Wednesday, 30 August 2017

Commercial Law in Llandudno

What do you look for in a solicitor which deals with commercial law Llandudno? For many, they look for a full service firm which can give a comprehensive range of legal services to their clients, enabling them to get the full benefit of a solicitor’s expertise – rather than just one or two areas of the notoriously tricky field of commercial law.

Like many other aspects of law, commercial law has very many facets and specialities, and it is imperative to deal with a solicitor in Llandudno which can give you a full, comprehensive service, rather than the benefit of their expertise in just one or two areas. Whether your issue is a transactional one (for instance, drawing up and reviewing legal documents that underpin your deals) or even a contentious one (requiring the intervention of a solicitor to help your company resolve disputes with other parties) it helps to know that whatever the needs of your business, you have a capable team of solicitors on board for the long haul.

Whereas in private matters, the need of a solicitor can be identified as very few and far between – moving house, divorce, in business and so on, it is a well known fact that a solicitor is with a company for the distance.

Whereas in commercial matters, the assistance of a solicitor is not limited to events throughout a company’s life. If anything, the assistance of a commercial law solicitor is for the long term, a service that works throughout the duration of a company’s lifetime.

Therefore, getting it right is important. Swayne Johnson solicitors are a full service solicitors which are based in Llandudno, and have offices throughout the North Wales and Chester region, such as Denbigh, St Asaph, Ruthin, Bangor and Tattenhall. With 17 lawyers, 8 directors and a total of 50 staff, Swayne Johnson solicitors are a growing firm which has roots in commercial law which originate from the 1850s.

When it comes to getting it right with a fully experienced, well versed solicitors in Llandudno, Swayne Johnson are the best choice for any discerning business.  

Tuesday, 22 August 2017

New Lending Standards Give SMEs More Stability

The Standards of Lending Practice was updated to give small to medium businesses much more security in July 2017. These standards have been adjusted to give small to medium businesses in North Wales and beyond peace of mind, stability and far better security – when before July 2017 these standards were only in place for the smallest of businesses which employed 4 people or less.

Chartered Accountants North Wales and beyond have widely praised this new incentive, as evaluation of a borrower’s capacity to meet ongoing repayments is a vital safeguard against insurmountable debt and financial distress.

Any business which has a turnover of less than £6.5million is applicable to enjoy this revision of the Standards of Lending Practice, and they are intended to help banks and other lenders meet their responsibility to clients and regulators by getting the big picture on a business's’ health. For instance, in the past, banks and other lenders were only required to look at a business's’ financial information.

As part of the revision to the Standards of Lending Practice, lenders are now required to look into financial information of the business, as well as the individuals behind them. That, and looking at current account turnover data and the usage of overdrafts is intended to have a lender decide whether or not a loan is appropriate.

Of course, these checks are performed on an ongoing basis in order to quickly identify changes in circumstances which may later lead to financial difficulty.

Putting lenders in the position of being able to take proactive steps for their clients in order to assist a business owner before financial difficulty becomes financial distress is a fantastic move. Having small to medium businesses able to reap the benefits of the revised Standards of Lending Practice has been received well across the country.

Saying that, it should be noted that there is absolutely no replacement for a good accountant in North Wales or beyond which is certainly capable of helping businesses make the most of their positives and take measures to minimise risk along the way.

Wednesday, 26 July 2017

Assistance in Oil and Gas Pricing

What does oil and gas pricing mean to your firm? Essentially, oil and gas pricing is the task of valuing an asset and providing documentation for a number of reasons, on an ongoing basis, and preparing reports for the use of both the firm internally, and external organisations such as governments, tax offices, and also lenders.  Bespoke service and professional discretion are absolute givens when it comes to the assets of oil and gas companies, and experience also goes a long way in ensuring quality, efficient service.

An oil and gas pricing Specialist Company will prepare viable and accurate financial models, which take into consideration the key features of your asset. Special consideration will be paid to factors such as value chains, conversion factors, production costs, abandonment costs, as well as tax issues which are centric to the origin of the asset. As each and every part of the world is under rules which differ from one another (especially in matters of taxation) the services of a specialist with experience can be absolutely imperative.

ERCE are a London-based oil and gas reservoir evaluation firm with some 30 years’ experience in oil and gas pricing, as well as expert witness services in assets worldwide. A well-respected name in the industry, their experience of oil and gas commercial modelling is without equal, and this English firm have built oil and gas commercial models which include PSC, tax and royalty systems, and have stood the rigorous tests of most fiscal systems in the world.

Your firm is guaranteed quality when you opt for experience as the guiding factor in your choice of oil and gas pricing firm. As another example, ERCE promote a system which has meant that ERCE’s commercial models have been placed under the highest scrutiny in their court case and arbitration work, to ensure that their corporate valuations indeed do stand when placed under the eyes of an actual court, in any area in the world.

Your assets are important, and the interest of Governments, authorities and your competition can mean that mistakes can be precarious. By the very nature of oil and gas pricing and assets, an asset can be the very worth of your company – or a very large portion of it. Don’t take any chances. Trust an expert oil and gas pricing company to give make your asset bulletproof.   

Friday, 21 July 2017

Reducing Uncertainty in Construction Business

Uncertainty is an interesting concept, and one that is integral to construction companies North Wales. Every single project in construction and civil engineering is subject to uncertainty, whether it’s a simple matter of uncertainty in estimation (which of course can be problematic in more complex programmes) and it is a generally considered fact that even the most experienced construction project managers do indeed have some difficulty handling uncertainty in matters of construction and civil engineering.

Uncertainty is not insurmountable. Decision milestones can often help with anticipation of outcomes, and good risk management structures can prevent disasters and of course help ensure that all are on board, and all units of construction are making the desired product. However, decision milestones are not exactly a failsafe in order to make sure that a project has absolutely no uncertainty – especially in unforeseen site conditions, as well as the very real possibility of design errors and omissions complicating a project.

While indeed decision milestones do help, they are not a comprehensive removal of all uncertainty, especially when things go wrong.

It is all well and good being idealistic over a project, but the most seasoned of project managers and civil engineers in North Wales and beyond will likely be able to count on one hand the amount of projects which have gone exactly to plan. The beauty of this industry is that no two projects are the same, and a more comprehensive and robust model of reducing uncertainty is needed.

And how exactly can this be done? Starting early, integrating quickly and working together as a whole can work wonders. On projects of high complexity, it is not enough to only know the project cost. It has been very well documented as of late how the public sector is held to far greater standards of accountability with public sector money, and effort needs to be spent mitigating risk with certain top drivers which cause uncertainty in projects.

Clearer direction from owners, more active leadership, greater interaction behind design and build parties during the design and construction phases, as well as clearer definitions of deliverables between parties during the design process can truly work wonders on most projects, as well as adherence to BIM and construction and project management systems can work wonders for reducing uncertainty, as well as preventing overspending and projects running over allotted timeframes.

Employing Staff as a Sole Trader

Did you know that as a sole trader, you can employ members of staff? Very many sole traders across North Wales and beyond take the status a little too literally and take the term at face value, often working alone and ending up doomed to failure by being far too overburdened by public demand.

Any accountant in North Wales worth their salt will disagree with the notion that being a sole trader means that you have to go it alone – being a sole trader is actually characterised by the fact that you own the business and are responsible for it on your own. This of course can be quite a double edged sword with the fact that if anything does go wrong with the company, you personally are liable for it. As the saying goes – with great power comes great responsibility – and the services of a good accountant are absolutely paramount in all manner of pressing matters.

Don’t feel that as a sole trader you get it easy in other respects, either. It doesn’t matter whether you are a sole trader, a limited company, a gigantic corporation or even a partnership, if you employ people you have to obey the same criteria absolutely every other company in the country has to go by. You must pay a minimum amount of staff benefits – such as holiday pay, the national living wage and of course make contributions to an employee’s pension, as of 2017.

You need to enrol employees over the age of 22 into the workplace pension scheme, which will involve you making a contribution into your employee’s pension yourself. Keep in mind that if your employee earns over £10,000 per year, you will need to pay at least 1% of your employee’s qualifying earnings into the pot.

As of July 2017 the Living Wage stands at £8.45 an hour (Please keep in mind that the National Living Wage in London stands at £9.75 per hour) For employees under the age of 25, you will need to pay the National Minimum Wage. You’ll need to check that your brand new employee also meets the criteria for being legally allowed to work within the UK, as well as conduct other employment checks as the criteria demands, such as DBS checks.

As a sole trader, limited company, or any other employer, it also falls to you to register as an employer with HMRC up to 4 weeks before you take on your new employee and pay them. For many, this can be daunting, but the services of a good accountant in North Wales can help you get it right in an efficient manner.

Wednesday, 14 June 2017

What do You Look for in An Oil and Gas Reserve Evaluation?

When your company is looking for suitors to attend oil and gas reserves and resources evaluations, a number of things come to mind in your potential mass, and it is all absolutely non-negotiable. However, it can be ranked.

Experience, of course, is paramount and should be the first thing anyone looks at as they view their suitors. As is respectability and prominence within the field in which they work. Usage of the newest and the most accurate methods of obtaining the value of the resource of course is rather important too, though experience trumps all when it comes to efficiency with the work which is tasked. Look into a businesses portfolio.

Understand their efforts for the oil and gas industry as it stands today. Look for accurate, live representations of this company’s work in the present day industry.

The ability to manage deterministic and probabilistic methods of ascertaining oil and gas resource value comes with the thorough understanding of varying reserve levels and their equivalence in both systems, as well as experience of management of reserves throughout the company’s history as well as in the present day is absolutely crucial for any independent oil and gas reserves evaluation company, no matter what part of the world they operate within.

Furthermore, it is prudent to select an oil and gas reserves evaluation company which has a proven track record of both usual and unusual reserves such as deepwater drilling.

From oil and has reserve resource classification to petroleum economics, your firms hopes and dreams absolutely cannot rest in the hands of nobodies which are looking to prove themselves. 

Recently, the Mexican Government trusted UK-based ERC Equipoise – a veteran company which is filled to the brim with world-renowned experts within the fields of resource classification, petroleum economics, deterministic oil and gas reserves, statistics, probability and uncertainty, as well as reserve estimation. Such foresight can be emulated by your firm, for fantastic results later on. 

HMRC Are Aggressively Pursuing More Businesses

It has emerged that HMRC have shut down a staggering 12% more businesses in 2016 than in 2015, which correlates with their trend of ramping up investigations into unpaid tax, which has resulted in far more small businesses seeking expert help in the form of chartered accountants in North Wales and further across the field.

When it comes to perusing small businesses and issuing wind up orders, HMRC have never filed as many as they did in 2016 – a total of 3,906 in the calendar year of 2016. Should your business receive a winding up order, the business will be forced to close and will have its assets liquidated to pay outstanding tax bills. The increase was somewhat expected by accountants across North Wales and beyond – following a vast amount of sustained pressure from all around for the HMRC to pursue and clamp down upon those perceived to not be paying their way.

The importance of getting it right first time has never been so high. For a small business in particular, it’s absolutely vital, as unlike gigantic companies, your average “ma and pop” high street independent business can struggle to meet cash flow issues, and find that traditional loans and overdrafts are closed to them because of their status. Without this cushion, a small business can often become unstuck very quickly, even if it is going through a period of relative security.

The assistance of a chartered accountant in North Wales can help smaller businesses approach banks and other lenders with services such as due diligence and bank negotiations, and can often be the factor that allows a bank or other lending provider to assist with cash flow challenges around major tax deadlines and due dates for VAT, or corporation tax bills.

It’s absolutely vital that a small business doesn’t stick its head in the sand when it comes to paying tax.

A good accountant is there to get it right, and there to help a small business allocate funds in order to do so, but any business experiencing difficulty should work with the HMRC to prevent arrears from becoming far too much to bear.

Furthermore, proactive steps are needed to make sure that funding is available when needed, so don't neglect your dues!