• Merger of Banks Sheridan and Sammons & Co

    22 February 2017

    We are delighted to announce that as from 1 March 2017 Banks Sheridan will  merge with Sammons & Co.
     
    All at  Banks Sheridan extend a very warm welcome to Paul Sammons,  his team and  to all of his valued clients.
    Paul will become  a director of Banks Sheridan and will continue to look after his current clients and will be in a position to offer them a wider variety  of services and advice.
     
    The  merged practice will continue  as Banks Sheridan and operate from the current Banks Sheridan offices at Datum House in Crewe.

  • Christmas Delivery

    21 December 2016

    Emily Broomhall and Ben Clark deliver Christmas presents to the Children’s Ward at Leighton Hospital. 

  • Awards Evening

    05 December 2016

    Banks Sheridan celebrating with TWO finalists at the awards.

  • Supporting Local Charities

    28 October 2016

    Banks Sheridan are proud to support the local Scouts Group in order to raise funds towards their new hut.
     
    We have recently sponsored their Charity Dinner and Disco, which raised over £600.  This money will go towards the building works that are currently midflow.
     
    35th South West Cheshire Scout Group is situated in the village of Wistaston within Bluebell Woods near Joey The Swan.The Group owns and manages its present building and is a registered charity.  The grounds on which the building is located is owned by Wistaston Parish Council and leased from them.  The group is entirely self-funding and does not receive any financial assistance from District, County or National Scouting.
     
    The problem facing the Group is that the Scout HQ which was over 50 years old was in a very poor state of repair and has had to be demolished.  The group has since embarked on a very ambitious project to replace the old hut with a new state of the art building which will allow the group to expand and also be available for wider community use,
     
    Over £160,000 has been raised from generous funding by private individuals, local businesses, Cheshire East Council and some larger funding bodies and the children themselves.  The group is extremely grateful for every donation.  If anyone would like to assist in their quest to achieve the £180,000 target, please contact the group scout leader John Bennett gsl@wistastonscoutgroup.org.uk
     

     

  • Charity Cake Sale

    24 October 2016

    Cakes were baked and enjoyed by all of Jones Sheridan & Banks Sheridan staff, raising over £240 for Macmillan.

  • Apprentice of the Year Awards 2016

    13 October 2016

    Apprentices Brad Evans and Ben Clark are doing extremely well in their careers at Banks Sheridan and have both been nominated for the Apprentice of the Year Awards 2016.
     
    Brad joined us two years ago and has just qualified with as an Accounting Technician. His apprenticeship is coming to an end but he’ll continue to study for a full ACCA qualification in his new role as Trainee Accountant and Ben started with us last year and is currently working towards his AAT qualification through day release to South Cheshire College.
     
    Directors of Banks Sheridan wish both contenders Good Luck! 

     

  • Berkeley Primary School Donation

    29 September 2016

    A donation of £200 was made to Berkeley Primary School in Wistaston.  David Morris was accompanied by the firms newest apprentice, Mary Page. 

    David Morris commented “We are happy to help out local schools and maybe even see some of the children grow up to be budding accountants”.

  • Property Letting

    16 September 2016

    Understanding the new rules for buy to let Landlords.

    Download PDF Download PDF
  • Charity Event

    12 September 2016

    On Sunday 11th September two members of the Banks Sheridan team will take part in the Tough Mudder Charity event at Cholmondeley Castle.
     
    The Tough Mudder challenge is a 10 mile obstacle course in the mud. If you would like to see what Stuart and Emily are going to face then please follow the attached link
     
     
    Stuart and Emily are looking to raise money for a charity that has been set up in memory of a former client, The Arnold Haase Charitable Trust, which will use all funds raised for charitable youth projects in the Crewe area
     
    If you would like to make a donation or sponsor you can do so by using the link below:
     
     
     
    Thank you in advance for your support
     

  • Making Tax Digital

    17 June 2016

    In 2015 the government announced major plans to modernise the tax administration system by introducing digital services for tax. There are three main strands to these proposals, as follows:

    • Personal Tax Accounts for individuals and for businesses
    • quarterly digital reporting of income and expenditure by businesses, self-employed people and landlords
    • options for paying tax or setting off tax liabilities.
     
    These proposals are subject to consultation which will take place over the summer months but a number of you have asked us for information so we have set out below what we currently know about the changes.
     
    Personal Tax Accounts
     
    Personal Tax Accounts have already been created by HMRC. These accounts have been linked to HMRC internal systems so that they will be pre-populated with income and tax details that HMRC already hold. This includes employment income, PAYE and NIC and any state retirement pension. It is also intended that interest paid by banks and building societies will be included in Personal Tax Accounts in the future. Taxpayers will be able to report any additional sources of income through their Personal Tax Accounts in 2017.
     
    HMRC expect that with pre-populated information and taxpayers able to add in other sources of income, the Personal Tax Account will mean that a large number of taxpayers will not need to complete a tax return.
     
    Personal Tax Accounts are also being established for businesses and these will show an overview of the income tax or corporation tax, VAT and NIC details of the business. In order to show details of the income subject to income tax or corporation tax, details of the business’s income and expenses will be provided by a new quarterly tax accounting system.
     
    Quarterly tax accounting
     
    By 2020, most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HMRC at least quarterly through their Personal Tax Account. These changes will be phased in from 2018. These measures will not apply to individuals in employment or pensioners, unless they have secondary income of more than £10,000 per year from self-employment or property. It has not been confirmed whether charities and sports clubs will be included in these new rules.
     
    To meet these quarterly reporting requirements, taxpayers will be expected to use software or apps which compile day-to-day income and expenses and then feed the details directly into HMRC systems. HMRC will ensure that free software and apps are available but expects many businesses will use third party providers.
     
    By providing information quarterly, HMRC highlight that businesses will be able to see, in their Personal Tax Account, their tax position and any tax due in real-time.
     
    Tax payment changes
     
    HMRC has already started using real-time PAYE data to reduce under and overpayments by changing tax codes in-year. They are proposing to extend this through individuals’ Personal Tax Accounts to include other income, benefits-in-kind and the allocation of personal allowances. Tax arising on additional income which is small or regular will be collected through tax code changes whereas tax on larger or less predictable income sources can be paid online through the Personal Tax Account.
     
    Where individuals and businesses have more than one tax liability, they will be allowed to make a single payment by offsetting any amounts of tax owed against tax overpayments on other sources of income.
     
    The government also announced in the 2016 Budget that businesses, self-employed people and landlords, who are keeping their records digitally, will be able to adopt pay-as-you-go tax payments on a voluntary basis.
     
    Timeline - key dates
     

    By June 2016

    All small businesses and individuals will have Personal Tax Accounts

    Post June 2016

    Consultations on Making Tax Digital to be issued

    July 2017 - December 2017

    Personal Tax Accounts show tax liabilities in one place

    Accounting periods starting after:

     

    April 2018

    Quarterly updates for non-VAT registered self employed businesses and landlords

    April 2019

    Quarterly updates for VAT registered self employed businesses

    April 2020

    Quarterly updates for companies

     
    The government set out a timeline for the implementation of Making Tax Digital in December 2015 but some of the deadlines have already slipped and may change in the future.
     
    What we don’t know
     
    There are still a lot of areas where we do not have details of what these measures will mean or require taxpayers to do. Examples are:
     
    • how partnerships will report
    • how quarterly reporting will be reconciled with the annual taxable profits for businesses taking into account capital allowances, adjustments for the private use of assets etc
    • how soon agents will have full access to their clients’ digital tax information.
     
    We hope that these questions will be answered when the consultations have been concluded and reviewed.
     
    How we can help you
     
    Please note that, at the moment, you do not have to do anything in respect of these developments. If you do want to access your Personal Tax Account you may need to verify your identity. You can find details at:  www.gov.uk/personal-tax-account. If we are your tax agents, we cannot currently access the account on your behalf. 
     
    Please be assured though that we will continue to assist you with your tax affairs and we will keep you informed of developments in the Making Tax Digital project.
     
    Please speak to us if you have any questions regarding Making Tax Digital.

  • Expenses exemption to replace dispensations from 6 April 2016

    02 June 2016

    In the past, many businesses have applied to HMRC for dispensations. Dispensations have allowed expenses and benefits to be provided to employees without being included on a P11D or subject to PAYE and NIC. A dispensation was only given where HMRC were satisfied that the employee would have been entitled to full tax relief on that payment or benefit. 

    A change

    From 6 April 2016 businesses will no longer be able to apply for a dispensation and all existing dispensations will come to an end. Instead, a new exemption will be introduced which effectively means that businesses will not have to pay tax and NIC on paid or reimbursed expenses payments or put them on a P11D. The exemption is subject to the condition that the business satisfies itself that the employee would be entitled to full tax relief on that payment or benefit.

    The main types of expenses to which the exemption applies are:

    • travel and subsistence expenses
    • fees and subscriptions
    • business entertainment expenses. 

     

    All other non-allowable expenses will still be reportable on a P11D and/or subject to PAYE (and possibly NIC). Employees will still be able to claim tax relief in respect of unreimbursed business expenses.

    The new exemption does not apply to expenses or benefits provided under a relevant salary sacrifice arrangement. This includes any arrangement where an employee gives up the right to receive earnings in return for tax free expenses payments or where the level of their earnings depends on the amount of any expenses payment.

    Consequences of the change

    In the past, HMRC were prepared to include some payments in dispensations which were reasonable but perhaps not strictly in accordance with the law. However, this will not be the case going forward.  

    In addition, tax rules are not simple. For example, HMRC’s guidance on the rules on tax relief for travel and subsistence costs is 70 pages long. If HMRC conducts a compliance visit which determines that some payments are not exempt, the business may be subject to P11D penalties or be responsible for the payment of arrears of tax, NIC, interest and penalties.

    Scale rates

    As part of these changes, a second option is introduced, which allows amounts based on scale rates to be paid or reimbursed, instead of the employee’s actual costs. The rates that can be used are either HMRC approved figures or figures specifically agreed with HMRC in writing.

    We have attached an appendix of the HMRC approved figures. These only cover meals purchased by an employee in the course of business travel. If the business wants to pay bespoke rates for other types of expense, it can apply to HMRC. HMRC have issued a specific form:

    www.gov.uk/government/publications/paye-employer-expenses-and-benefits-exemption

    Authorised mileage allowance payments (AMAPs) are scale amounts that employers can pay to employees using their own vehicle for business travel. For cars and vans, the scale rate is 45p per mile for up to 10,000 miles in the tax year and 25p per mile above this. AMAPs are a separate statutory regime and therefore do not come within the new exemption regime.

    Important points to note about scale rates

    Employers must operate a system for checking that the employee is incurring and paying amounts in respect of expenses of the same kind and that tax relief would be allowed. HMRC have issued guidance on what checking systems they will expect employers to operate and these are also attached as an appendix.

    What to do now

    The new system means that you may have to change what you have been paying or reimbursing your staff and/or apply to HMRC for new rates. The changes are not simple, so we suggest you review your dispensation as soon as possible and contact us if you are unsure as to how the new rules will affect you.

    If you would like to discuss any of these changes or would like help with applying to HMRC for new scale rates, please do not hesitate to contact us.

    Appendix 1 Approved scale rates

    Meals purchased by the employee in the course of qualifying travel can be reimbursed as a round sum as follows:

    • one meal allowance per day paid in respect of one instance of qualifying travel, the amount of which does not exceed:

     

    a    £5 where the duration of the qualifying travel in that day is 5 hours or more;

    b    £10 where the duration of the qualifying travel in that day is 10 hours or more; or

    c    £25 where the duration of the qualifying travel in that day is 15 hours or more and is on-going at 8pm.

    or:

    •  an additional meal allowance not exceeding £10 per day paid where a meal allowance in sub-paragraph (a) or (b) is paid and the qualifying travel in respect of which that allowance is paid is on-going at 8pm. 

     

    ‘Qualifying travel’ means travel for which tax relief is available.

    More guidance is at https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim30240 

    Appendix 2 HMRC guidance of checking systems

    The following are extracts from HMRC guidance.

    Where an employer applies a checking system that fits one of the following models HMRC will accept that the requirements of the exemption are met.

    Checking systems may vary depending on the size of the employer’s workforce and the proportion of that workforce who travel regularly in the performance of their duties. Employers will need to be able to demonstrate that the system that they use checks a representative sample of their employees’ travel claims sufficiently frequently to allow them certainty that their processes are working, that they only pay claims on qualifying occasions, and that the amount that they pay reasonably reflects the costs that employees are actually incurring.

    These models are not prescriptive and employers may choose to put a different system in place. Alternative systems which demonstrate that payments are only made to employees which would be eligible for a deduction, and that employees are actually incurring an expense will still meet the requirements of the exemption. 

    Model C – Small employer

    Small employer with less than 100 employees who regularly travel in the duties of their employment. Employer pays benchmark rates

    Employer checks a random 10% of all claims. Checks to be independently checked and authorised, and vouched by reference to employee diaries, work schedules and time sheets to confirm that employees were travelling in the performance of their duties on the date of the claim, and receipts to demonstrate that employees had in fact incurred costs whilst travelling. Employees should be aware that they might be subject to review at any time, and not be given notice that any particular claim will be subject to review. 

    The employer will have to be able to satisfy HMRC that their 10% sample really is a random one - for example, every 10th claim received. HMRC will accept the evidence produced by such an exercise as being random for the purposes of confirming that employees meet the qualifying conditions for payment of the scale rate. 

    Employees required to retain receipts for a period of twelve months from the date of expenditure.

    Model D – One man company

    Single employee of a one man company working at a series of temporary workplaces. Claiming benchmark scale rates.

    Employee maintains diary and time sheet to confirm occasions when travelling in the performance of duties and retains receipts for one week every month in respect of subsistence costs. An independent third party performs regular monthly checks to confirm that the relevant conditions for the exemption were met on each occasion. Checks are performed at random and the employee does not know in advance which journeys will be checked.’

    https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim30275

     

     

  • Register of people with significant control

    25 May 2016

     

    From 6 April 2016 all companies are required to keep a register of people with significant control (PSC register) and, from 30 June 2016, file relevant information at Companies House. This requirement is in addition to those in respect of existing registers. 

    The requirement to keep a PSC register has been introduced with the objective of increasing transparency over control and ownership of UK companies. However, this places additional obligations on companies, their officers and the people with significant control over them.

    What are the requirements?

    A number of amendments have been made to the Companies Act 2006, principally by the Small Business Enterprise and Employment Act 2015.

    These amendments introduce a number of additional requirements on companies, effective from 6 April 2016. These new requirements include:

    • taking reasonable steps to find out whether there are people with significant control (PSCs);
    • contacting people identified as relevant, or others who may know them, to confirm whether they are a PSC;
    • obtaining or confirming relevant information to put in the PSC register;
    • putting information obtained into the PSC register; and
    • keeping the PSC register up to date.

    For companies incorporated prior to 30 June 2016, when the company completes its first Confirmation Statement (the replacement for the annual return), the company’s PSC information will also need to be entered. Though the company’s own register must be kept up to date, changes are recorded annually at Companies House using the Confirmation Statement.

    Companies can elect to hold their own register at Companies House instead and update this register in real time.

    What is meant by a PSC?

    A PSC is defined as an individual that:

    • holds, directly or indirectly, more than 25% of the shares or voting rights in the company; or
    • holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company; or
    • has the right to exercise, or actually exercises, significant influence or control over the company; or
    • where a trust or firm would satisfy any of the above conditions, any individual that has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm. 

    Whilst many companies will find the identification of PSCs relatively straight forward, where for example the company is part of a group or where there are agreements to vote or exercise rights jointly, different rules apply for the information required to be obtained, confirmed and recorded on the PSC register.

    What information is required to be kept on the register?

    From 6 April 2016, the PSC register must be kept, and it cannot be blank! Where, for example, a company is in the process of obtaining information, a specific statement is required by law to be made in the PSC register.

    The particulars of a relevant individual that are required to be obtained and confirmed for inclusion in a company’s PSC register include:

    • their name;
    • a service address;
    • the country, state (or part of the UK) in which the PSC usually resides;
    • their nationality;
    • their date of birth;
    • their usual residential address;
    • the date on which the individual became a PSC in relation to the company (6 April for existing companies);
    • the nature of the PSC’s control over the company; and
    •  any restrictions on disclosing the PSC’s information that are in place. 

    A specific statement is also required in the PSC register if you believe the company has no PSCs.

    Do PSCs have any obligations?

    There are a number of legal obligations on a PSC. For example, a relevant individual that does not respond to requests for PSC information may be committing a criminal offence. A company is also entitled to apply restrictions to shares or rights in the company held by the individual who is not responding.

    Is information held on the PSC register publicly available? 

    Where a company keeps its own PSC register an individual or organisation with a proper purpose may obtain access or a copy of the PSC register; though not information relating to a PSC’s residential address.

    Information provided to Companies House will form a central PSC register that will be publicly available, subject to certain redactions.

    What happens if the company does not comply with the new requirements?

    Failure to comply with the requirements of the PSC regime could lead to the company or directors, or identified PSCs committing a criminal offence. The company and its directors could face a fine or imprisonment or both. 

    Is further guidance available?

    The Department for Business, Innovation and Skills has issued a significant amount of additional information in the form of summary, statutory and non-statutory guidance in this area. This guidance contains, for example, further detail of the requirements and processes involved at various stages of keeping the PSC register, official wording for entering on the PSC register and example notices relating to obtaining and confirming PSC information.

    The guidance can be obtained from www.gov.uk/government/organisations/companies-house.

    How can we help?

    These changes may give rise to a complicated set of initial and ongoing obligations for you and your company.

    If you would like to discuss these new requirements in more detail, or require assistance with this or other company secretarial requirements please contact us.

  • The Budget 2016

    18 March 2016

    George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016.

    In his speech the Chancellor reported on ‘an economy set to grow faster than any other major advanced economy in the world’.

     

    Towards the end of last year the government issued the majority of the clauses, in draft, of Finance Bill 2016 together with

    updates on consultations. Publication of draft Finance Bill clauses is now an established way in which tax policy is developed, communicated and legislated.

     

    The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply immediately, others in April 2016 and some take effect at a later date.

     

    Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please do not hesitate to contact us for advice.


  • 2015 Autumn Statement

    26 November 2015

    On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review.

     

    His speech and the supporting documentation set out both tax and economic measures. Our summary concentrates on the tax measures which include:

    • changes to the prospective Tax-Free Childcare scheme
    • reversal of most of the tax credit proposals
    • retaining the 3% diesel supplement for company cars which was to be abolished
    • the introduction of an apprenticeship levy
    • proposals to restrict tax relief for travel and subsistence expenses for workers engaged through employment intermediaries
    • the introduction of a payment on account of any capital gains tax due on the disposal of residential property
    • the introduction of higher rates of Stamp Duty Land Tax on purchases of additional residential properties.

     

    In the Budgets in March and July the government announced various proposals many of which have been subject to consultation with interested parties. Some of these proposals are summarised here. Draft legislation relating to many of these areas will be published on 9 December and some of the details may change as a result.

     

    Our summary also provides a reminder of other key developments which are to take place from April 2016.

     

    To read our summary click here

  • Banks Sheridan's 34 mile trek adds up to money raised for charity

    17 November 2015

    A team of ten from Banks Sheridan, including Directors Stuart Banks, Darren Walley and David Morris, took part in a gruelling 34 mile walking challenge and raised £3,432.35. This amount has been donated to Cardiac Risk in the Young (CRY), a charity dedicated to preventing young sudden cardiac death through awareness, screening, research, and provide support for affected families.

    Banks Sheridan adopted CRY as its chosen charity in memory of local man Dan Hughes, who tragically died suddenly, in his sleep in March of this year, aged just 28. Dan was a great friend of Banks Sheridan accountant Nathan Shaw, who together with other friends of Dan, have been raising funds for CRY throughout 2015.

    Banks Sheridan’s aim was to collect £2,000 to add to fundraising totals already accumulated in Dan’s memory. Ten members of the Banks Sheridan team looked to complete the 34 mile Sandstone Trail, which runs from Frodsham to Whitchurch, in one day.  On the day of the walk, it soon became apparent that they would beat that amount thanks to the generous donations made by clients, colleagues, family and friends.

    Banks Sheridan Director David Morris said: “Everyone in the office has been involved in the effort to raise money for CRY. I am delighted at the sum of money we have managed to collect; it is a fantastic achievement by all concerned in the organising and fundraising. It has been humbling to see the commitment, dedication and enthusiasm required in undertaking such an event for our chosen charity.

    We were all very saddened on hearing the news of Nathan’s friend Dan, and were only too happy to be able to do something positive at a time like this.   We are hugely grateful to all our clients and contacts for their generosity by helping us raise over £3,400."

    Chief Executive and Founder of CRY, Alison Cox MBE added; “On behalf of all of us at CRY, I would like to say a huge “thank you” to Nathan and his colleagues for organising this unique event to raise funds in support of our ongoing work to prevent the incidence of young sudden cardiac death.

    “We are hugely grateful for the generosity and support of the public which allows us to continue funding our pioneering screening, awareness, research and bereavement support programmes. I’m always bowled over by the lengths that people will go to in aid of CRY and challenging walk is no exception!

    “As is so often the case, a personal link to CRY and the tragedy of young sudden cardiac death has been the driving force behind this initiative. It takes great courage and determination for anyone who has been affected by young sudden cardiac death to be able to see beyond their own situation and to want to raise funds for CRY. I find it very humbling that despite their own experience, bereaved families, friends and local communities are still able to support us through such tremendous fundraising efforts.”

    Every week, 12 apparently fit and healthy young (aged 35 and under) people in the UK die suddenly from a previously undiagnosed heart condition - a statistic that is believed to be a conservative estimate. In 80% of these cases, there will have been no signs or symptoms of a heart defect until it is too late, which is why CRY believes screening is so vitally important (particularly for those involved in regular, physical activity). Indeed, the charity now tests around 20,000 young people each year, aged between 14 and 35.

  • Help Banks Sheridan Step Up With Sandstone Trail Charity Walk

    18 August 2015

    As part of our 10th anniversary celebrations, Banks Sheridan is aiming to undertake a number of activities looking to raise much needed funds and create a greater public awareness for a number of local charities.

    Over the last decade we have worked in the local community and would like to give something back. This is just one way of saying thank you to those who have supported us.

    Our staff decided to start this off by taking on a mammoth challenge of walking the full length of the Sandstone Trail in just one day. This is a 34 mile hike from Frodsham to Whitchurch, which hopefully will take about 13 hours.  Ten members of the Banks Sheridan team are in hard training and practicing their blister treatment techniques in readiness for the walk, which happens on 4th September 2015.

    Our first charity was easy for us to choose. Nathan Shaw, one of the Banks Sheridan accountants, tragically heard in March of this year that one of his best friends, Daniel Hughes, died suddenly in his sleep aged just 28.  Dan passed away without any warning, breaking the hearts of his family, friends and all those that knew him.
     
    In memory of Dan, Nathan and a number of friends will cycle from Wembley Stadium to the Britannia Stadium over 2 days to raise money for the charity CRY (Cardiac Risk in the Young). We all felt the desire to support Nathan by raising funds and creating a greater awareness of the charity linked to the condition which unfortunately had such tragic consequences for Dan.
     
    Every week in the UK alone 12 fit and healthy young people die suddenly from undiagnosed heart conditions. CRY, a charity chosen by Dan’s family, help to prevent young sudden cardiac death through awareness, screening and research, and also provide support for affected families. Please check out the following link for more details on this charity - www.c-r-y.org.uk
     
    Our target is to raise £2,000 by way of sponsorship of our Sandstone Trail walk to add to the funds raised by the cycle ride for a subsidiary of CRY in Dan’s name so that the money raised can be spent locally.
     
    We understand that sponsorship requests circulate regularly but whatever you can spare will be hugely appreciated by us all.
     
    We will be sending out sponsorship details, alternatively you can sponsor us via Virgin Money Giving by following this link: http://www.virginmoneygiving.com/SomeoneSpecial/Dan.Hughes or telephone us on 01270 530970 or email your support to enquiries@banks-sheridan.co.uk

    Many thanks in advance for any donations made.
     

  • Banks Sheridan's Second Recruitment Drive Of 2015 Adds Up to More Staff

    18 August 2015

    Banks Sheridan has just recruited two new members of staff, only months after its last recruitment drive early in 2015.

    “We’re delighted to welcome Liz Faulkner in the role of Client Manager and Sharon Surman as Office Manager to the Banks Sheridan team,” says Managing Director of Banks Sheridan, Stuart Banks.

    “This year is proving to be a particularly successful one for our firm, as our recent intake of two new staff members follows the three individuals we recruited in January. And to make it extra special, all this is taking place during our 10-year anniversary of being in business.”

    With modern offices on Crewe Business Park, Banks Sheridan has continued to grow since its launch in 2005 and today provides accountancy, audit and tax advisory services to businesses of every size, across Cheshire, the North West and the UK.

    “Both Liz and Sharon bring a wealth of experience and specialist skills to the firm which will no doubt benefit our clients enormously,” Director Stuart Banks comments.
    “Liz is a qualified Accountant with nine years’ experience and Sharon is an experienced Office Manager with a finance and insurance background.

    “In addition to the great news we’ve been able to recruit once again during our tenth anniversary year, it’s a bonus we’ve been able to employ talented individuals from the local area and support our immediate community in the process – Liz is from Newcastle Under Lyme and Sharon lives in Wistaston.”

    The accountancy firm has now taken on five new staff members since the start of 2015, having already recruited an Accounts Apprentice, Trainee Accountant and Outsourced Services Leader back in January.

    Stuart Banks adds: “As our team grows, so does the number of services we can offer our clients. We now provide a range of specialist services such as Auto Enrolment, support for UK subsidiaries of overseas companies and corporate finance, as well as more general accounting, tax, audit and business advisory services.

    “We’ve celebrated our anniversary year in fantastic style so far, with two big recruitment drives. We won’t stop now and we very much hope to recruit again before the end of the year.”

    To find out more about what Banks Sheridan provide, visit

    http://www.banks-sheridan.co.uk/whatwedo/audit-and-accountancy

  • Banks Sheridan Celebrate 10th Anniversary

    03 August 2015

    Banks Sheridan is marking its 10th anniversary this year, celebrating a decade of successful business.

    Since August 2005, Banks Sheridan has been providing professional services to businesses and individuals across Cheshire and the UK.

    From our offices on Crewe Business Park, Banks Sheridan has grown significantly over the past 10 years and now works closely with clients ranging from sole traders through to multi-million-pound corporates in the local area and beyond.

    “Working alongside my fellow directors Darren Walley and David Morris, in 10 years, the firm has established its presence at the centre of the local business community and we are looking forward to continuing to expand to meet the needs of local companies and organisations,”

    “The firm has come a long way in the last decade as our client base has grown, so have our staff numbers and it is so exciting to think what the next 10 years hold for our company,” says Banks Sheridan Managing Director, Stuart Banks

    Stuart further commented “Today we still work with numerous clients who’ve been with us since the outset, growing as we’ve grown over the years. In fact, it’s really rewarding to note the loyalty of both our clients and staff, and to reflect on how many have stayed with us for so long.

    “Indeed, to mark our anniversary in 2015, we started the New Year by employing three new members of staff and have recently recruited another two members to the team.”

    Fellow Director Darren Walley adds “As a result of our growth over the years, we’re now able to offer clients a wide range of facilities that include auto enrolment and business advisory services in addition to the usual audit, accounting and tax services.”

    As part of this year’s anniversary celebrations, the firm is making plans for further growth during 2015.
    Director David Morris says: “This year has started brilliantly for us and we’re determined to make sure it continues that way!

    “We have already taken on new staff and started acting for more new clients in 2015 and plan to grow the company further over the course of this year and into the next 10 years.

    “The local community is at the heart of all we do and we look forward to working closely with more businesses and individuals from the region – and of course, from further afield too – as well as the prospect of hiring locally again soon.”

  • Banks Sheridan Warn Employers To File P11D Forms On Time

    14 June 2015

    Banks Sheridan is warning companies across Cheshire and Staffordshire to file their P11D forms on time and to ensure the details submitted are correct.

    “End-of-year expenses and benefits form P11D has to be filed for employees who earned £8,500 or more during the tax year ending 5 April 2015,” explains Banks Sheridan Director, David Morris.

    “All employers must complete and submit an accurate P11D form for every employee who’s had any benefits or expenses over the course of the last tax year, with all the details relating to these benefits or expenses – or face a penalty.”

    The deadline for filing P11D forms is 6 July 2015, and Banks Sheridan is warning employers to start now as the process of gathering all the necessary information can take time.

    David Morris comments: “It’s so important that the information employers put on the P11D forms is completely correct and that the forms are filed no later than 6 July. This is not as easy to do as it may sound as these forms are complex and require a great deal of data, which can take a while for employers to establish.

    “This is why we’re encouraging all firms to begin compiling these forms today and not to leave it to the last minute.”

    HMRC may charge companies a penalty for the wrong information on P11D forms or for filing the forms late.

    “Every expense or benefit has to be calculated on an individual basis, and for each and every employee,” adds David.

    “A number of our clients struggle to complete these forms every year, and our professional accountants are able to assist them to ensure their P11D forms are filed accurately.

    “We’d advise employers not to be tempted to simply put the same details down that were on last year’s forms, even if you think nothing much has changed. Always check the details carefully as mistakes cause delays and can result in big fines.

    “The forms are very detailed and it’s easy to overlook certain sections, which means the forms will be rejected by HMRC. For example, when it comes to company cars, you need to be careful. If the car was available in the previous tax year then the ‘from date’ box should be left empty and if the car will be available in the next tax year then the ‘to date’ box should be left empty – this catches a lot of people out, who wrongly put the dates of that tax year down to show the car was available throughout the year.

    “It’s worth taking the time to get these forms right.

    “If you do need some help compiling your P11D forms, we’d strongly recommend speaking to your accountant to make sure the forms are completed accurately and on time.”

    To find out more about the business tax services Banks Sheridan provides and for assistance with P11D forms, call 01270 530970 or Email enquiries@banks-sheridan.co.uk

  • Couples Urged To Register For New Tax Break

    20 March 2015

    Banks Sheridan is encouraging couples who are either married or in a civil partnership to check whether they are entitled to register for the new married couple’s tax allowance.

    Referred to by the Government as the Marriage Allowance, registration for this new tax break is now open and the spouse or partner with the lower income can register at www.gov.uk/marriage-allowance  It is estimated that more than four million married couples and 15,000 civil partnerships will be eligible when it comes into effect from 6 April 2015.

    “This is fantastic news for married couples and those in civil partnerships in Cheshire and Staffordshire, as it offers a potential tax saving of up to £212 a year,” explains Banks Sheridan director, David Morris.

    To be eligible for the Marriage Allowance, the individual making the claim must earn less than £10,600 and their higher earning spouse or civil partner earn between £10,601 and £42,385.  This does exclude those with earnings outside of these amounts and unmarried couples.

    David Morris comments: “The new Marriage Allowance has been designed to help couples not considered as high earners to keep more of the money they earn by allowing the transfer 10% of the personal tax allowance to their spouse or civil partner. This equates to £1,060 for the 2015/16 tax year, which could save up to £212 on this year’s tax bill.”

    “Registration is very straight forward”, adds David Morris “and from 6 April this year, HMRC will contact those already registered and if eligible, issue new PAYE tax codes. But don’t worry if you haven’t applied straight away as registration can take place at any time during the tax year and still receive the full allowance.”

  • Be Prepared For Auto-Enrolment

    06 March 2015

    Banks Sheridan is forewarning small and medium sized businesses across Cheshire and Staffordshire to get prepared for Auto Enrolment.  Between February and May ‘The Pensions Regulator’ is sending letters to all employers that haven’t staged and have a legal duty to do so.  The letter states the ‘staging date’ and asks the employer to nominate a ‘key contact’.

    Banks Sheridan director, David Morris explains: “this letter is very important and must be kept safely as it contains crucial reference numbers. The ‘staging date’ is when the employer’s duties to make pension contributions into the employee’s scheme become active. The ‘key contact’ is responsible for managing the process on behalf of the company and can be someone within the organisation or external, such as the accountant.”

    Auto Enrolment has been designed to encourage more individuals to start saving for retirement by making employers and the government (by providing tax relief) contribute alongside employees into a workplace pension.

    David Morris adds: “amongst the largest pension reforms in more than a century, Auto Enrolment represents a great deal of work for employers who now need to find the time as well as administrative and cash resources to meet their responsibilities.”

    Staging dates have generally been introduced in an order based on businesses with higher numbers of employees. In 2015, about 45,000 companies are lined up to auto enrol staff. This increases to an average of 50,000 per month in 2016 but with an estimated 1.2 million employers due to stage over the next three years the ability of employers and pension providers to meet these commitments will be tested.

    David Morris comments: “It’s vital for all firms in the local area to make sure they are ready for their staging date. Every employer has a date, which is now set and it’s best to give yourself plenty of time and put plans in place now – this way, you’ll avoid penalties too.”

    “Ideally, we’d recommend companies plan a year ahead of their staging date as there’s a lot that needs to be done before auto-enrolment can start. Employers must assess: staff eligibility for Auto Enrolment, the best computer software and which pension scheme will work best for them and their staff.”

    “There is a myriad of compliance rules to follow and those businesses who don’t prepare now and aren’t ready for Auto Enrolment face an initial £400 fine and the risk of further escalating penalties. The Pensions Regulator has already issued fines to employers failing to comply with their Auto Enrolment duties – and we want to make sure this doesn’t happen to companies in Staffordshire and Cheshire.”

    David Morris concludes: “there is a strict obligation on companies to ensure their staff is correctly assessed and the right amount is paid into the pension scheme on time; employees need to do nothing.”

    To find out more about the Auto Enrolment services Banks Sheridan provides, http://

    www.banks-sheridan.co.uk/whatwedo/auto-enrolment.php

  • Banks Sheridan Celebrate The New Year With New Staff

    08 January 2015

    Banks Sheridan is celebrating the start of 2015 by taking on three new members of staff.

    “In celebration of the fact Banks Sheridan is growing, both in terms of the number of clients we act for and the services we offer, we have employed three new professional staff members to join our team,” says Banks Sheridan Director, Stuart Banks.

    “It is really exciting to have Sian Knight as our new Outsourced Services Leader, Charles Bracegirdle joining us in the role of Trainee Accountant and Bradley Evans as an Accounts Apprentice.  All three individuals are highly professional and have a great deal to offer our clients. It is also great that we have been able to fill all the positions with talented individuals who live nearby, which will help in our continued support of the local community.

    The new recruits joined the firm in its office on Crewe Business Park to assist in the provision of accounting and tax services for both companies and individuals.

    Sian Knight brings more than 12 years of financial experience to her new role as Outsourced Services Leader at Banks Sheridan.

    “I will be supervising payroll services for clients and, as shortly every employer must automatically enrol employees into a workplace pension, I will also be helping to ensure we meet the needs of all clients in this area” Sian Knight says.

    “Both AAT and CIMA qualified, I have a wide range of experience of many aspects of accounting and management accounting, payroll, staff management, system control and process development – experience which I know will really allow me to do a good job in my new role.”

    Recent Durham University graduate Charles Bracegirdle comments: “I’m so happy to have the opportunity to work for Banks Sheridan as a Trainee Accountant. As well as helping with company audits, accounts preparation for small businesses and personal tax services, I will be studying for the Chartered Accountant qualification which means I will really learn quickly both at and away from work.

    “In early 2013, I did some work experience for Banks Sheridan, organising the accounts of a sports club using SAGE accounting software. The records had been neglected for a few months and required reconstructing to reconcile bank statements using incomplete records – it was an important lesson in why good record keeping matters. I really enjoyed this experience and it convinced me that I wanted to be an accountant at a progressive, forward looking firm.

    At 19, Bradley Evans is the youngest of the trio to join the accountancy firm in the position of Accounts Apprentice.

    He says: “Although I’ve only been here a short amount of time, it’s been great working with my new colleagues, studying for my exams and learning on the job.

    “Among my responsibilities are accounts preparation and Self-Assessment tax returns, which I can do with help from colleagues – everyone is so supportive and I feel like I’ve learnt lots already.

    “At the moment, I’m studying towards my Level 3 AAT qualification and next year I’ll complete Level 4 before going on to sit the professional exams and become a fully qualified accountant.

    “It’s brilliant to be able to stay local and progress my career. I live in Crewe and studied my A Levels at South Cheshire College, so it’s a real bonus that Banks Sheridan is so close to home.”

    Stuart Banks adds: “I’ve no doubt that Sian, Charles and Bradley will be fantastic additions to our company and am looking forward to working with them in the longer term.

    “Although they have only just started, it feels like they’ve been with the company for a long time – they are already providing services of an extremely high standard to our clients and have fitted into the team brilliantly.

    “It’s fantastic to be starting 2015 on such a high, having taken on three new members of staff. We are now able to offer our clients even more as a result.”

  • Banks Sheridan Take Part In Christmas Jumper Day

    14 December 2014

    Banks Sheridan has taken part in this year’s Christmas Jumper Day in aid of Save the Children, raising £50 for the charity.

    “We wanted to take part in the Christmas Jumper Day and we are proud of how much we have raised as a result of wearing our Christmas woollies for the day.  It has also been a great opportunity to switch from the usual office suits” said Banks Sheridan Managing Director, Stuart Banks. 

    “It is great to have been a part of this year’s festive event for Save the Children, which is a fantastic charity and a worthy cause” added Director, Darren Walley.  “We have all enjoyed ourselves in the process and laughed at each other’s jumpers, some are even home-made!”

    Save the Children supports children around the world, fighting for their right, supporting them through emergency aid, education programmes, ensuring access to better healthcare, child protection or by tackling poverty.

    “As accountants, we also greatly appreciate the transparency of Save the Children’s work and the high standard it maintains and the massive amount of good that will come from the money raised by Christmas Jumper Day alone,” highlighted Darren Walley.

  • Autumn Statement Wishes

    27 November 2014

    The Chancellor will make his Autumn statement on 3 Dec and as a leading accountancy firm based in Crewe, dealing day to day with clients looking to grow their businesses we are hoping that the Chancellor does not make any announcements that could de-rail the fragile growth in the economy.  In particular we are looking for confirmation that significant capital projects will go ahead and that there will be no new taxes or other burdens on employment.

    Furthermore, we became a Growth Voucher Adviser in 2014 and we have been able to help clients gain £2,000 government match funding to help them with their growth plans.  We are therefore hoping the chancellor will extend this scheme and look to provide more initiatives like Growth Vouchers to promote SME growth.

    In addition, to help with further growth in this area we would like to see an expansion of business enterprise zones to include sites in both South Cheshire and North Staffordshire www.enterprisezones.communities.gov.uk.

    We would also like to see more action on business rates from the Chancellor, more relief from business rates especially for SME’s operating from town centre locations would help regenerate town centres like Crewe.

    Turning to tax and National Insurance we would like to see some reform to National Insurance.

    Whilst income tax starting thresholds have been raised to £10,000 and going to be again, it is disingenuous to say this is the starting level of tax when National Insurance kicks in at £7,956.

    Rather than further increases in the starting level of income tax, it would be better for the starting level of National Insurance to be increased, for both employees and employers.  This will then benefit the low paid and employers.

    We would also like to see reductions in employers NI contributions through the expansion of the Employers Allowance scheme (currently £2,000) – this has been a success and particularly helps small businesses.

    I know HS2 is the hot topic and we welcome the plans for Crewe but would like to see the Government put funding plans in place now to maximise the opportunities HS2 presents for the whole area.

    For accountancy advice or to find out more about the business advisory services offered by Banks Sheridan, you can contact us on 01270 530 970.

  • Helping Local Businesses Grow With Government Funding

    26 September 2014

    Banks Sheridan has become an accredited Growth Voucher advisor and is now able to offer local businesses up to £2000 worth of match funding for strategic finance and cash flow advice.

    “We’re absolutely delighted to have become Growth Voucher advisors as it means we’re able to help businesses grow further – for a smaller cost,” explains one of the Banks Sheridan partners, Stuart Banks. 

    “Local businesses can save up to 50% on the cost of receiving professional financial advice from us, thanks to the fact we’re now accredited Growth Voucher advisors.” 

    Growth Vouchers are the result of a £30million government programme to support small to medium sized businesses across the UK and is being jointly run with the Department of Business Innovation and Skills (BIS), the Cabinet Office, as well as the Association of Chartered Certified Accountants (ACCA) and other organisations.  It will see up to 15,000 SME businesses receive a maximum contribution of £2,000 from the government in order to seek advice and professional support across five key areas: Finance and Cash flow, Hiring and Developing Staff, Improving Leadership and Management Skills, Marketing, and Digital Technology.   

    When the scheme was launched in April of this year those eligible to apply had to have less than 50 employees but in a bid to help more businesses with their growth plans the government recently extended the scheme to businesses with no more than 249 employees. 

    Stuart Banks comments: “We have become Growth Voucher advisors for the area of Finance and Cash flow, which is hugely exciting as it enables us to really make a difference to the success of businesses in the Cheshire area.

    “Companies that meet the criteria can apply for funding and use their voucher on strategic projects, including a financial health-check of a business, advising on group and corporate structures, cash flow management, developing a financial strategy for growth, advice on how to raise additional finance and/or secure new investors, or to improve your own financial management skills – help that is all designed for the long-term growth of a company.”

    To be eligible, businesses must have no more than 249 employees and have a maximum turnover of £45million, and be registered in England, independent and currently trading.

    “The way Growth Vouchers work is nice and simple – the government will match your spend on professional advice, up to £2,000.  This means you could spend £1,500 on accessing tailored planning advice for your business from Banks Sheridan and the government will contribute £750 towards the cost. Or you could spend £4,000 and the government will contribute £2,000.

    Growth Vouchers are an excellent way for small businesses to access the professional advice and support needed for growth, for up to half the standard cost.

    Local businesses can apply for Growth Vouchers by visiting https://www.gov.uk/apply-growth-vouchers and following the process. If successful, you’ll be able to use your voucher with Banks Sheridan as well as other accredited advisors who’ve also met the required standards for providing expert advice for growth,” adds Stuart Banks.

    For further information on Growth Vouchers or to use your voucher on Banks Sheridan services, you can contact the firm on 01270 530 970.

  • HMRC Cracks Down on IR35

    24 March 2014

    A team of ten from Banks Sheridan, including Directors Stuart Banks, Darren Walley and David Morris, took part in a gruelling 34 mile walking challenge and raised £3,432.35. This amount has been donated to Cardiac Risk in the Young (CRY), a charity dedicated to preventing young sudden cardiac death through awareness, screening, research, and provide support for affected families.

    Banks Sheridan adopted CRY as its chosen charity in memory of local man Dan Hughes, who tragically died suddenly, in his sleep in March of this year, aged just 28. Dan was a great friend of Banks Sheridan accountant Nathan Shaw, who together with other friends of Dan, have been raising funds for CRY throughout 2015.

    Banks Sheridan’s aim was to collect £2,000 to add to fundraising totals already accumulated in Dan’s memory. Ten members of the Banks Sheridan team looked to complete the 34 mile Sandstone Trail, which runs from Frodsham to Whitchurch, in one day.  On the day of the walk, it soon became apparent that they would beat that amount thanks to the generous donations made by clients, colleagues, family and friends.

    Banks Sheridan Director David Morris said: “Everyone in the office has been involved in the effort to raise money for CRY. I am delighted at the sum of money we have managed to collect; it is a fantastic achievement by all concerned in the organising and fundraising. It has been humbling to see the commitment, dedication and enthusiasm required in undertaking such an event for our chosen charity.

    We were all very saddened on hearing the news of Nathan’s friend Dan, and were only too happy to be able to do something positive at a time like this.   We are hugely grateful to all our clients and contacts for their generosity by helping us raise over £3,400."

    Chief Executive and Founder of CRY, Alison Cox MBE added; “On behalf of all of us at CRY, I would like to say a huge “thank you” to Nathan and his colleagues for organising this unique event to raise funds in support of our ongoing work to prevent the incidence of young sudden cardiac death.

    “We are hugely grateful for the generosity and support of the public which allows us to continue funding our pioneering screening, awareness, research and bereavement support programmes. I’m always bowled over by the lengths that people will go to in aid of CRY and challenging walk is no exception!

    “As is so often the case, a personal link to CRY and the tragedy of young sudden cardiac death has been the driving force behind this initiative. It takes great courage and determination for anyone who has been affected by young sudden cardiac death to be able to see beyond their own situation and to want to raise funds for CRY. I find it very humbling that despite their own experience, bereaved families, friends and local communities are still able to support us through such tremendous fundraising efforts.”

    Every week, 12 apparently fit and healthy young (aged 35 and under) people in the UK die suddenly from a previously undiagnosed heart condition - a statistic that is believed to be a conservative estimate. In 80% of these cases, there will have been no signs or symptoms of a heart defect until it is too late, which is why CRY believes screening is so vitally important (particularly for those involved in regular, physical activity). Indeed, the charity now tests around 20,000 young people each year, aged between 14 and 35.

  • New member of the Banks Sheridan team

    02 July 2013

    We are pleased to announce that on 8th July, Lee Ward will be joining our team. Lee has recently completed a diploma in business studies and is now set to join us as an apprentice. Initially Lee will undertake a 3 year training programme towards completing his AAT examinations and hopefully will then continue with us to progress to achieving a full accountancy qualification.

    This is an exciting opportunity for Lee and corroborates Banks Sheridan's commitment to providing the local workforce with their first step towards a successful career.

  • Midnight Walk

    20 June 2013

    Kelly Mason and Emily Broomhall are taking part in the Midnight Walk on 29th June 2013. This is in aid of St Luke's Cheshire Hospice.

    Anybody wishing to sponsor them can do so on the following link
    http://www.justgiving.com/teams/kellyandemilysmidnightwalk

  • Job Vacancy

    20 June 2013

    Banks Sheridan currently have a vacancy for an Audit Senior

    If you are interested please send a copy of your CV to enquiries@banks-sheridan.co.uk

  • Opportunity for a Bookkeeper

    20 June 2013

    We are looking for an experienced bookkeeper who has a strong desire to be self employed and working independently on a broad portfolio of SME clients. The individual will need to be conversant with Sage, able to undertake payroll work and adaptable to dealing with a number of wide ranging businesses.

    A new company will be formed and co-owned to deliver bookkeeping and payroll support to existing Banks Sheridan clients and other businesses. Together, the bookkeeping company and Banks Sheridan will be able to provide complimentary expertise to forge a dynamic service to clients.

    If you are the person with the skills noted above and the spirit to develop a thriving, successful and rewarding business please contact David Morris.

  • Stuart Banks 50 today!!

    30 November 2012

    All the team at Banks Sheridan would like to wish Stuart a very happy 50th birthday!

  • Movember

    02 November 2012

    David Morris is taking part in Movember and will attempt to grow a fine moustache in support of men's charities.

    If you would like to donate to this fantastic cause please click on the link below

    Sponsor David

  • Golf Day

    28 October 2012

    Banks Sheridan together with our sister company Jones Sheridan jointly hosted a Golf Day on 23 October 2012 at Crewe Golf Club. All monies raised from the event were donated to our nominated charities who were Macmillan Cancer Support and The Wingate Centre.

  • Charlotte Mullock Joins Banks Sheridan

    17 October 2012

    Banks Sheridan are delighted to announce the appointment of Charlotte Mullock. Charlotte is a trainee accountant who  will be studying towards ICAEW qualification

  • Wine Tasting Evening 2012

    30 September 2012

    On 27th September 2012 Banks Sheridan together with our sister company Jones Sheridan jointly hosted 'a guide to the markets' presentation at Crewe Hall.

    The keynote speaker was Tom Elliot from J.P. Morgan Asset Management.

    Please see our gallery for photographs of the event which was attended by our clients and professional connections