The financial services sector is becoming increasingly complex, competitive and regulated. It is vital you know how new rules affect your business so you can demonstrate integrity, transparency and innovation to win customers and stay ahead.
How we can help you
We specialise in helping financial services firms to meet their reporting obligations, avoid pitfalls and exploit potential opportunities. As experts in your field, we can give you the most relevant, up to date advice and we’re always available to answer your questions.
Who we help
Our clients include corporate financiers, insurance brokers and hedge fund managers – we now act for over 100 fund managers. We build long relationships with our clients, who value our open, honest and down-to-earth approach and they are happy to recommend us. In fact, most of our business comes from referrals.
We tailor our services
From audit to tax, we’ll do everything we can to improve your performance, minimise your costs and maximise your profits:
- Audit & assurance
- FCA audits
- GABRIEL reporting
- Corporate tax
- LLP tax
- Personal tax
- Employment tax
The list is by no means exhaustive, so do call us to discuss your specific needs. You can combine any of our services to suit your business goals and your budget.
Our prices are transparent and very competitive and we’ll agree the charges with you upfront, so you won’t have any unexpected costs.
Business support, outsourced accounting
Our client is an FCA regulated investment manager with no employees. To ease the administrative burden on the members, we perform bookkeeping services, prepare quarterly management accounts and prepare and submit quarterly VAT returns with a seamless approach and efficient communication between the team and members. Members of the LLP deal principally with one team member with others on hand as required, in addition to this work being overseen by a Manager and Partner. This approach provides continuity and the benefits of sector and entity specific knowledge. Recently the client expanded, setting up several new entities with various reporting dates. In taking on the accounting functions for these, we also assisted with set-up and compliance, identifying opportunities to streamline the process by involving our tax and Company Secretarial departments. By outsourcing to haysmacintyre, the members can focus attention on growing the LLP, simply having to review the submissions drafted by our business support team, without worry of late filing penalties or noncompliance with regulation.
The purpose of the transaction was for parent company (A Limited) to purchase 42% of its shares from one of its members and for such shares to be cancelled. The default position under the Companies Act is that companies are not allowed to buy their own shares but there are exceptions permitting companies to do so, subject to restrictions, particularly with regards to the financing of the purchase. The two main options available to A Limited were to pay for the shares out of distributable profits or out of capital*. The latter procedure was considered to be less attractive as it would involve more formality, increasing cost. However, the company did not have sufficient distributable profits to finance the purchase, so the directors had to consider whether the reserves could be increased. Under the Companies Act 2006, private companies are able to reduce their share capital by way of a special resolution and solvency statement without a court order. The amount of such a reduction can be transferred to the company’s profit and loss account to eliminate negative reserves and/or create positive reserves. Although A Limited did not itself have sufficient share capital to use this procedure, it was noted that its subsidiary did. So the subsidiary reduced its share capital and paid a dividend up to its parent, creating the reserves for A Limited to buy the shares back from the departing shareholder.
* New rules introduced on 30th April 2013 mean a greater range of options is available to private companies, particularly in connection with employee share schemes.