The Recruitment industry is a Barometer for our economy... Are you feeling the pressure? - Specialist Recruitment Business Advice
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The Recruitment industry is a Barometer for our
economy... Are you feeling the pressure?
Specialist Recruitment Business Advice
Having specialist recruitment industry accountants on your side
can help guide you out of the lows and into the highs
Contents Introduction .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Our services ......................................................................................... 4 Helping you grow . ......................................................................... 5 What our clients say about us .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Case studies .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Meet the team .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Next steps............................................................................................. 9
Introduction
The Business of Recruitment: keeping an even keel
It’s often said that the recruitment industry is a barometer of our economy. In good times businesses recruit
more and employ more contract, temporary or part-time staff. When times are tough though - as they remain
for many - the sector shrinks. It’s hard to keep things on an even keel.
So if you’re concerned, not just about survival, but of making sure that your recruitment business is in great
shape to keep costs at a minimum, profits at their optimum, and that any new legislation is fully understood
and implemented effectively, who can you turn to?
Talking to your accountant is one obvious starting point. A good accountant can help you maximise your profits
and minimise the tax you have to pay - often with some surprising and valuable results. Sadly, many accountants
don’t appear to have the depth of experience or specialist technical expertise to help with anything other than
your annual accounts - and by then, it’s too late!
Dedicated accounting expertise for recruitment businesses
On the other hand, the UHY WKH Recruitment Accountants team, based just north of London, are specialist
accountants who offer recruitment and employment businesses dedicated expertise in accounting, finance,
taxation and business growth. We understand the recruitment industry and have access to a range of bespoke
software and business strategies to help recruitment managers and directors make the most of their businesses.
Effective tax strategies
When it comes to tax, we will work closely with you to reduce your tax liabilities wherever possible through our
tax planning strategies.
How to keep the cash flowing
Anyone who runs a recruitment business knows how cash-hungry it can be - and how slow-paying customers
can leave you exposed when it comes to paying the monthly payroll or office overheads.
In order to overcome this monthly pinch-point, we can help you select the most appropriate financial product
for your business, and introduce you to specialist lenders. Making the wrong choice could add to your problems
instead of solving them, so we want to help you make the right choice.
Whatever position your recruitment business is in right now, take time to review the
information included in this brochure, then call us for a no-obligation consultation with
one of the UHY WKH Recruitment Accountants team.
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 3
Our services
From the basics...
If you need a firm of accountants who can look after everything from payroll, bookkeeping, VAT,
management accounts, statutory accounts, cashflow forecasting and budgeting together with company
secretarial and tax, we’ve got the right team for you.
All we need to do is to make an initial evaluation, where we would quickly identify those areas that are
shown to be weak and recommend more efficient, streamlined systems to allow you to take control of your
business.
...to advanced tax strategies
Your business structure is always important. What was the best structure for a business 10 or even 5 years
ago, may not be the case now. And for the business owners, considerations of succession and capital tax
planning (both inheritance tax and capital gains tax) may be vital.
Areas we like to focus on include:
2 your business structure to make sure it is tax efficient, and complements your strategic aims;
2 your remuneration strategy to see if there are better ways for you to take money from the business;
2 your strategy for growth e.g. organic growth versus mergers & acquisitions
2 your personal wealth and inheritance plans;
2 succession planning for the business
…everything to ensure that you gain the maximum reward for your efforts while minimising the tax impact.
...and everything in between.
Of course, we keep tabs on what’s happening in the wider economic community, too. So if there’s anything
that affects your business, we’ll know about it first and have a plan in place to deal with it. This proactive
service means you’ll never get any nasty surprises and will always be ready to face any changes head on.
Whatever situation your business is in, we’ll keep our finger on the pulse, so you can get
on with running your business!
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 4
Helping you grow
Having complete control of your finance function is a pre-requisite for any ambitious company. Without it,
your chances of success are reduced, but with the range of services on offer from UHY WKH Recruitment
Accountants, you have peace of mind that your finances are being well looked after – so you can get on with
the job of running your business.
Free Financial Review
Our initial review of your business will give us a clear understanding of how your business is performing.
If there’s a mis-match between where you are now and where you want to be (there often is!), or where
something’s not working, we can make suggestions for improvement and advise as to how we can help.
This initial review is free of charge and is an ideal introduction point. We’ll get to know you and your
business. You’ll begin to understand how we work and see how we can transform your business.
To enquire about a Free Initial Review please click here
Budgets and Forecasting
Preparing budgets and cash-flow forecasts either for the bank or for your own internal purposes can prove
very difficult and time consuming for many business owners. Our experienced team not only know how
to prepare the most accurate budgets and forecasts, but will make sure you can plan for the future with
confidence.
Raising Capital
Growing businesses require working capital, and may need to fund M & A activity.
We have the contacts and long-term working relationships to help our clients raise
finance from a number of different providers, and we would be happy to discuss
your financial requirements in confidence.
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 5
"
Here’s what our clients
have to say about us…
What our clients say about us...
UHY WKH is one of the south of England’s leading accountancy and business advisory firms.
Established for over 150 years, the practice has nine partners and over 60 staff working from
offices in Royston, Letchworth and Cambridge.
We have extensive knowledge of the recruitment sector and have helped many businesses and
their owners over the years. Please see below some comments from our clients.
Invaluable support...
“Stuart and his team have provided my business with invaluable support throughout recent years.
They help manage our back office function which allows my team to concentrate on doing what
they do best. Their efficiencies, the quality of their advice and their willingness to help has been
refreshing. I would happily recommend Stuart and his team to any prospective clients.”
Ashley Stoker of County Teachers Limited
First rate service...
“We’ve relied on expert help from UHY WKH Recruitment Accountants for many years and
couldn’t run our outsourcing business without them! Whatever our query, they’re always
supportive and resolve our problems quickly. They really understand our operation and exactly what
our clients and candidates need. Their service is first-rate and I highly recommend them to any
business, large or small, seeking professional recruitment support.”
Steve Mills of Staffsearch Limited
Friendly, approachable and professional...
“UHY WKH Recruitment Accountants assist me with all aspects of my business from book-keeping
and payroll, to statutory accounts and business planning. UHY WKH Recruitment Accountants are
friendly but professional and have a knack of getting things done with the least amount of fuss.
I trust them completely and would be happy to recommend their services to anyone needing an
approachable firm of accountants with access to experienced support when needed across the
wider firm.”
Amanda Jackson of Ashley Stewart Limited
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 6
Case Studies
Case Study 1 A Hive of Activity...
Two recruitment companies with the same ownership. One was profitable (P1) and one has a history of loss
making (L1). The owners were keen to keep both brands and both businesses running but wanted to streamline
the group and save costs. L1 had significant tax losses and it was important to preserve those losses.
The Solution - Having examined various options with the owners they decided to proceed with our
recommendation, which was a procedure known as a “hive across”. A hive across involves a complete
transfer of the trade and all associated assets and liabilities from L1 to P1, and uses tax rules to legitimately
preserve tax losses.
Although a hive across sounds straight forward enough on paper there are a number of tax, accounting, and
more importantly commercial factors to take into account and we made sure that between ourselves and the
client all of these were addressed and dealt with.
The Outcome - The process went really smoothly with us guiding the client through every stage of the
process. The client now has one company with two trading divisions. Results are improving, thanks in no
small part to the cost savings from having a more streamlined operation, and we’re all looking forward to
seeing the tax losses utilised against profits!
Case Study 2 Early Warning system
A client recently asked for our help in assessing a potential acquisition. The target company had done a good
selling job but alarm bells were ringing with us! We helped our client to prepare a business plan and financial
forecasts so that we could approach financiers if a deal was to be struck. As well as this we did some
preliminary due diligence, and as we scratched beneath the surface there were clearly some problems with
the new business pipeline as well as property issues, and the vendor’s expectations on price just didn’t stack
up with the prospects of the business.
This case highlights the benefit of having experienced advisers on your side so that deal breaking issues are
identified early on before heaps of professional fees are incurred.
Case Study 3 Rewarding Experience
To us, one of the basics in owner managed companies is to get the remuneration planning right. However,
that’s not always the case with other accountants. We recently inherited a position where monthly drawings
were biased heavily towards salary. A few calculations and some simple face to face explanations later, and
the split of monthly rewards was altered and substantial tax savings should now be achieved each and every
year. We didn’t stop there though. The process led on to a complete review of the owners personal financial
affairs and we have now set the wheels in motion to help mitigate future capital gains and inheritance tax.
Many of these discussions have been in conjunction with our Chartered Financial Planners at Provisio Wealth
who are qualified to provide ongoing investment and pension advice, meaning we were able to offer a truly
joined up approach to current and future financial and tax planning.
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 7
Meet the team...
A Team of Experts
The UHY WKH Recruitment Accountants team have been delivering tailored accounting services to
recruitment businesses and their owners for over 10 years. They are supported by skilled professionals to
ensure that your needs are met accurately, efficiently and creatively. It’s our intention, always, to become
an important part of your team and help you grow your business. We listen to your needs and values so
we can work with an understanding of your business and provide added value and a service you can trust.
Stuart Hutchison FCCA
Email: stuart@recruitmentaccountants.com Partner
Stuart joined UHY WKH in 2001 and became a partner on 1 January 2009.
Throughout that period he worked with a variety of business owners
covering a broad range of industry sectors. However, in more recent times,
Stuart has built on his interest in the recruitment sector and with the aid
of Scott he has developed a strong service offering to the sector. Stuart
spends the majority of his time offering financial, tax, and business planning
solutions to his clients. He has helped many business owners achieve both
their long and short term goals, and during this recent period of economic
uncertainty, Stuart’s role has become ever more valuable to his clients.
Scott Rouse ACA
Email: scott@recruitmentaccountants.com Director
Scott qualified as an accountant in 2005 and joined UHY WKH shortly
afterwards. For almost 7 years Scott has been a key member of the
management team and thrives on building strong relationships with his
portfolio of owner managed businesses. As his role expanded, Scott
worked alongside Stuart on the development of the firm’s recruitment
industry niche. He has been a key factor in driving the service forward, and
his recruitment sector clients view him as a valuable member of their team.
Helping you prosper
RecruitmentAccountants A Division of UHY WKH Partnership | www.recruitmentaccountants.com | Call us on 0845 606 9632 8
Next steps...
FREE Financial Review
This introductory session (usually 1 -2 hours) allows us to meet each other and
discuss your needs on a noobligation basis. As a result of this meeting, we will
provide a you with a proposal outlining the services we believe are necessary, as
well as a fixed fee quote covering those main services as well as our assisting you
with the day to day bits and pieces that inevitably crop up.
To take the first step and discover how UHY WKH Recruitment
Accountants can make a positive difference to your business, just
get in touch with us.
Call now on 0845 6069 632
There is no obligation and no cost.
Just a great opportunity to see how specialist recruitment accountants can help guide,
protect and grow your business.
t 0845 606 9632 E info@recruitmentaccountants.com recruitmentaccountants.com
UHY WKH Recruitment Accountants. PO Box 501, The Nexus Building, Broadway, Letchworth Garden City, Herts SG6 9BL
Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered
Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C009128098
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