Established in 1993, Wilkins Southworth is a small friendly practice based in Barnes, South West London. As well as dealing with all aspects of accounting, auditing, personal tax and corporate tax, we also deal with offshore tax including domicile and residence. Our practice has an international aspect that means we have built up a bank of experience in dealing with Double Taxation Treaties and liaising with tax offices around the world.
|Address||10-12 Barnes High St|
|Phone Number||020 8878 3949|
From Our Website
After exploring the way the company had been structured by the company's previous firm of Chartered Accountants, we advised on a different tax structure. This entailed revising prior year accounts and restructuring the balance sheet. This resulted in a Financial Reporting Standard (FRS) 8 Prior Year Adjustment to the financial statements which increased the trading loss in the company for tax purposes by approximately 250,000 thus creating a tax loss to carry forward against future years profits and creating a tax asset of approximately 65,000.
We are situated in Barnes High Street, above the Sainsbury's Local supermarket, about three miles from Chiswick Bridge. Nearest Tube: Hammersmith; This is on the Piccadilly, District and Hammersmith & City Lines. Then hop on bus number 209, 283 or 485 to Barnes High Street. The bus stop is situated outside Sainsbury's in the High Street. The bus journey will take about 15 minutes. We are 25 minutes by taxi or you can take the Piccadilly Line to Hammersmith, then travel as above by bus.
On these pages you can find some anonymised case studies detailing how our our proactive and personalised approach can provide significant savings in tax liability for our clients.
It is significantly more important to plan for cash flow than for profits. But short of hiring men in heavy overcoats, what can you do to improve the flow of life-blood into your company? First, calculate your average customer payment time - your debtor days - by dividing your sales debts by your yearly turnover (including VAT). Ideally, this figure should be 1:12, meaning that your debtors take 30 days to pay, assuming constant sales throughout the year. Realistically though, this may be 3:12, meaning they take an average of 90 days.
When I left Pannell Kerr Forster's London office last May, after being an audit manager for four and a half years, to make a name for myself in the big wide world, the one good bit of advice I was given was 'never turn down a new client'. The next week I turned up at my new workplace - an extension to my house - and took up my position as chief bottlewasher, cleaner, audit clerk, filing clerk and, oh yes, partner. Work was advertised in the usual way and slowly but surely a variety of clients passed through our door - self-employed sub-contractors, small sole traders, individual capital gains tax problems, profit-related pay schemes and management accounts for a Russian telecommunications business with a US$2.3 million turnover.
The company was making a loss, however the director expected it to make significant profits in a few year's time. Upon review of the prior year's financial statements, we identified that 90,000 of revenue expenditure in respect of repairs had been misclassified as leasehold improvements, which they could not obtain tax relief for. We reclassified this expenditure from leasehold improvements to revenue expenditure via a Prior Year Adjustment to the financial statements, this meant that the company's losses were enhanced by 90,000.
Initially an aide-memoire covering crucial information about property ownership, sales, and tax liability, which will grow into a section of articles, updates and information. A loyal customer for 30 years, Chris Wilkins was approached for comment by a national newspaper for an article which appeared in the Personal Finance section of the Mail on Sunday and on the 'This is Money' website. How often have you seen a seemingly solid company go under - not because it hadn't a wealth of assets, nor because it was not making healthy profits, but merely because it had been caught by cash flow?
We get all of our new business by recommendation from happy clients - businesses and individuals just like you. Wilkins Southworth offer comprehensive personal and corporate accounting advice including specialist strategies and structures to reduce tax liability. Wilkins Southworth provide specialist personal and corporate tax advice with a proven track record in substantially reducing tax liability for our clients. From extensive corporate portfolios to individual investors, Wilkins Southworth offer comprehensive property accounting advice, including specialised strategies and structures to reduce tax liabilities.