Anderson & Edwards Ltd

People often think that accountants and tax advisers are the same, but surprisingly, they are not!

Neither one is 'better' than the other*, and they both very much have their place within a business. Here’s what we think the key differences are: https://ae-ca.co.uk/news/whats-the-difference-between-an-accountant-and-a-tax-adviser/

*Kind reminder that this is not a competition between the two professions since our company represents both, plus we believe that both are equally important, don't we James, Dean? 😉

Is it time for class? 🔔 The introduction of VAT on some private school fees has been controversial. We've been answering questions about this recently and empathise with the headaches associated with it.

The immediate challenge for the schools at the centre of this change is to review and revise their accounting systems to handle something that will be an entirely new tax for many schools. Whilst the technicalities of VAT may be precise, private schools will need to ensure they can comply with the change in a very tight timescale.

Our Associate Director, Iain Harris, helps us understand the situation in more detail. Find out more about why the new VAT for private schools is taxing for the educational system: https://ae-ca.co.uk/news/why-the-new-vat-for-private-schools-is-taxing-for-education/

People often think that accountants and tax advisers are the same, but surprisingly, they are not! 🤔

Neither one is 'better' than the other*, and they both very much have their place within a business. Here’s what we think the key differences are: https://ae-ca.co.uk/news/whats-the-difference-between-an-accountant-and-a-tax-adviser/

*Kind reminder that this is not a competition between the two professions since our company represents both, plus we believe that both are equally important, don't we James, Dean? 😉

We've kept this one hush-hush for quite a while...👀

As our business and clients grow, it seemed like the perfect time to introduce a new member to the team. We're pleased to introduce the third chartered member of Anderson & Edwards - Iain Harris who joins the firm as Associate Director.
Managing Director Dean and Iain go way back - they studied ICAS together (we won't say how long ago). Not only is Iain a Chartered Accountant and Chartered Tax Adviser, he has a broad experience from a variety of roles in accounting, finance and tax – working both in accountancy practices and in-house for larger businesses.

As an accountant, Iain particularly enjoys working with growing businesses, helping to ensure they achieve a sustainable profit base that supports their progress. As a tax adviser, Iain’s main interest is in VAT – taking time to unpick the often bizarre and seemingly illogical rules that can cause unexpected tax losses - a skill that we already deem highly useful!
When he's not working, Iain spends his time running after a young family, cooking for family and friends, and hoping that at least one of the children will be keen on indoor climbing so he has an excuse for more trips to the climbing arena at Ratho.

"I am excited to join Anderson & Edwards as I share their commitment to their clients’ growth. Our clients’ success is our firm’s business and I look forward to working with them to develop their growth." - Iain

Join us in welcoming Iain to the team!

Do tax issues make you feel stressed or anxious?

To support , we're raising awareness of tax aid resources and some amazing organisations that help individuals with these specific concerns.

TaxAid offers free, confidential advice to vulnerable people on low incomes across the UK. Their volunteers include professionals from KPMG, PwC and Deloitte, and mainly help people to understand the bits of the tax system that apply to them (safely ignoring the confusing 98% that don’t), pay only the right amount of tax and help them resolve crises when things go wrong. Tax advice helpline: 0345 120 3779 (Mon – Fri: 9am – 5pm).

Tax Help for Older People provides free, independent, expert advice for people aged 60+ on lower incomes (£20,000 gross per annum or less). Their volunteer tax advisers are spread across the UK, with most of them currently practising or retired tax professionals, including retired HM Revenue and Customs staff. They recognise how difficult the tax system can be for older people who can’t afford professional advice and therefore use their skills to benefit the community. Advice can be given on any personal tax matter, large or small. Enquiry helpline: 01308 488066 (Mon – Fri: 9am – 5pm)

As always, don't hesitate with a tax issue that you're not sure how to solve - even if we can't help you, we'll try to point you to someone who can.

Find links to the above sites for tax aid resources in the comments below.

Mental Health Foundation

What's on your mind? Cashflow challenges in times of rising costs or retaining staff with benefits other than ‘donuts on a Friday’?
Since hearing similar headaches from all our clients, we want to offer some solutions. After all, that is why we write these monthly newsletters. Sign up before Friday to receive it: https://bit.ly/2XaqTsR

You could be spending thousands of pounds before your first customer. But losses aren’t always failures.
Did you know that new businesses with early losses might be entitled to receive tax repayments? Lots of people don’t realise it but these could help your business, especially when starting up.
To some owners, it’s a huge relief.
We explain how to make tax losses work for you: https://ae-ca.co.uk/news/tax-losses-for-new-businesses/

‘Where do I start?’ we hear new business owners ask.
There’s a good reason we wanted to be owners ourselves before helping clients with theirs.
From business plans to bank accounts, here’s what you need to know about getting your new venture on the go: https://ae-ca.co.uk/news/tips-for-setting-up-a-business/

WARNING - Prepare for chaos in your employer’s payroll department! ⚠

Irregular changes are happening next month. It’s not particularly bad news for everyone either. But, don’t say you haven’t been warned!

Find out what chaos is unravelling in this month’s newsletter: https://bit.ly/2XaqTsR

There are pros and cons to being a sole trader and a limited company. Each one has different reporting, legal and tax implications which need to be considered.
But which one is right for your business?
If you can’t decide, use our quick guide to help you get the lay of the land: https://ae-ca.co.uk/news/sole-trader-or-limited-company-you-decide/

Parties aren’t just for Christmas. Neither are annual tax-free party allowances.
If you didn’t get a chance to use your party allowance last Christmas (for reasons we all know why), don’t forget you make use of it throughout the tax year.
We give you the low down on what criteria needs to be met and how you can calculate it:https://ae-ca.co.uk/news/the-christmas-party-allowance-myth/

You may already know that we’re avid fans of Xero. It’s hard not to be, especially when 90% of accounting previously involved manual paperwork and tedious spreadsheet reconciling. 🧾

Oh, but that’s not all.

Are you maximising its use for all of your business? We give you the lowdown in this month’s newsletter AND an exclusive offer of 15% off art >> https://bit.ly/2XaqTsR 🎨🖼 [Sign up before Wednesday to receive it]

Bookkeeping is one of those things - it can either seem repetitive when it doesn’t mean anything to your business, OR it can be an absolute time-saver to your team and processes if done efficiently.

We want it to be in the second camp. Long gone are the days when we manually reconcile receipts - don’t do that to yourself.

Here are our 5 tips to instantly improve your bookkeeping: https://bit.ly/39hMQf9

The world of professional advice is daunting. There is a lot of jargon. It can be expensive AND you need to give information to a ‘stranger’ - someone you don’t 100% trust. 🧐

Understandably, we get a lot of nervous people on the other end of the phone throughout the year, especially if they are a tax advice newbie.

Don’t fret, we have got your back. 💪 Here are 3 things we think every tax advice newbie should know, and why you shouldn’t be embarrassed to be one: https://bit.ly/3k85CYv

There seems to be a misconception that Financial Directors ‘just deal with the numbers’. In fact, we’ll strongly argue it’s so much more than that.

Let’s settle this, shall we? In fact, here are three things that make a Financial Director’s role vital for every company: https://bit.ly/3DZhq8u

Give us the numbers, and we’ll give you the narrative. Try out our very own FD, Dean Anderson. Find him here:
📞 0131 364 4191
📧 [email protected]
🌐 www.ae-ca.co.uk

Others choose to sponsor football/rugby/hockey teams, we choose bowls.

What initially started out as James going along to the Dean Bowling Club Edinburgh for beers and the odd game turned into a liking for the sport and its friendly club members.

It has been 25 years since the ladies entered a team in the tournament (!!). They agreed they would enter a team again if they raised enough funds. So, to honour their comeback and what we think will be a win for them, we’re sponsoring the Club this season! 🏆🎉

Catch us at the Club this season as it starts on Saturday 23rd April and you might even see our logo on the t-shirts (as elegantly modelled by Lauren, Holly and Maggie).

📍 Dean Bowling Club, 18 Comely Bank Terrace, Comely Bank, Edinburgh, EH4 1AS
🌐 https://www.deanbowlingclub.co.uk/

Aside from having major ‘Stars In Their Eyes’ throwbacks (we’re showing our age), this month we’re all about meeting the ‘new you’.

✨ “Tonight Matthew, I’m going to be…[signing up to this cool accountant’s newsletter]”. ✨

Well, as you wish, read all about it and find out why there’s a new you in town. Newsletter drops this Thursday. >> https://bit.ly/2XaqTsR 📩

It’s probably no longer a secret, nor should it be. If we haven’t harped on about it enough, or if you haven’t yet heard about it - now is the time! 🚪

In fact, once you’re a member, so many new doors open up. Find out how to become a member of The Secret Network ➡➡ https://ae-ca.co.uk/services/the-secret-network/

With Dean being a recent new parent and James expecting his firstborn in May this year, we’ve been doing some research into tax-efficient products available for new parents.

Like with anything on the market, these are subject to change all the time, so we focus on what is currently available in Scotland: https://bit.ly/36Z1mr6

Remember to always speak to a financial advisor or Chartered Tax Advisor if you need any help picking the best options for you.

📞 0131 364 4191
📧 [email protected]
🌐 www.ae-ca.co.uk

Working with a friend? It’s not for everyone, but it seems to be working for James and Dean. After years of ‘Hive Till Five’ club nights during university, we now find ourselves building a business together and enjoying it too.

3 things that have helped us work and operate a tax and accountancy firm together: https://bit.ly/3D4F2s3

Whilst James and Dean fight over who is Batman and who is Superman, we’re (still) going on about how super-deduction allowances could be helping your limited company.

If you haven’t already considered how this relief will impact your tax profits/bill, then speak to your accountant/tax advisor and make a move on it.

The allowance expires on 31 March 2023 - so you may still qualify in the upcoming tax year. Read the blog to get your super(hero) on: https://bit.ly/3KF01E8 🦸‍♀️🦸‍♂️

It’s challenging to know what costs might qualify as ‘Research & Development’ (R&D). Like with any tax credit, certain rules apply. We’ll always make it our business to give you the full picture.

Oh, and he’s right, there are indeed different rules for SMEs and large companies.
Our Secret Network will be useful if you’re needing help with this. Read more from the latest blog: https://bit.ly/3p7cuZ7

📞 0131 364 4191
📧 [email protected]
🌐 www.ae-ca.co.uk

Before you start yawning at the thought of tax exemptions and tax returns at this time of year, we’ve got news for you. 🤓

It’s 3 ways you could potentially strengthen your tax position before the April 5th 2022 deadline. You’ve got just over a month! Thankfully, the newsletter drops tomorrow.

Sign up today to receive it ➡ https://bit.ly/2XaqTsR 📩

We finally got round to celebrating our 1 year of business with marketing partner Letitia Lam last week. 🥂

Personalised Anderson & Edwards hip flasks have now been added to our merchandise collection. The list only gets bigger!

By page 4, you will have learnt a thing or two…about puffins.

PLUS you might have found the solution to your business finances. Minimise the heavy-lifting of financial strategy/reports/bookkeeping/cashflow and find someone (professional) to do it!

Featuring our very own FD Dean Anderson. Find him here:

📞 0131 364 4191
📧 [email protected]
🌐 www.ae-ca.co.uk

Trust funds - you’ve probably heard about them in your standard families-fighting-over-inheritance dramas and movies (Succession).

Why is it so important to create a trust fund? Understand the benefits and conditions first before passing on your wealth (Logan Roy wealth level not required): https://bit.ly/34EGxA7

We’ve officially been in business for 1 full year!

There have definitely been many more highlights since day one, but here are some that come to mind:

🏢 Moved into our physical office on Alva St. - remember those?
🎉 Reached 100 clients in month 10 (the goal was 12 months)
Won our first business and video game clients
Significantly grew our brand and marketing activity (shout out to Letitia Lam)
Took on a discretionary trust client 2 months into trading - this was pretty cool!
🎙 Launched our first event - ‘The Ultimate Financial Checklist'
Started our own branded collection (which now includes a baby grow)

Thank you to everyone that has supported us in the last year. You got us here.

Now, what's next?

Jamie Edwards Dean Anderson