Tax and business planning is essential in a turbulent economic environment

Effective tax planning and advice has never been more important to businesses in Northern Ireland.

B Chartered Accountants is now a team of 15, based in the heart of Belfast and led by founder Ross Boyd – specializing in accountancy services for owner-managed businesses and the not-for-profit sector.

It is a company that also makes sure to move with the times and embrace the latest advances in cloud computing, automation and digitalization when it comes to dealing with its customers.

And given current economic conditions ahead, Ross Boyd says now has never been a better time for companies to assess their business model and ensure they plan for the future.

“It wasn’t too long ago that we saw accountants and businesses using ledger books and calculators,” says Ross.

“Over the past few years, RB Chartered Accountants has moved towards using sophisticated cloud-based products.

“We have a strong team based in James Street South. Over the past 12 years, we have developed specialist skills working with a variety of sectors including lawyers, pensions, owner-managed businesses and non-profit organizations. »

Ross says the company continues to expand its reach and its team. “We’re keen to grow and attract the best local employees,” says Ross.

“We are seeing a growth in not-for-profit audit work, serving clients in Northern Ireland. We are among those leading the market with our owner-managed enterprise solutions by embracing cloud technology to transform accounting. »

And Ross says that with the current economic climate, soaring inflation and soaring input costs, getting the right advice and support has never been more important for businesses.

“We’ve been forecasting this rise in inflation since last November and working with our clients to prepare for it,” Ross says.

“What we find is that many people running businesses don’t know about inflation – you have to go back to the 1990s to remember an inflationary economy.

“Tax planning is essential and any time there is a major shift in the economy, it should be a signal to review your business model and priorities.

“Things are changing all the time and costs can be saved relatively easily, but as a business you have to invest to realize those savings.

“Pricing, for example, is essential and difficult for many companies. some find it difficult to tell customers that things have changed. In many cases, companies may only have a few percent in terms of net margins. They may be able to change their operating model, buy differently, or adjust their prices appropriately. »

Ross says businesses have faced a wave of different pressures over the past few years. Recently, there has been an increase in the cost of energy as well as increased pressure on wages, but options exist to mitigate this.

“As we look at a business and its plans, we see some customers in the current environment that are booming, typically in industries that are in demand and have high margins. Assessing future demand is key to growth .

“So where some competitors are performing better than others. Understanding how to properly structure a business, to maximize the performance of each entity, is key.

“And if we look to the future, businesses are set to face significant tax increases with the introduction of higher corporate tax rates from April.

“That’s another cost, like rent, that businesses have to pay and that can be a big number. I would always advocate watching it early and making sure you plan ahead. This is the key to a successful business in tax planning.

And while the political situation in the UK sees further uncertainty and turmoil following the resignation of Prime Minister Boris Johnson, Ross says some form of tax relief could be considered for the UK budget. fall.