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Accountant Hove Archives - Nimbus Accounting


By Nimbus

Budget 2016: Small business takeaway

March 24, 2016 | By |

With the dust now settling on the Chancellor’s recent budget, we’ve picked out some highlights that will help small business owners as they attempt to navigate through the plethora of proposed legislation.

The headline grabbers were undoubtedly the falling business rates, corporation tax and capital gains tax measures. The reforms to business rates will have the biggest impact as small businesses will look to save significant funds through the proposals, with an additional 600,000 businesses no longer paying any business rates – ever. The Chancellor’s claim is that this will reduce the business rates burden by nearly £7bn over the next five years.

Some would say that the closing of corporation tax loopholes has been a long time coming, but for small business owners they will now have the assurance that the big boys will now be paying their fair share. A number of polls held with small businesses before the budget indicated that the closing of tax loopholes so that big business paid their fair share was the number one desired outcome from the budget.

There was also the extended commitment to funding for small businesses through the British Business Bank. A significant figure of £1bn of financial support was agreed. This will mean that regional councils will be working with the BBB, to help investing in local businesses.

Nimbus believes that small businesses should be at the heart of the nation’s economic growth plan and it looks like the chancellor feels the same way – finally. The closing of tax loopholes and cutting of taxes will motivate local business owners and make them feel valued in the government’s economic ecosystem.

For more support following Budget 2016, get in touch with our team of accountants.



By Nimbus

Should you pay yourself an extra dividend?

November 5, 2015 | By |

Up until the chancellor delivered his Summer Budget it was possible to pay less tax if you ran your business through a limited company, this was because you could avoid National Insurance. If you are one of the many people that took advantage of this structuring then from 6 April 2016 your dividends are going to become more expensive. We covered the changes in more detail in our blog on the summer budget in July, but here are the headline changes that impact dividends:

  • Tax rate on dividends is increasing by 7.5%
  • The old notional 10% tax credit is being abolished
  • The first £5,000 of dividends will be tax free 

If you have retained earnings in your company that you are thinking of withdrawing at some point in the future, why not pay them out before the rate increases in April? It is worth taking a moment to consider if it is sensible to take a dividend before the change, if you are not a higher rate tax payer and you have some capacity to take a dividend without incurring any tax, it might be the time to do so.

For those with a lot of money tied up in their company and thinking of calling it a day, remember that Entrepreneurs relief at 10% might be available. This is certainly the cheapest way of getting your money out of a company structure.

If you would like to discuss dividends or liquidating your company in more detail, give one of our accountants a call on 01273 782 747, or visit our Contact Us page for our email address and Skype details.


By Nimbus

How Important Has Having an Accountant Been for Me?

September 1, 2015 | By |

This article details the development of Brighton-based SEO and entrepreneur, Tom Clark, who is currently running Convert Digital amongst other online projects. He discusses the integral role having an accountant has had on his personal finances and the power of thinking bigger.

 Who are accountants for?

I had always considered accountants to be a service for ‘big earners’ or large companies that simply wouldn’t be able to keep track of their finances without a helping hand. At the beginning of 2014 I had decided that I would take the leap from working in a web agency, to starting my own SEO business. My perception was that a ‘small player’ like me wouldn’t need an accountant if I do decide to go solo, but it would soon become clear that this was a naivety on my part.

What if you have or plan to have more than one business?

 Being involved in SEO naturally lends its self to wanting to start sideline projects, as you become aware of online opportunities all the time. I was already running another online and offline business, Your Guitar Tutor, so I did have my concerns on how I would keep track of all my finances, what tax I would owe at what time and I didn’t even understand about different company formations. Through a friend, I was introduced to Nimbus Accounting who took the time to understand exactly where I was at and where I planned on going.

What’s your vision?

 For me, the real value of my initial meeting was not only in understanding why Convert Digital should be a limited company, but also why I need to consider my future. At age 24 you don’t typically do too much thinking about the next 10, 20, 30 to 50 years of your life, but this process made me think.

I had always gone along with the mindset that if you can pay your rent, afford the food shopping and get by, you’re doing just fine. Of course this is true, but what if something goes wrong and you lose your job and have no savings? Essentially, I began to realise that I need to be saving and understanding what I am doing with my money. As time went by and my relationship with Nimbus grew, I learnt another very valuable lesson about leveraging your money.

Do what you do best

One of my biggest realisations has been that you need to know when to ask for a helping hand. If you are worrying about if you are calculating your tax bill properly, over-paying or not being efficient enough, then you are taking your attention off the most important thing, which is your business.

Working with these guys has allowed me to do what I do best and not feel fretful about the finance side of the business. When things that impact me change in the financial world, I am made aware, instead of having to routinely checking online.

Xero – know exactly what’s going on

Nimbus set me up with Xero cloud accounting, which has been an incredibly powerful tool for me. This tool essentially shows me at any time what money has come in or out of my business account. I check in every week and make sure the items are reconciled, meaning matched up with the correct code (sale, dividends, entertainment with a client etc) so my accountant can make sure everything will be prepared for year end. I can keep track of which clients are behind on their invoice payments, which pay on time and find value in understanding my customer base in this way.

Helping you with more complex arrangements

When it comes to more complex deals with clients, Nimbus stepped in to consult with me on the various ways I can set up my involvement with other companies.

I planned on offering my services to a client in exchange for 10% of profits and 10% of the exit of the business. I didn’t understand how many different ways this could be arranged, but also how important it is to understand what the different setups will mean for me. Nimbus even held a conference call with my client to discuss the various ways we can go about setting the deal up, so everyone is comfortable. This input has been invaluable and developed me a lot in the past 20 months.


By Nimbus

Watch out for persistent losses

November 24, 2011 | By |

Many self-employed traders have suffered losses in recent years. The effects of the banking crisis and global recession have slowed economic activity. Some of these business people will have taken on other, perhaps unrelated, part-time jobs to supplement their income?

Sound familiar?

If you have found yourself in this position be aware that HMRC may challenge your ability to set off losses. For instance:

  • Losses will only be made available for sideways relief against other income when you can demonstrate that a trade is conducted on a commercial basis, with a view to making profits.
  • HMRC can use present powers to restrict loss relief claims if the trader does not spend at least 10 hours a week working in the business – this restriction normally applies to losses in excess of £25,000.

If you wish to discuss any matters with us, our Nimbus Accounting expert is Paul Rawlings (01273 782 742).


By Nimbus

Are all accountants boring?

November 24, 2011 | By |

No, is the simple answer, but grey is an accountant’s favourite colour!

There are two types of accountant, your traditional accountant and your modern accountant.

The traditional accountant is the one that you see once a year. You generally sit in their office and you discuss what happened to your business during the last year. These accountants offer little tax advice or financial planning and are more often than not more costly than a modern accountant. These traditional accountants do no more than look back and assist with your statutory requirements. They will not offer any advice on system improvements, business strategy ideas and believe their fees are justified by their qualification, rather than adding any value to your business.

The modern accountant will offer their clients fixed fees, detailing everything they will include, so you don’t get an unexpected bill. The modern accountant will have continuous communication with you, monthly or quarterly, keeping up to date with everything that is happening within your business. By liaising with you on a monthly/quarterly basis they can offer on going tax and business advice. Your modern accountant will also help with system development, making sure you are working efficiently. The modern accountant will supply you with management accountants that are meaningful and will help you set budgets. The modern accountant will work with online accounting software, not a spreadsheet. The modern accountant will complete all the statutory requirements within their fixed fee and help with strategic decisions. The modern accountant will add value to your business and help you grow.

What type of accountant do you currently have? What type of accountant do you now want? Do you know where to find a modern accountant? Have you heard of Nimbus Accounting?

Nimbus accounting only employs modern accountants! We are committed to our customers and make sure their businesses grow and prosper. We have offices covering Brighton & Hove and Worthing, but act for clients all over theUK. Call us to see how different we are, you’ll be surprised at our fresh approach to accountancy. 


By Nimbus

Choosing an accountant can be harder than buying a new pair of shoes.

November 13, 2011 | By |

There is a large selection of accountants to choose from, qualified, not qualified, good, bad, and the ugly.  How should you choose yours?

Most accountants offer different services and your search should be based on matching your needs with their skills. What do you want from your accountant, what do you need from your accountant and will they be cost effective.

Once you answer these questions you would be able to search for an accountant that best matches your requirements. We would recommend choosing three accountants and having a discussion with each one to compare them. We suggest you select a few tax planning questions to ask each accountant and to see what advice you receive.

We suggest you find an accountant who can offer you an all-inclusive package, no hidden costs and a fixed price. Make sure you get an engagement letter that details everything that is included in your fixed fee.

It makes sense to select a forward thinking accountant, one who is proactive and wants to help you and provide value for money. Make sure they are up to date with the current legislation, offer support for online software, Skype meeting facilities, contactable at any time and most importantly appoint an accountant who is qualified. A qualified accountant will provide you with the reassurance that they follow a strict code stipulated by their professional body.

If you are looking to change accountant or you are starting out in business, we would recommend Nimbus Accounting, of course we would, but we really provide a value added service to our clients. Contact Nimbus today to talk to an accountant who wants to help you.


By Nimbus

Do you need a local accountant?

November 11, 2011 | By |

With the advances in modern technology, do you need an accountant who is local? We have offices covering Brighton, Hove and Worthing, but we service clients all over the UK. How is this possible and why do clients not need to sit in our office any more?

To start with, the cost of visiting your accountant is more than you would think. There is the time taken to travel to your accountant, travel expenses and that formal meeting will probably be added to your annual accountant’s bill.

How does Nimbus Accounting eliminate these costs? We encourage a proactive dialogue between the accountant and client. We have turned the traditional accountant’s model on its head by contacting our clients on a monthly bases, to discuss the future rather than the conventional annual meetings where the accountant reviews historic data.

How can you get the same feeling of being in the office and having the full attention of your accountant, Skype! Skype is a great communication tool, not only can you chat to your accountant but you can see then too, something that is obviously missing when you speak on the phone.  This provides the client and accountant the feeling of meeting and greeting, without physically shaking hands.

All you need is a good Internet connection and a webcam and you are away.

In summary, you do not need a local accountant, which opens up your choice of accountant. Nimbus Accounting are a firm of forward looking qualified accountants based in Brighton & Hove, but service clients thought the UK. We offer fixed fee packages that include unlimited contact via Skype, so you are never on your own.   



By Nimbus

Are you that lazy that you need an Umbrella?

November 9, 2011 | By |

Your accountant in Brighton and Hove has decided to go head first into the blogging world with our first blog on umbrella companies.

An umbrella company, normally run by a firm of accountants, holds your contract and pays your through a payroll scheme, they also kindly repay some of your expenses you have incurred (how thoughtful). This is the same tax treatment as an employee, but the umbrella company/accountant charges you. Being in an umbrella company, apparently, helps with the IR35 substitution clause, but what about a reality check?

So, here you are in your umbrella company, paying tax as if you were an employee but not getting any of the perks. No holiday pay, no sick pay, no employer pension contribution and more importantly no annual staff Christmas party. However, with the new Agency Workers Regulations implemented on 1 October 2011, will you now be entitled to these benefit’s? It’s a grey area and it will be interesting to see how the legislation is interpreted. If you are going to get these benefits then why not become an employee with the job security and save on the accountant’s costs?

Our accountants at Nimbus have never understood why contractors or freelancers use an umbrella company. We can only assume that they think running their own limited company is too much hard work? Well we are here to tell you otherwise.

Most qualified accountants should take care of everything for you, that’s right, there is no extra work for you. An accountant, qualified of course, can take care of everything from the formation of your own company and all the statutory requirements.

Now for the sales pitch, please skip if you are happy with your current accountant!

Nimbus Accounting are qualified accountants that specialise in contractor/freelance clients and enjoy making their life easier, whilst increasing their monthly take home pay. We can take care of everything from forming a company, registering with HMRC for Corporation Tax, VAT, PAYE, dealing with Companies House, helping you open a bank account, setting you up with free accounting software, preparing your payroll, sending you dividend certificates and most importantly keeping your tax bill down. And the best part, all of this for only £99 + VAT per month.

If you would like one of our accountants to calculate how much better off you would be operating your own limited company, please email us for a free wealth check.