Welcome to BSX2
BSX2 are a firm of local Accountants based in Belfast, but covering the whole of Northern Ireland. BSX2 was started in 2009 by two partners, Bill Ellison and Steven Thompson. Our specific market is sole traders, small/medium enterprises and start up entrepreneurs. BSX2 is unique in that both partners, while having worked in practice, have also worked widely in commerce, industry and not for profit organisations. This gives us a deep understanding of the issues faced by small business owners and the challenges they face in trying to grow the business. Particularly in a time of recession.
We believe in a hands on approach. These days a business may need more from its Accountant than just a tax return and a set of accounts which show where the business was several months ago. They need an Accountant who has practical experience of day to day involvement in the business. Who can understand the several, often contradictory issues faced by business owners. We believe that Accountants should be prepared to leave their office and visit the business premises. That they should be prepared to come off the fence and provide real advice. That they should be able to analyse a business’s needs for real financial information and develop systems which meet those needs. They should be prepared to help business owners face the challenges of running a small business in the 21st century.
This is the service we strive to provide at BSX2. We try to avoid jargon and talk to our clients in everyday language that they can understand. Of course we also provide all the normal services that you would expect from an Accountant, Self-Assessment Tax Returns, Annual Accounts, Payroll, VAT Returns, Limited Company Accounts, Cash Flows and Forecasts and Company Secretarial Services.
WHO ARE WE?
Bill Ellison – Partner
Bill has worked as Group Auditor, Accountant, Quality Manager and Customers Services Manager with two major energy companies in Ireland and Eastern Europe He has also been employed as Financial Director of a small, not for profit, organisation in Northern Ireland.
In 1998 Bill organised a management buyout of a section of one of the energy companies and established two businesses with a combined turnover in excess of £2 million. Subsequently he closed one business and sold the other. He then worked as Business Coach and Consultant prior to becoming a partner in BSX2. Bill has acted as a business mentor for The Princes Trust and Business in the Community and has presented seminars for Business in the Community and the FSB.
Steven Thompson – Partner
Steven has worked for several leading accountancy practices. Subsequently he joined a large fruit importer and rose to Finance Director and Operations Director. He then worked as a self -employed Accountant and Business Consultant prior to becoming a partner in BSX2. He has a wide experience of the food distribution, hotel and catering industries. His financial experience includes Payroll, Sales & Purchase Ledgers, negotiations with bankers, mergers & acquisitions and strategic development. Steven has also acted as a business mentor for Business in the Community
back to top
Whether you are a small or medium-sized company, BSX2 can be a vital addition to the financial structure of your business. Our experience and expertise in accounting and business can help ensure that your financial position is clearly presented, fair and reliable. Preparing accounts both for internal and external reporting purposes is our core strength. Even though the primary aim in the production of the accounts is to report the performance and financial position to the stakeholders of a business, we will also advise you on other important factors, such as the tax consequences, the views that these accounts present to third parties such as bankers or your competition, or the industry standards that we have followed to prepare the accounts. You can rely on us to thoroughly review your business, evaluate your accounting systems and controls, as well as identify any overlooked weaknesses or pinpoint any trouble spots in the way you conduct your business. When you instruct us to prepare your accounts, we will remove the worry of calculating how your business has performed and the added complication of ensuring all of the technical disclosures are accurate and up to date. We will ensure that they are presented to the necessary authorities within the set deadlines, so that you don’t have to incur late filing penalties. We know that using BSX2 can lead to other tangible benefits. For example, our reputation in the local business community can help you forge invaluable relationships with potential lenders and other crucial business contacts. Through our assistance, you can get the all-important financing you will need to succeed. For more information on our Accounts services, or if you would like to arrange a free initial meeting to discuss how we can help you in more detail, please contact us via the contact form belowback to top
We at BSX2 can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts in compliance with statutory requirements. Our first step is to work with you so that we can gain a full understanding of your business, tailoring our approach to meet your requirements so we can provide exactly the service you need, making use of a variety of leading-edge software products. HMRC has warned small business that failing to keep proper financial records could see them face substantial fines. On top of these threats, poor book-keeping can lead to poor control of the finances of your business and mean that you are spending unnecessary time focussing on a non-core business activity. At BSX2 we recognise that book-keeping can place an enormous burden on small business, and we offer a full service which will allow you to remain complaint with statutory requirements as well as:
- Help you to manage and control the finances of your business
- Help you to manage and plan the future growth of your business
- Help you to produce your accounts more efficiently and in a much faster time so that tax liabilities and planning can take place earlier.
Our services can be provided either onsite or offsite, and even on a temporary basis to cover staff leave or a work overload. Our first step is to work with you so we can gain a full understanding of your business, then tailoring our approach to meet your requirements so we can provide exactly the service you need, and giving you access to a variety of leading-edge software products.
The main services we provide in this area include:
- Maintaining your sales and purchase ledgers
- Reconciling your bank accounts
- Preparing your VAT Returns
- Preparation of cashflows and assisting with obtain finance
Any information that is produced will be discussed with you and we can provide the necessary expertise to advise on any issues that arise.
back to top
Complying with Companies House requirements is becoming more complicated and time-consuming for company secretaries and directors. BSX2 can offer a comprehensive company secretarial service to ensure that your company complies with its legal and compliance obligations. Not only does this help relieve directors of administrative pressure but also allows you to focus on what is important.
Automatic fines are levied for late filing of accounts and payment of tax, and directors and secretaries in default of the many filing requirements of the Companies Act 2006 (the Act) render themselves liable to prosecution, and, in serious cases, disqualification.
At BSX2 we have a qualified Company Secretary who can assist with these essential company secretarial tasks. We will support you through the life of your business, from start-up to your annual obligations, we will provide the following services:
Filing of statutory Annual returns
Maintenance of statutory records
Registered office facility
Comprehensive form filling and filing serviceback to top
With the introduction of Corporation Tax Self Assessment (CTSA), companies now need to fully understand the duties and responsibilities placed on them under this regime. As well as this the minimisation of corporation tax liabilities will help a company to reinvest more in future development or to release more funds to shareholders. We can advise on:<
- Record keeping and compliance requirements
- Advise on the optimum structure for your business
- Minimising the overall liability
- All relevant claims and deductions
- Keep you advised of industry developments
- Calculation of the corporation tax liability
- Corporation tax payment deadlines
- Form CT600 filing deadlines
- Deal with any HMRC enquiries
- The penalty system.
Agreeing your corporation tax liability with HM Revenue & Customs is principally achieved by completing a company tax return. Understanding this complicated tax system and paying the correct amount of tax, at the correct time, through the correct mechanism, is what most clients seek. BSX2 will ensure you receive an expert and accurate service.
back to top
Last year over 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later! Since April 2011 penalties apply even if you have no tax to pay and can increase up to £1,300. And HMRC are consistent in applying these penalties and generally do not accept any appeal.
The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
We can save you a lot of time, worry, and money by handling your self-assessment for you. We will do all the necessary computations, complete your return and identify planning opportunities to minimise your tax liabilities. We can act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self-assessment enquiry, act for you.
- Prepare your annual Self-Assessment Tax Return including rental income accounts and Capital Gains Tax computations, as appropriate
- Calculate your tax liability for the year, advise the amount of any Balancing Payment due 31st January and calculate the Payments on Account due for the following year
- Check your code numbers and Statements of Account, obtain any repayments of tax and deal with any HM Revenue & Customs correspondence
- Represent you during any H M Revenue & Customs Enquiry to ensure your interests are fully protected
- Review your and, if appropriate, your spouse’s assets and income level to ensure that effective use is made of allowances, rate bands and Capital Gains Tax reliefs and exemptions
- Review your likely Inheritance Tax liabilities, discuss how these might be reduced and plan to take advantage of exemptions
- Recommend suitable structures to reduce exposure to taxation
The Chancellor is demanding that HMRC increase the revenue to the Treasury. One strategy for doing this is to increase tax inspections, therefore the chances of a Tax Enquiry have never been higher. We know that Tax Enquiries, Investigations or Compliance checks can be very stressful, therefore we will work closely with you and support you through all stages in the process to make sure you get the best possible result. These enquiries are often very detailed and time consuming to answer.
In the first instance we will try and reduce your risk or exposure to a tax enquiry. Most enquiries have been computer risk-profiled, however many are entirely random. Our skilled and experienced team will be able to help:
- We have many years’ experience in dealing with all types of Tax Investigations from HM Revenue & Customs
- We will be proactive – we will drive the case forward so we can get a quick resolution with an optimal result
- In the event of an Inspection, we can attend your premises if an onsite inspection has been requested, although in most cases we will attempt to meet HM Revenue Inspectors in our offices
- We provide a market leading Fee Protection Service so that in the event of an enquiry – our fees are mitigated
VAT has become so complicated that it can be a burden for any registered or even unregistered organisation. The penalties for getting it wrong can be costly. Our cost-effective VAT compliance and planning services can relieve you of this burden. Drawing on our expertise and the experience of our VAT advisers BSX2 can help and support your needs to effectively manage your VAT procedures, meet your VAT obligations and minimise your VAT liabilities. We can help you comply with all your VAT obligations, to help you cope with the increasing complexities of the tax. Our team of VAT professionals will help to keep your VAT affairs in order, make sure you are collecting the right amounts for each transaction, and ensure that you make payments and file returns correctly and on time.
In addition to providing a comprehensive bookkeeping and VAT accounting service, we can also advise on and help with:
- The pros and cons of voluntary registration
- The timing of compulsory registration
- Timing and delaying VAT payments
- Flat rate VAT schemes
- VAT on imports and exports
VAT control visits HMRCback to top
It is important that as a business you maintain a well-run payroll system. You must ensure that wages are paid on time every time. This process can be a lengthy time-consuming chore, using up time and resources that could be better spent focussing on your company’s core activities. As well as this, non-compliance with tax & employment legislation has resulted in ever increasing penalties.
At BSX2 our specialist Payroll division can help ease this burden by providing a comprehensive payroll service. Our experienced staff have dealt with all aspects of the PAYE system and will ensure compliance. We deal with a wide array of clients in terms of size and industry sector but our payroll service is tailored for each company, and includes:
- Weekly/Fortnightly/Four-Weekly/Monthly payments
- PAYE & National Insurance contributions
- Statutory Sick/Maternity/Paternity pay
- Attachment of Earnings and Pensions
- Payslip production & postage
- Electronic Submission of Payroll Data to HMRC
In the event of a PAYE Investigation our staff will liaise with HMRC to clear up any issues and ensure that future Investigation risks are minimised. We only use HMRC accredited software and all data is secured and backed up off-site.
Real Time Information is the latest piece of burdensome red tape which has been devised by HMRC. It requires every employer to send payroll information to HMRC every time a salary or wage payment is made. It must be introduced for all employers by April 2013. At BSX2 we are geared up and ready for real time information and we can take the burden of this additional bureaucracy off your hands freeing you to get on with the business.
BSX2 will provide a cost-effective payroll solution and will ensure peace of mind and significant cost savings. Our affordable solution provided by our experienced staff will make a real difference to your bottom-line.
Use our contact form below for further information or to arrange an appointmentback to top
Our management accounts service provides business with up-to-date financial information. This is the key to effective business development. Rather than simply producing a few extra sets of accounts each year, we will go the extra mile by analysing the figures in depth and meeting with you each month or quarter to discuss what these figures mean for your business. This analysis of key areas will add real value to your decision making process.
We prepare management accounts for businesses ranging from small owner-managed business, to large groups and to large charities. We will report on the business as a whole or by department/division. Not only does the information we provide give management teams the insight needed to plan and monitor strategies, they will also be able to spot trends before it is too late, and to explain the business clearly and accurately to third parties.
Other real benefits of producing management accounts include:
- Reduce your cost base, and release your valuable time by outsourcing this key support service to us.
- Producing management accounts can lead to opportunities for greater tax planning, by helping you minimise or defering your tax liabilities.
- Up-to-date management accounts can ensure that you only take dividends from your company when they are legally available, avoiding unnecessary tax liabilities.
- The process of finalising your year-end accounts will be much faster – allowing you to know your financial position and tax liabilities very quickly after your year end and more cost-effectively.
Forecasts, Budgetary Controls & Review
You will have to deal with many unexpected events during your business life, but by ensuring you do everything you can to anticipate scenarios and outcomes you'll be better equipped for a fast and effective response as and when they arise. Budgets and Forecasts provide an essential tool in this regard, from the very start of the business as part of a business planning exercise or when the business is operating in a challenging cash-flow environment.
BSX2 will work with you to produce monthly and annual budgets and forecasts, our service will include the following:
- Look at your historical record of meeting budgets and consider whether your new projections are achievable.
- We will challenge your assumptions, this will enable you to tighten your expectations
- We will ensure that the process is fully integrated with your existing accounting systems
- We will perform sensitivity and prepare budgets based on different outcomes
- We will review your budgets and forecasts to your actual results – this will allow you to take action early to counter any threats.
- As part of the process we can also monitor your monthly cash requirements, implementing the necessary controls to ensure you are operating within your cash and banking resources.
There are a variety of reasons for restructuring a business. With time every business will change and will face unexpected challenges. There are a variety of possible business structures, sole trader, partnership, limited liability partnership, private limited company and public limited company. The structure which best suits your business may change with time depending of a variety of circumstances, the economy, the tax regime at the time, the relationship between the managers the need for capital finance or even the cash flow or debt situation.
BSX2 have experience of changing the structure of businesses within the requirements of company law and HMRC to obtain the best outcome for our clients in any situation and to ensure that the business can continue to trade and grow whatever the circumstances.
If you feel that restructuring could help your business contact us todayback to top
Sage Training & MIS Consultancy
At BSX2 we recommend Sage Software to our clients. We have worked with it extensively over the years and are thoroughly familiar with the products. We can provide on-site training for all staff who will be using the software and this will be followed up with online and telephone advice as required.
We have also found that many businesses who use Sage fail to make the best use of the information which it is capable of providing. To fill this gap we can provide MIS consultancy services which will enable our clients to extract the information necessary to help them run their business and understand the financial implications of their actionsback to top