WilderCoemunnicate Celebrating 30 years This year Wilder Coe Burgess Hill is proud to celebrate its 30th anniversary. ‘We’ve worked with so many interesting people and businesses, many of whom have been with us since we started,’ says Chris Rebbetts. ‘It’s been a privilege to see businesses develop, provide support for new businesses and build positive and ongoing relationships with our clients. And I’m delighted that my own business has grown to include Simon Lea as a partner and a team of fantastic people who can offer a full accountancy service to our clients.’ In 1983 Britain was a dynamic and energetic place to live. Margaret Thatcher won a landslide victory with a majority of 144 seats and a youthful Tony Blair took his first seat in parliament as MP for Sedgefield in County Durham. Unemployment was at a record high (3,224,715 in early February); the March budget raised tax allowances and cut Corporation Tax and Chancellor Nigel Lawson vowed to cut public spending by £500million. It was the year when seat belts became mandatory for drivers and front seat passengers; the CD was launched and the pound coin was introduced. In October over a million people demonstrated against nuclear weapons at a CND march in London. The Austin Metro was Britain’s best-selling car and the average cost of a house was £26,500. What else? Blackadder hit our screens for the first time; Manchester United and Brighton & Hove Albion drew 2-2 in the FA Cup final at Wembley Stadium (sadly Brighton were beaten 4-0 in the replay); Elton John released ‘Too Low For Zero’. And Wilder Coe opened for business in Burgess Hill!
Inside:
Gloucester House, 66a Church Walk, Burgess Hill, West Sussex RH15 9AS
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Share three decades of Wilder Coe as the leading accountancy practice in Burgess Hill Meet our Team Members Join us to meet some of our oldest, newest and varied clients Decades of change Embracing RTI W www.wildercoe.com
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Chartered Accountant Chris Rebbetts has lived most of his life in Burgess Hill. His network of old friends includes clients, business associates and even partner Simon Lea! A devoted cyclist who has joined the London to Brighton Bike Ride on many occasions, he undertook the ‘gruelling’ ride to Nord Knapp (Europe’s most northerly point) raising £5000 in aid of the RNLI. Locally the business supports St Peters and St James Hospice and is proud to support the Burgess Hill Symphony Orchestra – which Chris describes as a real bonus as he gets to enjoy their regular concerts!
Partner Simon Lea joined Wilder Coe 25 years ago as an ambitious trainee after a phone call from Chris on New Year’s Day in 1988. He’d already qualified as an Accounting Technician and studied for his Certified Accountancy exams in his spare time, achieving his further qualifications in 1995 and five years later becoming a partner in the business. ‘I’ve known Chris since I was a youngster,’ chuckled Simon, ‘And we still get on really well.’ A regular cricketer and a keen golfer he’s proud to have raised £5000 in the Macmillan ‘Longest Day’ Challenge, playing 4 rounds of golf in one day.
Phil Ashman brought his skills as a personal tax administrator to Wilder Coe after a long career with Barclays Bank. Phil says ‘Quite simply, I enjoy what I do! The work is satisfying with less stress and more appreciation. Banking had become increasingly impersonal but here I can offer a really valuable and personal service to our clients.’
Phil Ashman
Hannah Lavender
Christine Tanner
Louise Skelhorn
The smooth running of the office is attributed to secretary and administrator Christine Tanner, who is the first point of contact for clients both face to face and on the phone. She added, ‘ I enjoy the work and they’re all nice people!’ ‘I really appreciate the support I’ve had to get my qualifications,’ says Accounts Preparation Assistant Hannah Lavender who has been with the company for 5 years. ‘Prior to joining Wilder Coe I was studying Accountancy ‘A’ Level in my own time - which was difficult! Working here I’ve achieved my AAT qualifications and attend regular courses. The more I learn the more interesting my job becomes!’
Louise Skelhorn was supported to achieve her ACCA qualification over a five year period, after leaving University in favour of a more work-based approach to furthering her education. She manages her own portfolio of clients as well as working on account preparation and audit work. Louise says, ‘I really enjoy auditing and the chance to fully understand how different businesses work.’ W www.wildercoe.com
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Three decades
Wilder Coe Burgess Hill officially commenced trading on January 1st 1983 Several years at the London offices of Wilder Coe had honed Chris Rebbetts’ professional skills but a workspace at home and the challenge of establishing a branch office of Wilder Coe in Burgess Hill was, as Chris said, ‘More appealing than a lifetime of commuting!’
‘The other partners were based in London,’ Chris continued, ‘ I focussed on establishing a client base of businesses large enough to need a full range of accounting skills but not so big that I couldn’t effectively manage all their requirements.’ Within two years Chris had moved to ‘proper’ offices at Maple House in London Road. A chance conversation with the local Barclays Bank manager was the catalyst for the next big leap for Wilder Coe. Chris was introduced to a retiring accountant in Brighton and with the help of the Government Loan Guarantee Scheme he purchased Bending & Co, increasing his client base, his staff, his turnover and of course his liabilities. ‘That was in the days when banks were genuinely encouraged to lend money to business and it was a branch level decision based on personal trust and understanding’ said Chris. ‘But with a young family and a mortgage it was a serious commitment. Not all the clients opted to stay with the new practice but we kept many of them – in fact some are still with us today!’ Family-run plastic moulding business Travin Products will make pretty much anything in plastic. Pam and Brian Webb started the business from home over 40 years ago and still enjoying working together. As Pam says, ‘If you’re happy with someone there’s no reason to change!’ Which also applies to their choice of accountant! Travin Products worked with Archie Bending (‘we liked him too’ says Pam) and joined Wilder Coe when Chris Rebbetts took over his business. They have been working with him ever since!
More help was needed to keep up with the rapidly expanding workload! Enter a young trainee, uninspired by his job and keen to progress his career. Simon Lea accepted a job with Wilder Coe on New Year’s Day in 1988 and ‘officially ‘ joined the practice a month later. And, after 15 years at Maple House, Wilder Coe had become too big for its roots. By this time Simon was not only fully trained but had become a partner and space at Maple House was fully stretched. Any misgivings about taking on bigger premises were pre-empted when the lease ran out on the London Road offices. There was just three months to find a space, convert it into a fully functioning working environment and make the move. The new offices above the Cheltenham & Gloucester Building Society were ideal and soon after Jerry Manser, a chartered accountant who worked next door, joined the practice, bringing additional skills, knowledge and more clients. Jerry retired in 2007 and today Chris and Simon between them head up a team that also includes Gloucester House Payroll Services. The current team at Wilder Coe offers a range of accounting skills, including focussed tax administration from Phil Ashman. Training is taken seriously, encouraging staff to improve their qualifications and giving the practice a wellrounded team to offer a comprehensive and effective client service.
“The great thing about accounting is that everybody counts!” ‘I’ve always tried to encourage people to reach their potential,’ says Chris. ‘Supporting staff with training and helping them to achieve their professional qualifications is fundamental to our success. Everyone who works here has stayed for many years – Hannah is our ‘newcomer’ and she joined us five years ago! It gives a real stability not just to our business but for our clients as well – it means that we can really understand and work with them to provide the best possible service and advice.’
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‘Accounts are not my forte’ says piano player Neil Brand As teenagers attending youth club in Burgess Hill Chris Rebbetts and Neil Brand were already confident about their respective career paths. ‘When you get famous,’ Chris promised, ‘I’ll look after your money!’ ‘I’m not sure if I’m ‘famous’,’ Neil laughs, ‘But Chris has definitely stuck by his side of the bargain!’ As an actor, writer, performer and composer, Neil is a leading composer of music for silent films and is considered one of the finest exponents of improvised film music accompaniment in the world. He has twice toured nationally with Paul Merton and has written the title music and many scores for TV documentaries including Paul Merton’s Silent Clowns; Silent Britain and The Real Stephen Hawking. Many Radio 4 dramas have been brought to life with scores written by Neil. In fact Neil’s talents are far-reaching. He has written dozens of radio plays, presented the Radio 2 arts programme, regularly analyses film scores on Radio 4’s Film programme, has recently finished making a documentary for BBC4 on the subject of film music and has written music and lyrics for a number of children’s shows including The Giraffe, The Pelly and Me and The Jungle Book. It was whilst working as musical director for a production by the Polka Children’s Theatre that Neil met his future wife, former Playdays presenter, puppeteer and actress Elizabeth Fost.
Seven years ago he helped us to set up a limited company, ensuring that we fully recognised the benefits and steering us through the process to make it manageable.
The couple freely own up to the fact that accountancy is not amongst their varied and extensive skill set. ‘The great thing about Chris,’ continued Neil, ‘Is that he goes out of his way to explain what he does and how he can help without either blinding you by science or treating you like an idiot. He’s laid really strong foundations for the way we handle money. Seven years ago he helped us to set up a limited company, ensuring that we fully recognised the benefits and steering us through the process to make it manageable. He’s very thorough, very reliable and we know that all the paperwork he prepares will be fully compliant and acceptable for Companies House and HMRC. As far as we’re concerned his advice always saves us money.’
The oldest discovered record of double-entry dates back to the Florentine merchants in the 13th Century. The system was detailed by Italian mathematician and Franciscan friar Luca Bartolomeo de Pacioli who wrote a treatise on the subject in 1494 which has made him notorious as “The Father of Modern Accounting.” W www.wildercoe.com
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on the starting grid ‘We had a long, hard talk with Chris Rebbetts from Wilder Coe about whether our new business was viable and his advice on setting up everything up was really useful,’ said Guy Penfold, who, along with business partner Ian Goldsmith has recently opened Blue Box Automotives, a new car showroom at Ringles Cross, just north of Uckfield.
Guy continued, ‘Wilder Coe were recommended by HSBC, which seemed like a very positive start. To be honest, we both felt very comfortable with Chris and respected his experience and knowledge too. He’s given us excellent advice on setting up the business, all the statutory requirements and the best way to organise the director’s shareholdings.’ Although the pair started discussing the business proposition at the end of last year it has taken little more than two months of serious planning to get it up and running.
‘Money never starts an idea, it’s the idea which starts the money’ W.J. Cameron Both have a long history of selling cars and have known each other as business associates for around fifteen years – which, as Guy says, provides a sound basis for embarking on a business partnership. ‘We knew each other’s strengths and weakness and respected each other’s experience and knowledge of the industry.’
‘We’ve got a lovely site with lots of passing traffic, the funding is in place and we’re building up a fantastic stock of the right sort of vehicles. It’s been a difficult and sometimes very frustrating process and to be honest Wilder Coe have been one of the easiest elements.
Blue Box Automotives sells a range of what Guy describes as ‘aspirational but achievable’ cars. The forecourt will have a mix of Audi’s, BMW’s, a few smaller Mercedes and models such as the Mini Cooper. ‘Smaller, quite prestigious but affordable!’
We’re aiming to sell around thirty cars a month and hope to achieve a turnover of £2million in the first year. Everything feels really positive at the moment and we’re looking forward to launching the business properly in July when we should be fully stocked with an excellent choice of cars!’
Starting up?
Wilder Coe are happy to help: • Practical advice and business set up • Guidance on statutory requirements, compliance and registrations
Bubble gum was invented in 1928 by accountant Walter E Dimer – although the concept of a product that can be used over and over again and doesn’t depreciate goes against the grain for most accountants!
• Financial planning and analysis • Network of professional advisors
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10 minutes on 30 years of HMRC The partners give a 10 minute retrospective! With changes in government and a twice yearly budget you must have had to deal with some fairly major changes in legislation – share the highlights!
Actually until the recent introduction of RTI there have only been two really serious changes that have impacted significantly on the way we work. Self-assessment in 1997 and the 2006 Companies Act.
Self-assessment - we all know about that one! Tell me how it changed things!
Up until 1997 it was the responsibility of the tax authorities to let each individual know how much tax they had to pay. You simply filed a return and the tax authority sent you a bill – it was all down to HMRC to come up with the appropriate amount. Now the onus is on you to work out how much tax is due and the rules about making a correct statement are stringent.
So more work for accountants?
At the time the banks were keen to promote selfassessment advice - but most people opted for the more personal service their accountant could offer. For most business owners the relationship between business accounting and self-assessment is a close one and we can provide a more effective service by looking at their whole financial picture.
And what about the 2006 Companies Act?
When we were training there were three key dates essential to Company Law – 1948, 1967 and 1985. Things had remained relatively consistent for a long time. The 2006 Act overhauled the way companies are regulated, introducing a very large number of small but significant changes. There was a lot to get your head round! The biggest difference is the sheer size of the annual return which reflects the exceptionally detailed level of information now required by Companies House. It brought
UK Company law more in line with International Law - both the EU and the USA. The changes really added to our workload – the annual return is a very demanding report and we’re required to have an extremely detailed knowledge base of corporate structures to make sure we get it right. And of course the onus remains with the company and their accountant to supply the correct facts.
What about the budget? Doesn’t that disrupt your working life twice a year?
Fortunately there’s some very sophisticated software that makes it a lot easier. We receive an automatic update for our systems within a week of any changes to corporate law, VAT or other statutory legislation. And the budgets tend to be evolutionary rather than revolutionary –we’ve worked through quite a few over the years! So how DO you keep up with new legislation? Every member of staff has to undertake continual professional development commensurate with their qualifications. There’s plenty of reading to do and we all regularly attend the relevant courses – we quite enjoy them actually!
From this side of the desk it feels like a lot more red tape than we used to have. Is that actually true or is it just a perception?
Ah, the red tape. Always an issue! What has changed is that rules are more complicated, the deadlines are imposed more strictly and fines and penalties have increased. And over the last thirty years we’ve seen more red tape related to other bodies, such as local government, health and safety and employment law.
So plenty to keep us all on our toes! Life wouldn’t be so much fun without it!
The ancient Romans were obsessed with record keeping. Their military bases kept detailed accounts on everything from how much grain was in their stores to how many nails were in their workshops. W www.wildercoe.com
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An Italian Connection
Choosing an accountant • Size Matters! Choose an accountancy firm that is the right size to be compatible with your business. If you are a sole trader you might feel more comfortable with an individual accountant – and conversely if you are running a big business with hundreds of staff you should be looking for a sizeable practice with teams of auditors and accounting assistants. • Check their qualifications If they are not a Chartered Accountant look for qualifications from another professional body such as ACCA. Professionally qualified accountant are required to learn continuously and will be aware of changes in legislation and statutory requirements.
John Rapacioli of Hydro Pneumatic Services runs one of the UK’s leading distributors of air/oil separators for compressors and vacuum pumps.
• Talk to their other clients It’s always useful to hear what existing clients have to say about a firm of accountants. A phone call or a meeting can provide a frank report of their services – and if the accountant is reluctant to facilitate this then maybe you should look elsewhere!
‘When I started, we ran a survey to assess the size of the UK market in compressors to establish the value of importing separators from Italy. My figures were quite pessimistic but the business looked viable and we decided to go ahead,’ said John.
• Are they sufficiently knowledgeable for your needs? Identify the areas where you need support and be sure that your accountant has the required knowledge – or that they will be able to provide advice and support through other professional contacts and resources.
That was back in the early eighties and soon afterwards Chris Rebbetts was recommended to look after the accounts for John’s Brentford-based company.
• Don’t underestimate the importance of personality can you get on with them? Your accountant will be a key business advisor so it’s essential that you feel comfortable with him or her. Make sure you feel confident that you can trust them and that you will be able to ask questions and expect a clear answer.
Thirty years later John is still happy with the service saying, ‘It’s so important to have a good accountant. Although Wilder Coe isn’t on our doorstep it’s never made a difference and we also use Gloucester House Payroll Services Ltd., to manage our payroll. It’s difficult to find fault with the service we receive, Chris is always efficient, prompt and friendly so I’ve never had any reason to consider looking elsewhere.’ HPS supplies a full range of air filters and oil filters for compressors and vacuum pumps; vanes for vacuum pumps; in-line filters, elements and condensate drains most of which are still imported from Italy. Chris added, ‘I’m delighted to have worked with John at HPS for so long. It’s a very specialist business – he’s explored manufacturing in the UK and has collaborated with manufacturers in India and China but has really found a solid base for his business and maximises what he does best. HPS have established themselves as market leaders and enjoy a positive reputation in the industry.’
Wilder Coe is committed to providing business clients with a cost-effective, quality business accounting and taxation service that maximises benefits to the business whilst maintaining statutory compliance.
Mick Jagger studied accountancy before opting for a career in music. W www.wildercoe.com
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Meet RTI, HMRC’s newest initiative....
‘Real Time Information’ came into effect in April, so by now you should be complying with the new scheme and have RTI firmly established as part of your regular engagement with HMRC! It’s the first major change to the PAYE system since it was introduced in 1944. Now, employers must submit information about PAYE payments throughout the year as part of the ongoing payroll process, rather than a single submission at the end of the year. Larger companies have been legally required to report payroll information in real time since April 2013 although employers with fewer than 50 staff have until October this year to adapt to the new system. The extra time doesn’t mean you don’t have to comply with RTI, it simply offers a ‘penalty-free’ breathing space to adapt your processes. Whilst RTI would appear to be a more onerous reporting system, it’s a good opportunity to simplify payroll arrangements, especially if staff are currently paid weekly. Monthly payments are easier to administer under the new system although staff should be in agreement to changes in their payment arrangements. Previously the final, annual PAYE return often prompted an unexpected demand from HMRC for a reconciliation payment to compensate for any incorrect returns made during the year – at least the new system avoids any unpleasant surprises! RTI is designed to work on a wholly electronic payroll system that can make automatic online returns to HMRC each time a payment is made. You may require investment in new technology and will need to be absolutely sure that information submitted on all staff is up to date and accurate. It’s no longer possible to pay Tom, Dick or Harry if the employees real names are Thomas, Richard and Harold! Once the data has been filed and the system is up and running, it should be straightforward to administer although the requirement to report any details relating to an employees pay in ‘real time’ ( hence the name) is strict. All information has to be submitted on or before the moment when wages are paid and fines will be imposed for failure to comply. ‘We’re happy to provide advice on compliance with RTI,’ said Chris, ‘or we can provide the option of Gloucester House Payroll Services for any company that would prefer to outsource their payroll rather than struggle with the new regulations.’ W www.wildercoe.com
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Gloucester House Payroll Services Our in-house support looking after your payroll. Managing a payroll efficiently can be a real headache for smaller companies. Without a dedicated HR Manager someone within the organisation has to take responsibility for ensuring that payments are processed on time, that the correct PAYE and NI has been deducted and that all the statutory documentation has been completed and correctly submitted to HMRC. With the introduction of RTI information has to be submitted to HMRC even more frequently, with penalties for errors. Small wonder that many of Wilder Coe’s clients engage Celia Anderson, of Gloucester House Payroll Services, to take over their payroll problems. ‘Payroll support was something many of our clients needed,’ said Chris, ‘but wasn’t really part of our core business. Celia manages this area of our business quite separately, offering a comprehensive service not just to our own clients but to other companies struggling to cope with their payroll as well.’ With years of financial and bookkeeping experience combined with five years managing Gloucester House Payroll Services, Celia offers a calm and reassuring solution to alleviate payroll pressure, ensure staff are paid promptly and efficiently and that all statutory requirements are met. Celia added, ‘Preparing for RTI has been a challenge, we’ve upgraded our software and I’ve been on courses to make sure I fully understand the requirements – but so far it’s been quite straightforward. I’ve enjoyed the challenge!’
‘I have no use for bodyguards, but I have a very specific use for highly trained accountants’
Elvis Presley
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