%20(horizontal).png)
Lake Accountancy
Certified Chartered Accountants
About
Us
Who We Are
Lake Accountancy's offices are located at Ketteringham Hall, on the outskirts of Wymondham, Norfolk. We are an ACCA regulated firm of qualified accountants and work with you as your accountants and business advisors. We specialise in providing proactive advice and information to help you meet your business objectives and explore new opportunities.
Meet The Team
Lake Accountancy is headed by Marc Lake FCCA who has worked in accountancy practice since leaving university and qualified with ACCA in 2014. Marc has a wealth of experience across many sectors including the construction, property and technology industries. Marc has a strong client focus with a view to building strong long term relationships and away from work enjoys watching football and walking the dog.
Hayley Morrison is a full AAT member (MAAT) and previously ran her own accountancy practise in Wymondham. As well as previous accountancy roles within Industry, Practice and Charities, Hayley's extensive experience includes heading up the Data Analytics & Insight team for BT Business, as an EMEA database marketing strategist at IBM, and as a data analyst at Harrods. Hayley is currently studying towards ACCA qualification and is our go to Excel expert as well being certified in both Quickbooks and Xero.
Amber Tsoi manages the office and our payroll department having previously worked in HR and payroll. Amber joined us from a role within the Not for Profit sector and has a CIPD level 5 qualification and a masters in sociology. Amber is a coffee fanatic and needs the energy to keep up with her toddler. When she gets some spare time Amber enjoys cooking and reading.
Our Vision
We pride ourselves on our client delivery and advisory services which helps businesses push on to the next level. Accountancy is often about looking back and reporting on historical performance, but this can lead to missed opportunities and that is why we always try to be proactive and forward thinking.
We are here to help you and your business and we do this by learning about you and your business, along with the opportunities available to you and helping you to achieve them whilst being mindful of the challenges and obstacles ahead. We also see it as part of our job to help you learn and understand how taxes and finance impact your business to help round out your decision making process.
Accountancy For Start Ups
We can help with business setup and advice. Every business is unique and there is no one size fits all so we take the time to understand your business and how we can help navigate the early challenges whilst also providing a solid foundation for the medium term.
Whatever the size of business you are considering starting up we can provide vital advice on:
-
The form the business should take, sole trader, partnership, LLP or limited company.
-
Company formation procedures and registration for necessary taxes such as PAYE and VAT.
-
Preparation of cash flow projections, and business plan support.
-
Arranging finance.
-
Bookkeeping tuition and implementing management procedures and systems.
-
Tax planning and scenario planning.
What
We
Offer
Management Accounts
It's important when running your business to receive the right information at the right time in order to help you make the right decisions. In other situations management accounting information is required by lenders to help support financing decisions.
Management accounts can range from traditional profit and loss accounts through to more individually tailored KPI reporting. Management reporting includes but is not limited to:
-
Monthly or Quarterly Management Accounts
-
Profit and Loss Accounts
-
Financial Forecasting
-
Budgeting
-
Bespoke KPI Reporting
-
Sales Trend Analysis
We tailor our services to make sure it is the right fit for your business, management reporting is about going further than just reporting and helping to interpret and understand the information.
Corporation Tax
The team at Lake Accountancy can help prepare and submit your corporation tax return for limited company accounts, ensuring that you never miss a deadline and always pay the correct amount of tax.
Corporation tax is not just something to think about once a year and it is important to consider corporation tax planning throughout the year, especially with the rates of corporation tax increasing for businesses with taxable profits over £50,000 from 1 April 2023.
There are also ways your business could potentially reduce your corporation tax liability including claiming for research and development tax credits and claiming capital allowances, these are both areas of specialist tax advice which we can help with.
Sole Traders & Partnerships
We can help take the stress away from dealing with end of year tax returns and compliance.
It isn't only about dealing with end of year obligations and it is our job to keep in regular contact with you to help advise you throughout the year keeping up to date with important changes to your business.
We pride ourselves on being proactive accountants rather than reactive and this is especially important for tax planning. Should the business be enjoying a particularly good year then you may want to discuss with us how much you should be saving for tax or perhaps more importantly what you could be doing to potentially save tax.
On the flip side to this if you are having a downturn in trade then it might be important to look at savings and potentially reduce payments on account to HMRC to reflect this.
Payroll
Payroll is a vital part of your business, but it can be time-consuming and complications do arise, so getting it right takes experience and know how, especially with changing tax rules and legislation.
We can provide you with payslips and necessary payroll reports, as well as keeping you compliant with HMRC and making pension uploads.
Additionally we can also calculate statutory payments such as parental leave and sick pay as well as Benefit in Kind and P11D reporting.
If you do not already have an Auto Enrolment pension scheme in place we can offer advice and support to set one up and reporting and communication support to stay compliant with the Pension Regulator legislation.
Property Accountants
Whether you are a Buy to Let Landlord, Furnished Holiday Let Business or need help with Capital Gains on a disposal of your Residential or Commercial Property, Lake Accountancy provides a comprehensive accounting and tax advice service to landlords.
We specialise in helping landlords that let out or want to let out under the Furnished Holiday Let (FHL) Scheme and understand how to get and stay compliant and the tax benefits from the FHL Scheme, including:
-
FHL qualification criteria, including availability and letting conditions.
-
Potential availability and conditions for capital gains tax reliefs such as Holdover Relief, Business Asset Rollover Relief and Business Asset Disposal Relief.
-
FHL and VAT considerations and compliance.
-
Understanding the value of Capital Allowances for FHL and what expenditure can claimed.
Additionally we can help you stay compliant with Capital Gains Tax reporting requirements on disposal of residential properties, particularly keeping mindful of the requirements to report and pay the capital gains tax on disposals within 60 days.
Construction Accountancy & Construction Industry Scheme
We have extensive knowledge in the construction sector and and can help support both contractors and subcontractors and help you to manage the many tax and accounting requirements placed upon businesses operating within the construction sector.
The construction industry has many facets but our services include:
-
CIS registration and administration
-
CIS monthly returns
-
Subcontractor verification
-
IR35 advice
-
Tax planning and advice
-
Compliance accounting
-
VAT advice and compliance
-
Management accounting
-
Cash flow forecasting
Additionally we can help with year end returns to help reclaim CIS tax owed to you as a subcontractor and understand the importance of minimising the delay for receipt of tax owed to you.
Bookkeeping and Systems
Bookkeeping is essential for any business of any size to run smoothly. Bookkeeping can only be required for year end accounts but often financial information is required in real time to help management information and reporting as well as more regular filing requirement such as VAT.
Every business is unique and it is important to tailor solutions that fit the business requirements and their budget. We can help set up and train you to use bookkeeping systems through cloud software (or Excel) which will help streamline and simplify the bookkeeping function.
We also understand that operating a business is extremely time pressured and you may not have the time or desire to worry about bookkeeping and that's why we also offer complete outsourcing solutions and we would be happy to discuss this further with you.
Personalised Approach
Every business is unique with unique leadership, financial requirements, culture and goals. Part of having a personalised approach is to build a solid understanding of these unique traits about you and your business to ensure that we are able to provide concise and insightful financial advice leading to better financial management and success.
It is our job to understand your targets and objectives and tailor our advice accordingly, for example is the business looking to retain cash to fund growth or is the business looking to reward the shareholders through dividends and tax efficient profit extraction.
We also look to work with you to tailor our services to best suit your business requirements. We are experts in cloud accounting software and there are huge bookkeeping, reporting and time saving advantages of utilising cloud software, particularly if MTD filing is a requirement. However we also understand that some businesses will be best suited to maintaining a simple spreasheet ledger rather than incurring additional subscription fees.
Building Lasting Relationships
We are here for the long haul and we strongly value building long term relationships with our clients and helping them through the different stages of their business cycle. Our aim is to develop long term personalised relationships with clients by being concise and proactive with our advice, helping to develop and grow the financial controls and reporting of the business, keeping open lines of regular communication.
Fair and Transparent Fees
We value long lasting relationships with our clients and that is why we always seek to set out fair and transparent fees well in advance of commencement of work. No hidden surprises when you see the invoice and we are happy to fix our fees in most cases. Get in touch with us to discuss how we can support your business and we can offer a quote for our services.
