White Collar Consultants Limited

So much more than tax

01952 780 220



At White Collar Consultants Limited we have 15 years experience in the motor industry, 21 years in retail, 6 years in manufacturing, 7 years in jewellery and more than 25 years accounting experience that you and your business could be benefiting from. Contact us to enquire for further details.

Book keeping (BK)

Book keeping is that part of account which deals with the recording of actual transactions in monetary terms. This classification only includes recording and not the calculation of actual transactions. For example, the calculations of depreciation, accruals/prepayments and work-in-progress are not included. Effectively, this means the preparation of accounts up to trial balance without any adjustments.

 Limited Assurance Engagement (LAE)

In a Limited Assurance Engagement the accountant expresses an opinion regarding the organisation’s financial accounts which is intended to be relied upon by third parties (thereby creating a duty of care between the accountant and the third party).

 Budgeting and Forecasting (B and F)

Budgeting includes the preparation of financial reports prepared before the accounting period(s) usually showing planned income, expenditure, and capital employed or cash flow.Forecasting is the prediction of relevant future factors affecting a business and its environment and may be used as the basis for preparing budgets, for example a sales forecast or cash flow forecast.

 Management Accounting (MA)

Management Accounting is the preparation of financial reports required by the owner or management team of a business, often on a more frequent basis (for example quarterly, monthly or weekly) than financial accounts. Some examples of management accounting reports are:

  • monthly profit and loss statements
  • monthly sales analysed by product or division
  • standard costing reports

Payroll (P)

Payroll includes the calculation (manually or by computer) of net pay of employees by deducting Income Tax, National Insurance and other deductions from the gross pay. In the UK this is often referred to as Pay As You Earn (PAYE).

 Cloud Based Software (CS)

As the world changes and everything we use becomes more real time, it would make sense for your software and bookkeeping systems to be more responsive and real time too. At White Collar Consultants we aim to have all our clients using cloud based systems to ease the burden of bookkeeping. Why not contact us for a free no obligation review of your business needs and how we could help.

 Internal Audit (IA)

An organisation (business, charity, public sector organisation etc.) may want to carry out an Internal Audit to assess the effectiveness of management, financial controls and governance processes with a view to improvement. The person(s) who undertakes the Internal Audit may be: • an employee of the organisation (larger organisations may have an Internal Audit department) • a suitably qualified external accountant engaged on a consultancy basis. The results and report from the Internal Audit are generally used internally by management within the organisation, unlike a statutory audit where the audit report and accompanying financial statements are intended for external users (shareholders, investors etc.).

 Business Plans (BP)

A business plan is a comprehensive report which could contain: • the organisation’s mission statement • a written report summarising the business plan • market research • budgeted expenditure and sales forecasts • budgeted profit and loss account • cash flow or funds flow statement.

 Computerised Accountancy Systems (CAS)

This area would include a consultant who demonstrates, installs or provides training of accountancy and accountancy related software. A consultant’s activities could include the set-up, supply and maintenance of: • accountancy software to produce financial or management accounts • payroll software • software for the calculation of a client’s tax liability.

 Company Secretarial Services (CSS)

In the context of a member in practice providing company secretarial services the duties may include some of the following examples: • filing Companies House forms and returns • maintaining the register of directors and secretary • issuing share certificates and recording transfers of shares • maintaining the register of members and debenture holders • arranging for charges to be registered and recorded in the register of charges • recording the minutes of board meetings.

 Value Added Tax (VAT)

VAT is the tax levied on goods and services at the standard rate, reduced rate or zero rate and does not include exempt goods and services. This classification includes the preparation of VAT returns, dealing with HMRC on behalf of a client, advising what VAT rate should be applied to the goods or services of the business. • an explanation of the principles of VAT • calculations of the VAT to be paid to, or receivable from, HMRC • advice on VAT planning.

 Personal Income Tax (PT)

Personal Income Tax is the calculation of an individual’s personal Income Tax liability taking into account relevant prevailing legislation and the taxpayer’s income arising from all sources including: • business • earned • savings and investments. This classification includes the completion of all relevant HMRC returns and will include the calculation of tax credits unless otherwise specified in the letters of engagement. • an explanation of the principles of Income Tax • calculations of their Income Tax due or repayable • advice on the mitigation of Income Tax.

 Business Income Tax (BT)

Business Income Tax is the tax liability on the profits/losses of a business, operated either by a sole trader or by partners under Income Tax legislation, as distinct from Corporation Tax. • an explanation of the principles of Business Income Tax • calculations of the Business Income Tax due • advice on Business Tax planning.

 Corporation Tax (CT)

Corporation Tax is the tax liability arising on the taxable profits of an incorporated business under the prevailing corporate tax legislation. • an explanation of the principles of Corporation Tax • the calculations of the Corporation Tax due • advice on Corporation Tax planning.

Capital Gains Tax (CGT)

Capital Gains Tax is the tax liability arising on the chargeable gains made by a taxpayer, their business(s) or a corporate entity. • an explanation of the principles of Capital Gains Tax • calculations of the Capital Gains Tax due • advice on Capital Gains Tax planning.

Inheritance Tax (IHT)

Inheritance Tax is the tax payable either on the advent of a person’s death, or at the time of making a chargeable lifetime transfer. • an explanation of the principles of Inheritance Tax • calculations of the Inheritance Tax due • advice on Inheritance Tax planning.