Robert Mansfield
Robert Mansfield FMAAT Principal
Linked in Twitter Facebook Association of Accounting Technicians

Mansfield Accounting Ltd

Unit 11
Purdeys Way
Rochford
Essex SS4 1ND

t: 01702 780 099
m: 07743 085 200
e:

Useful Links:

www.companieshouse.gov.uk
www.hmrc.gov.uk

FAQ’s

Why would I choose a small accountancy practice over a large accountacy partnership?
We are a small accountancy practice that offers a bespoke service to our customers no matter how large or small they may be. at Mansfield Accounting customer service is imperative. We are also able to offer all the services that large accountancy partnerships offer, with our network of associates in other small practices. We pride ourselves in being good at what we do and when we are asked for advice in areas which is not our expertise we are able to recommend a trusted associate that is an expert in that field.

How do I know I am getting the best advice?
Our attention to detail and an understanding of small and medium size business set us apart. Our background comes with extensive experience in management accountancy for SME and larger organisations. The advice given is from actual experience of the problems that are encountered in all sizes of business. The associates we use are tried and tested and there advice is always of the highest quality.

What is an integrated business and personal tax advice service? 
Because we offer a full service for personal and business tax, this allows us to create a bespoke solution for your personal and business needs. 

We take into account all streams of income and investments to come up with solutions that are as tax efficient as possible.

When should I change from a Sole Trader to a Limited Company?
This is generally a decision which is dependent on your income streams and the profits of the organisation you are running.

The key factors are:

  • A limited company will only pay corporation tax on its profits and will never pay National Insurance Contributions.
  • A director/shareholder only pays tax/NIC when he or she takes money from the company.
  • In certain circumstances no tax/NIC is paid by the director/shareholder.

The decision can also be affected by the type of business you are running and whether you are dealing with the general public and employees; in these days of litigation, a limited liability could give you some protection.

When is my business most vulnerable?
Your business is usually most vulnerable when there is significant growth or contraction.

The contraction of a business is an obvious problem, as you have to reduce your fixed costs to meet the decreasing cash flow. This can often result in difficult decision making which usually includes the laying off of staff and downsizing of premises. 

The growth of a business is not an obvious problem, but can be just as challenging if that growth is fast and cash flows are not controlled.

When wages have to be paid immediately and creditors want to be paid before supplying, working capital can run out if strong credit control policies are not in place and possible lines of credit are not sourced in time.

There are many cases of companies with strong profits on paper not being able to meet their financial commitments due to a lack of cash. A scenario well known to the construction industry

Why should I create a budget?
A budget is a means of financial control and understanding. Some people believe there is no point in a budget because the figures that are forecast for the budget are radically different from the actual figures at the end of the period, but this is the whole reason for having a budget.

You should update the budget periodically with the actual figures, that way you will be able to see the fluctuations in the business and understand better how your business can react to seasonal variation, changes in prices, increases in fixed overhead and a decrease in sales.

This will help you to understand your cash flow and predict problems before they happen.

Is a business plan just for getting a loan or an overdraft from the bank?
No, this is a common misconception in SME. The business plan is a form of control to help move your business to where you want it to be. If you were going to build a house and you had no plan or drawings people would think you mad and you defiantly would not be able to borrow money from a bank!!

The business plan can be as simple or as complex as you need it to be, it could be to help win new clients, reduce overhead, reorganise your business internally or change your business premises.

Whatever the business needs to do next or whatever you want to achieve, a business plan will help you to focus and measure success.

“I highly recommend and endorse Robert for his excellent services. He and his company have provided us with the essential tools to move forward and be set up for success. The Yummy Brand is selective on its great working partners and can clearly identify Robert as one of those excellent working partners.”

Jason Smith
March 7, 2011