UK Business Services

The Standards of Lending Practice was updated to give small to medium businesses much more security in July 2017. These standards have been adjusted to give small to medium businesses in North Wales and beyond peace of mind, stability and far better security – when before July 2017 these standards were only in place for the smallest of businesses which employed 4 people or less. Chartered Accountants North Wales and beyond have widely praised this new incentive, as evaluation of a borrower’s capacity to meet ongoing repayments is a vital safeguard against insurmountable debt and financial distress. Any business which has a turnover of less than £6.5million is applicable to enjoy this revision of the Standards of Lending Practice, and they are intended to help banks and other lenders meet their responsibility to clients and regulators by getting the big picture on a business's’ health. For instance, in the past, banks and other lenders were only required to look at a bu...

Uncertainty is an interesting concept, and one that is integral to construction companies North Wales . Every single project in construction and civil engineering is subject to uncertainty, whether it’s a simple matter of uncertainty in estimation (which of course can be problematic in more complex programmes) and it is a generally considered fact that even the most experienced construction project managers do indeed have some difficulty handling uncertainty in matters of construction and civil engineering. Uncertainty is not insurmountable. Decision milestones can often help with anticipation of outcomes, and good risk management structures can prevent disasters and of course help ensure that all are on board, and all units of construction are making the desired product. However, decision milestones are not exactly a failsafe in order to make sure that a project has absolutely no uncertainty – especially in unforeseen site conditions, as well as the very real possibility of d...

Did you know that as a sole trader, you can employ members of staff? Very many sole traders across North Wales and beyond take the status a little too literally and take the term at face value, often working alone and ending up doomed to failure by being far too overburdened by public demand. Any accountant in North Wales worth their salt will disagree with the notion that being a sole trader means that you have to go it alone – being a sole trader is actually characterised by the fact that you own the business and are responsible for it on your own. This of course can be quite a double edged sword with the fact that if anything does go wrong with the company, you personally are liable for it. As the saying goes – with great power comes great responsibility – and the services of a good accountant are absolutely paramount in all manner of pressing matters. Don’t feel that as a sole trader you get it easy in other respects, either. It doesn’t matter whether you are a sole tra...

You might have heard on the news as of late about quite a row going on about climate change. It’s never been more imperative that the planet is looked after, and it’s really not hard at all to see why. Temperatures are breaking records all around the world, and while it doesn’t sound all that terrible, it feels shocking to think that the planet is getting warmer and warmer and the average temperature of the earth has skyrocketed at a rate which is higher than ever before throughout the 21 st Century. There’s more greenhouse gases than ever in the Earth’s atmosphere, and Earth Overshoot Day – a day which was devised to be the marker of when the average usage of resources throughout a single year outstrips what the Earth can actually replenish in a year – is getting sooner and sooner. In 2016, it stood at August the 8 th . In effect, if you’re paid at the end of the month, you’ve gone overdrawn just past the 15 th of every month. Terrible? Yes. But, there’s so many thi...

Very many owner directors of small companies across England and Wales are taking measures to reduce the companies’ overall tax and NIC costs by taking advantage of dividends to pay themselves a far lesser salary, which is typically around about enough to maintain their current state benefit entitlements and take any balance of remuneration from HMRC in the form of tax efficient benefits and dividends. It has been established that HMRC themselves have noticed quite a lot of claims throughout 2016 and 2017 compared to earlier years and has commented that it would like very much to “understand” the rise of the dividend claims, and this has made quite a few good, future thinking accountants in North Wales pensive, and companies nervous. Of course, it should be stated that claiming dividends is not an illegal form of getting relief for yourself as an individual, or even assisting your business, but it should be noted that this form of obtaining relief looks very much on borrowed tim...

Depth Conversion is a robust, but iterative process which can offer a good amount of uncertainty when it comes to working out what is below. If you’re using VelPAK or Kingdom IHS in order to determine your depth, then there is help with the form of Velit, a Depth Conversion Software plugin which is designed to offer vast libraries which can take into account most scenarios regarding depth conversion. Velit is impressive indeed, and can offer a range of different scenarios regardless of the status of your potential asset. Whether it is marine or land based, and in a variety of different situations. Velit is also designed to be extremely user friendly and despite the fact that it’s a rather powerful tool with an expansive collection of libraries and methods, offers a far superior workflow which even straight out of the box is a major plus to running a vanilla version of Petrel or IHS Kingdom. Using Velit can enable you to get a more accurate depth conversion, which permits t...

When seeking a professional service that you can rely on in terms of efficiency, speed and skill, it may be difficult to choose from a long list of suitors which want the business of your firm, and the name of your assets for their portfolios. Each and every il and gas reserves firm of course wants the name of a prestigious, high value asset on their portfolio, so you may find yourself drowning in a sea of professionals which claim that they can be the difference between a strong prospect study and a weak one. That isn’t the case at all, as you might find. Established names rarely peddle for business, and Oil and Gas Reserves and Evaluation is a somewhat tricky field to even get into. When you’re looking at suitors, try to look for a firm with a solid base in respected organizations such as the society of petroleum evaluation engineers, as well as adherence to the SPE PRMS. Once you have a firm which can display relevance with these organizations, you’ll want to look at the firm...