isn’t anything to be ashamed of. There is help out there in the form of chartered accountants and tax advisors, whose job it is to allow you the security and peace of mind you need so you can continue with what you and your company find crucial, while they keep everything ticking along in the background.   

Comments

Popular posts from this blog

Masquerade Masks

Masquerade Balls are a popular event in many parts of the world, such as Europe and North America. At these events participants wear a costume including special Masquerade masks . Masquerade masks are appealing to many as they give the wearer the ability to remain anonymous. The origin of these masks dates back to medieval times, they were worn to mark a point in royal dynasty or to celebrate marriage. Today, Masquerade masks have become a popular costume item and have spread to many parts of the world. They are worn for many different occasions, being very popular with charity events, private parties, weddings and Christmas parties. Masquerade masks can be part of any outfit, perfect for fancy dress parties. Masquerade balls have become more widespread due to featuring in many popular films, such as Eyes Wide Shit, Labyrinth and Batman Returns. Masquerade balls also made several appearances in the TV show Gossip Girl.

Understanding Construction Insurance

Construction insurance North Wales , is made up of many different types of insurance depending on the level of cover needed for your business, however, there are three essential types of cover that you will need which includes, public liability, product liability and professional indemnity insurance. It is important to know the purpose of each type of insurance if you are a contractor so that you know that you have the correct insurance in place for your business. The last thing that you would want to do is fall short and be liable to claims that can set you back more than just money alone, when it could have been avoidable. Below is an outline of each type of construction insurance along with scenarios. Public liability insurance Public liability insurance covers you in the event that a member of the public is injured or damage is caused to them or the premises in which you are working. This may include the following: Injury. You are covered if someone makes a claim a

Why You Shouldn’t Install CCTV North Wales Yourself

When you have security concerns at your premises or even worse, your residence, there’s only one way to go. CCTV North Wales is required more so than ever before, and just having a system in place is an excellent deterrent to all but the most clueless of would-be burglars. (Even the most clueless won’t get far with a decent CCTV system in place.) But how exactly should you go about getting an effective system up and running on your property? More than likely you’ve considered just going on amazon or ebay, buying a security system, and dedicating a weekend to putting it up instead of going to a CCTV Installer in North Wales. Of course, this really isn’t a good idea. Most CCTV alarm systems in the UK are actually misconfigured- and misconfigured systems can definitely trip you up later. There are a range of woes that can be experienced with a system which isn’t set up right – from evidence recorded on these systems not being admissible in court (online retailers tend t