As part of our ongoing commitment to our current clients, we have strengthened our team of Belfast accountants by adding a further five graduates based within our Belfast City Centre practice.
We are delighted to welcome David, Scott, Alexndra, Priya and Megan to the team here at RB Chartered Accountants in Belfast.
Chartered Accountants are integral when it comes to steering businesses in the right strategic direction, solving problems, and implementing the right change. As Belfast accountants we often report on the financial performance of a company or firm, which impacts greatly on the decision-making process.
As Belfast Accountants, we have ambitious growth plans for 2023 and we are proud to invest in local talent. We look forward to working with our new hires as they develop and start to become trusted business advisors.
Graduate Induction at RB HQ
Our new graduates will have the full support of our internal management team as they study towards their qualification. Chartered Accountants Ireland are also on hand to help contribute at any stage throughout their 3.5-year training contract.
We are delighted that they have selected RB Chartered Accountants to help further their career in accountancy at our office in Belfast.
Do you have what it takes to become a Graduate Accountant?
If you are interested in finding out about what it takes to become a Chartered Accountant please visit: https://www.charteredaccountants.ie/ or if you are interested in applying for our 2023 graduate programme, keep an eye on our careers page: http://rossboyd.co.uk/category/careers/ and social platforms.
RB Chartered Accountants are delighted to have been shortlisted as a finalist for the Customer Service Excellence award at the Belfast Chamber Business Awards 2022.
The Awards, now in their 7th year and sponsored once again by Bank of Ireland, have become the city’s premier celebration of business excellence in the city and will take place on Friday 21 October in the Crowne Plaza Hotel, Shaw’s Bridge.
This year’s event will showcase the very best of Belfast business in what has been a challenging year. A total of 94 businesses have made it on to the shortlist across 21 different categories.
The Customer Service Excellence Award will be presented to a company that demonstrates an ongoing commitment to improving its standards of customer service. The winner will have implemented successful customer service strategies and recognised opportunities that have had a significant impact on customer experience.
Commenting on the publication of the 2022 Belfast Chamber Business Awards shortlist, Belfast Chamber Chief Executive Simon Hamilton said, “Belfast Chamber are delighted that our 2022 Business Awards – sponsored by Bank of Ireland – have produced a record number of entries and I know it was a real challenge for the judges to whittle down so many entries to create this year’s shortlist
Our shortlist of almost 100 businesses across the 21 different categories is made up of businesses of all sizes, from all sectors and from all parts of Belfast, reflecting the diversity of the city’s economy. The shortlisted companies are an amazing showcase of the strength of Belfast’s business community. Full details on the event can be found here : https://belfastchamber.com/
This prestigious event is widely seen as the benchmark in business success in the city and we are delighted to be selected as one of this year’s finalists.
RB+ is a Chartered Accountancy firm proudly started and 100% owned in Belfast. Now 12 years old, we have led the cloud accounting revolution locally and have clients across the UK and Ireland. We are focussed on exploring the latest software developments and how we can harness them to improve business results for clients. We have developed real knowhow with technology.
We are a bit nerdy and love to analyse data to give our clients real business insights in addition to providing traditional services such as audit, accounts, tax, and bookkeeping.
We are a fully regulated training and audit practice with a growing team. We see a world in continuous change where business leaders need the best up to date advice available. We enjoy partnering with our clients to help increase wealth. We may be small, but we have big ideas.
What’s the role?
We are looking for an office administration assistant to join our innovative and dynamic practice, right in the heart of Belfast. This is an exciting opportunity for an administrator who is organised, able to multi-task, has a professional approach in dealing with staff and visitors, is competent in the application of IT systems and will ensure all work is produced in an accurate and timely manner and to a consistently.
Key Responsibilities and Accountabilities:
Assist with:
Answering phone calls;
Processing of purchase invoices;
Stock control of office resources;
Processing of admin documentation;
Support sales & marketing initiatives;
Provide administrative and secretarial support to colleagues;
Meeting and greeting visitors and arranging refreshments;
Organising travel, accommodation, and hospitality for company events, both internal and external;
Other general day to day office administration.
It is anticipated that the post-holder will be required to adopt a flexible approach to the duties and responsibilities as outlined in this Job Description.
What are we looking for?
Personal Qualities
The successful applicant will be expected:
To have a pleasant demeanour while always showing professionalism;
To be a good team player, establishing positive relationships with staff and visitors;
To be a well-organised person;
To be able to work under pressure to strict deadlines, prioritise tasks and work on several projects simultaneously;
To be flexible;
To demonstrate evidence of treating information in a confidential manner;
To be up for the challenge of helping the practice grow.
Skills
Good communication skills with the ability to liaise confidently with people at all levels both internally and externally;
Good time management;
Good organisational skills;
Good at juggling various tasks;
Good IT skills including proficient use of Microsoft Office;
Good level of English spelling and grammar;
Professional and friendly telephone manner.
Experience:
5 GCSE’s (or equivalent) Grade A-C including English Language and Maths;
Experience working in administration and within an office environment desirable but not essential.
What’s in it for me?
· Competitive remuneration, flexible working and unique benefits;
· Team building events including annual company away day;
· Offices in the heart of Belfast City Centre with public transport links.
How do I apply?
Send us a CV by 5pm Friday 26th August 2022. We will quickly shortlist applications and let you know next steps. We are an equal opportunities employer and welcome applications from anyone who is suitable. To apply, please email your CV to: careers@rossboyd.co.uk
With summer holidays fast approaching and inflation at a 40-year high, Ross Boyd, Director at consultancy, RB+ Chartered Accountants, is advising parents across Northern Ireland to take advantage of tax-free childcare breaks this summer, through Belfast tax advice from his city centre accountancy firm.
Ross says, “As inflation soars, household budgets across the country are coming under intense pressure. We are all feeling the pinch, with the recent hike in National Insurance, the increase in VAT in the hospitality sector and other tax generating initiatives, as we seek to entertain our children this summer.
“However, many may be unaware that through appropriate Belfast tax advice there are tax-free breaks available to parents.
The government’s Tax-Free Childcare scheme offers working families, including those who are self-employed, support towards childcare costs for kids of 11 years old or younger.”
“Tax-free childcare is available for children aged up to 11, or 17 if they have additional needs. For every £8 you pay in, the government adds £2 up to a maximum of £500 every three months, or £1,000 if your child has complex needs. There are also income limits that need to be considered if you earn more than £100,000 or below the National Living Wage.”
There are various eligibility requirements for the scheme, including employment status, income, your child’s age, your circumstances, and your immigration status
Ross continues, “Parents should also be aware that Tax-Free Childcare accounts aren’t only for regular childcare costs. They can also be used to pay for after-school or summer childcare expenses, such as accredited holiday clubs, childminders or sports activities.
“If you are a business owner then Tax-Free Childcare is great news for you as an employer as well as a parent. The scheme can help keep you fully staffed during school breaks, as it helps employees to pay for childcare during work hours.”
A Tax-Free Childcare account can also function as a nest egg, allowing parents to save for times when care is needed most, and money may be short.
Ross adds, “You can pay money into your Tax-Free Childcare account whenever you like. This allows you to pay more during some months, and less at other times, building up a balance to use over the summer holidays, for example, when you’ll need more childcare. You could also ask grandparents and other family members to pay in in lieu of birthday presents.”
Accountants in Belfast explain : On 6th July 2022, employees in Northern Ireland can now earn more money before they start paying National Insurance contributions as the tax threshold has increased.
Employees can now earn £12,570 a year before paying National Insurance. This figure is up £2,960 from last year’s value of £9,880. This is great news for workers earning less than about £34,000, as this change will more than offset the earlier 1.25p NI increase that came into effect in April 2022.
Hopefully this move will help ease the cost-of-living crisis for those struggling with bills and rising costs. The chancellor has said seven in 10 workers who pay national insurance contributions (NICs) will pay less.
How much will my salary increase in Northern Ireland?
BBC News claims that an employee earning £20,000 a year will pay around £178 less National Insurance in 2022-23 than they did the previous tax year.
The team RB Chartered Accountants in Belfast explain that it’s a straightforward process to ascertain how this change will affect your take home pay. If you enter your annual salary in this online tool on the government’s website, you will see your estimated tax savings.
As Chartered Accountants in Belfast, we would urge business owners to use this increase as a positive news story and to alert their staff members of the upcoming changes, as this may have a direct impact on their monthly wage packet.
It is evident that businesses are facing financial challenges right across the board. With the recent news of inflation passing 9% in May 2022, it is important that business owners take time out to carefully consider how to respond to these challenges as this will undoubtedly have a direct impact on the health of our economy.
How does this affect self-employed people?
RB Chartered Accountants in Belfast explain that these changes could allows self-employed people to keep more of their hard-earned income before NI is automatically deducted. These changes combined with other recent tax updates mean that the savings to some business owners could be significant if they update policies and seek professional advice.
However, with everyday prices such as food and fuel rising sharply, some households may not feel better off in practice, even with more money in their pay packet. Entrepreneurs and self-employed people must update the way that they pay themselves to take advantage of the change, this won’t happen automatically. Currently, the most tax-efficient way for directors working through a limited company to maximise their earnings is through a blend of salary and dividends, and this NI change means the blend should be updated to reflect the greater threshold and tax-free allowance.
As Chartered Accountants in Belfast, what is our advice?
Now is the time for businesses to introduce measures to help mitigate the impact of these changes. At RB Chartered Accountants, we can advise on a wide range of measures to assist both yourself and your business. Contact a member of our team today to discuss more about how we can help you create these efficiencies through a no-obligations chat.
As Belfast accountants we can see that SERVICE businesses across Northern Ireland are navigating a uniquely challenging economic climate. With inflation at a 40-year high, increasing taxation, the recent cessation of the reduced rate of VAT for hospitality and a shortage of talent, our base of owner-managed service businesses is facing an uphill battle when it comes to expansion and wealth enhancement.
High inflation impacts significantly upon owner managed businesses, with an inevitable decrease in consumer demand, increased costs and supply pressures. Currently, this is compounded by increasing taxation and an unclear future tax landscape, which makes it difficult for businesses to plan their investment strategy.
Service businesses have been hit particularly hard, not only by the rising cost of living, but also by increasing taxation for employers. The cessation of the reduction of VAT for hospitality, which ended on April 1 has also been a real challenge. The subsequent return of the 20 per cent rate of VAT for hospitality businesses has seen the price of services increase and costs passed onto the customer.
Local businesses are also facing a labour shortage as they compete with global brands for staff. Although they may offer excellent opportunities,
The most important differentiator is actually innovation. Businesses would benefit from exploring research and development, which includes the creation of new processes and products, and making improvements to, or even reimagining existing ones. R&D tax credit is available to business owners across Northern Ireland and can result in a corporation tax saving.
In order to maintain growth momentum and increase their wealth, businesses should also explore restructuring. This can be effective way to respond to changes in the market, and to sustain economically sound business operations in the face of decreasing consumer demand.
To do this, organisations should begin by setting clear business objectives and evaluating sales against forecasts. They should then create a new business strategy and look at restructuring management and designing a new organisational structure. Businesses should also consider growth through acquisition, along with remote working, which can drastically reduce overheads.
Small businesses with lesser brand recognition have to work harder to attract the best talent.
As Belfast accountants, It is our opinion that service businesses can survive and thrive in this difficult climate by differentiating themselves. Contrary to popular belief, price point isn’t the most important factor here. Rather, businesses should specialise in a niche area and ensure that they are geared to offer quality bespoke, modern and informal services to the market.
With the fourth industrial revolution upon us, I believe that businesses must also anticipate future trends and embrace new technologies.
An agile approach is a vital ingredient for success in today’s market and initiatives like the recently introduced Making Tax Digital (MTD) for VAT regulation can really help businesses to streamline important processes, monitor the health of their business on an ongoing basis, and gather intelligence on competitor pricing. All of this will help to ensure that their business structure is efficient and that profits are maximised.
Northern Ireland risks losing out more than ever to the Republic from next year when corporation tax becomes double that of our neighbour, it has been claimed by accountants in Belfast.
The Republic’s historic low-tax policy of charging just 12.5% has helped lure huge companies like TikTok, Google, Apple and Facebook to set up over the border.
Northern Ireland has lost out as a result and discussions over lowering our corporation tax have not resulted in action.
From April next year, the main rate of corporation tax in the UK will increase from 19% to 25%. The EU and OECD have looked at changing rules so that a minimum rate of 15% would apply.
The UK’s move to a 25% rate will make Northern Ireland a less attractive spot when compared to the Republic.
In addition, the Republic retained its full membership of the EU, which is another selling point. However, Northern Ireland remains within the single market for goods, under the terms of the Protocol.
Accountants in Belfast explain there are lost opportunities for investment which could hinder economic growth.
According to the Department for International Trade, foreign direct investment projects here created 2,351 new jobs in 2019-20.
Factors in the Republic such as higher income tax could work against it. The cost of living is also much higher over the border.
This is something that will have to be assessed on a case-by-case basis, but a corporation tax rate that is half that of Northern Ireland’s may ultimately encourage investors to gravitate towards the Republic.”
Businesses in Northern Ireland need to begin preparations for the new tax regime as soon as possible.
My advice to local businesses would be to reassess your business structure both within the UK and EU to ensure that you get the best rates available
Updated structures may be quite different and you will need to implement a quality business plan and use good financial management to get the most from these changes.
With soaring inflation and a new era of supply chain insecurity, businesses need to plan more carefully than ever.
We are looking for a newly qualified Chartered Accountant to join our innovative and dynamic practice, right in the heart of Belfast. This role is perfect for someone who is looking for a clear route for progression.
Who are RB+
RB+ is a Chartered Accountancy firm proudly started and 100% owned in Belfast. Now 12 years old, we have led the cloud accounting revolution locally and have clients across the UK and Ireland. We are focussed on exploring the latest software developments and how we can harness them to improve business results for clients. We have developed real knowhow with technology.
We are a bit nerdy and love to analyse data to give our clients real business insights in addition to providing traditional services such as audit, accounts, tax, and bookkeeping.
We are a fully regulated training and audit practice with a team of fifteen and growing. We see a world in continuous change where business leaders need the best up to date advice available. We enjoy partnering with our clients to help increase wealth. We may be small, but we have big ideas.
What are we looking for?
We are looking for someone is passionate about making a difference for clients by offering a great service.
Essential Criteria
· ACA qualified.
· Significant accounts preparation and statutory audit experience.
· Strong analytical and communications skills.
· Excellent MS Office skills, particularly Excel.
· Be up for the challenge of helping the practice grow.
· A team player who is looking for a clear route for progression.
Desirable Criteria
· An interest in and experience of utilising the latest technology in accountancy.
· Experience of NFP audits including housing associations, charities, and public sector bodies.
What’s in it for me?
· An extremely competitive salary, flexible working and unique benefits.
· Team building events including annual company away day.
· Access to the latest courses and CPD material
How do I apply?
If you are up for the challenge, just send us a CV before 3pm Monday 18 July 2022. We will quickly shortlist applications and let you know next steps. We are an equal opportunities employer and welcome applications from anyone who is suitable.
Consultancy, RB+ Chartered Accountants, advises that Northern Ireland’s owner-managed businesses should be alert to challenges as we enter into the 22/23 UK Tax Year.
Following the Chancellor’s spring statement last month, Ross Boyd, Director at the firm, counsels that incoming changes such as the cessation of the reduced rate of VAT for the hospitality sector, bodes for a difficult year ahead.
Businesses will face a high tax burden due to various tax generating initiatives.
Ross Boyd
Ross explains, “Businesses are under more financial pressure than ever as inflation hits a 30 year high and is projected to rise to close to 9 per cent by the end of this year. It’s clear that the chancellor remains committed to progressing tax generating initiatives, which will impact directly on local businesses.”
The increase in National Insurance took effect on 6th April and Ross warns of its direct impact on business owners, especially for high performance businesses.
He continues, “These challenges are compounded by the impact of the recent National Insurance increase, which will be felt most keenly by those earning over £35,000 – a salary bracket that includes many of NI’s business owners and growth areas of the economy
“Although the chancellor has made an attempt to mitigate the hike by increasing the National Insurance threshold by £3,000 from July to bring it in line with Income Tax Personal allowances, this still represents a significant challenge for our business owners who will need to examine how they can cut back to sustain revenue and profits. They may, for example, need to examine cash flow forecasts and begin monitoring staffing costs or structures.”
Ross also points out that businesses within the hospitality sector will be impacted by the cessation of the reduced rate of VAT for the hospitality sector, which ended on 1st April. The VAT rate for most goods and services within the hospitality industry has since increased from 12.5 per cent to 20 per cent
He says, “With the reduced rate for VAT having ended this month, the hospitality sector is under particular duress at the moment. These businesses are still recovering from the pandemic and the return of VAT to pre-pandemic levels could restrict growth and investment and curtail recovery. Increases to minimum wages further this pressure on the sector.
It is also important that employees begin the new tax year on the right foot by ensuring that they are on the correct tax code. It is each individual’s responsibility to make sure that their tax code is correct, to avoid a monthly tax deduction that may be too high, or an amount owing by the organisation at the end of the year
Ross says, “It’s critical to get your tax code right. If you get it wrong, you might end up underpaying, or overpaying, on your taxes which could lead to a tax investigation from HMRC. There are lots of things that can be done to reduce your effective rate of tax.”
Ross also notes that, whilst the incoming increase in Corporation Tax is scheduled for 2023, it is never to early for businesses to begin preparing
He says, “Whilst a year may seem like a long time, I would advise businesses to begin planning now to mitigate the impact of the 25 per cent Corporation Tax increase, which will inevitably impact upon organisations’ after-tax profits. This is a massive change for small businesses and ends the benefits of a limited company model for many.
“At RB+ Chartered Accountants, we have over twelve years’ experience advising owner managed businesses across Northern Ireland and are committed to supporting our clients’ growth and maximising their wealth. We would encourage any business navigating this challenging tax landscape to seek expert advice as soon as possible.”
