Helping businesses earn more, pay less tax, allowing you to live the life you want
Chartered Accountants on the outskirts of York
Chartered Accountants in York
As business owners ourselves we know the frustration, stress, and sleepless nights caused by running a business, managing a team, and keeping track of what taxes are due.
At Inglis, we save you time, stress and money by helping you stay in control of your business and maximising your tax reliefs. We are more than just an accounting firm, we support you and your business in the long term, and help you achieve your business and life goals.
Net Zero Accounting
Inglis have proudly reached the first level of certification to becoming a Net Zero business, working with climate action platform, Net Zero Now.
A Force For Good
Whilst profit, tax and cash is important to us, we support several good causes including Wetwheels Yorkshire, York Mind, and Kitchen For Everyone York.
Popular services
At Inglis, we offer a range of accounting services to help your business grow and thrive
Virtual Finance Director
Leave us to manage the finance function of your business so you can concentrate on the day-to-day running of your business. As your Virtual Finance Director, we will be a sounding board you can bounce ideas off, as well as acting as your business coach and working alongside you to ensure you meet your business goals.
Management Accounts
Do you know how much money is coming in and going out of your business on a day by day, week by week basis? In order that you can make informed decisions to manage your business better, we offer a management accounts service that will help you keep on track of your company's numbers.
Bookkeeping
As you grow your business the number of transactions you complete can quickly add up and bookkeeping can become a daunting and endless task. We offer an out of house bookkeeping service so all you need to do is pass us your sales invoices and receipts and we will do the rest.
FREE DOWNLOAD
32 Ways To Save Tax and Extract Maximum Value From Your Business
Ever wonder what you can take out of your business or how you can save more tax? This guide explores 32 ways of ensuring that you’re maximising every opportunity you could be to improve your life, your families and your employees.
Latest Blog Articles
Traditionally, when your small business needed an injection of capital, the Big Four banks were the place to go. Barclays, HSBC, Lloyds and NatWest offered a wide range of business loans and there were limited alternative routes to business finance. But today, the major high-street banks are increasingly reluctant to lend to small businesses. Let’s look at why small businesses are finding it harder to access funding, and four alternative routes to finance that your business could explore. High-street banks are pulling back from lending to small businesses A recent survey from business lender, iwoca, found that 71% of SME finance brokers agree that mainstream banks are pulling back from small business lending. The Big Four banks see small businesses as volatile, risky and less attractive as borrowers than larger, stable, corporate organisations. This has led to ambitious UK small businesses finding it difficult to access funding. Without access to an injection of new capital, your business may find it difficult to fill the cashflow gaps, invest in growth or start new projects. 4 alternative routes to funding for your small business Don’t worry, though, the news isn’t all bad. With the banks offering less funding, this has created an opportunity for alternative lenders and alternative routes to funding. With high street banks no longer the obvious first port of call for funding, you’re free to consider the entire funding market and a range of brand new finance options. Here are four potential routes to funding: 1. Non-banks and fintech lenders In recent years, we’ve seen considerable growth in the non-bank lending market. Specialist online business lenders, like Funding Circle and iwoca, offer flexible, short-term loans without the lengthy and complex application processes you’d expect from the high-street banks. Non-banks will generally focus more on your business performance and future revenue generation potential, rather than your business credit score. This is helpful for start-ups that have limited trading history, or businesses with poor credit scores. 2. Peer-to-peer lending Peer-to-peer (P2P) lending platforms, like Folk2Folk, connect businesses seeking loans with a network of individual and institutional investors through online platforms. P2P is often a faster, more flexible alternative to banks, allowing you to quickly raise capital and to invest it back into your latest project or growth strategy. Unlike traditional equity funding through private investors, P2P doesn’t require you to give up any ownership stake in the business, so it’s a great way to raise money and stay in control of the business. 3. Invoice finance Invoice financing through a provider like Kriya allows you to sell your unpaid invoices. This effectively gives you an advance on the money currently owed to you by your customers.The finance provider gives you a percentage of the invoice's value upfront, helping you to solve urgent cashflow issues caused by slow-paying customers. While you won’t be able to raise large sums of money this way, it’s an excellent solution for getting your cashflow under control. 4. Crowdfunding Crowdfunding through a platform like Crowdcube or Kickstarter allows you to raise funds from a large number of people through an online platform. There are several types of crowdfunding, including: Equity crowdfunding: selling shares in the company Debt crowdfunding: raising a loan from many lenders Rewards crowdfunding: offering products or perks in exchange for investment Get your funding strategy sorted Having a detailed funding strategy, and aligning it with your business plan, is fundamental to keeping your business well-capitalised and cash flow positive. We’ll help you review your funding needs, create a funding strategy and compile the financial documentation needed to access your chosen route to funding.
We’re used to the idea that artificial intelligence (AI) has numerous ways to help us run a streamlined and efficient small business. AI can automate many of our low-level processes, help with customer service and give us amazing insights into our business data. But there’s one key area where using AI is a no-no – tax advice! A recent survey by Taxfix revealed that more than half (59%) of Brits admit that they’ll use AI to help with their tax return in the run-up to HMRC’s 31 January deadline. Let’s look at why you should avoid using AI tools, like ChatGPT, to answer complex tax questions. And why your accountant, or tax adviser, is the person to talk to. 1. Tax is a complex and nuanced area Understanding the full UK tax code and how it applies to your specific situation is complicated. Giving the right answer requires the AI to know a number of variables about your tax position that are unlikely to be included in your prompt to ChatGPT. 2. Tax rules are specific to your country and tax position The tax rules that apply to you, as a UK taxpayer or UK business, are specific to the current tax legislation created by the UK parliament and upheld by HM Revenue & Customs (HMRC). ChatGPT can be America-centric in its responses, so it’s likely that you’ll get answers that reflect US tax law, unless you’re specific about being a UK taxpayer in your prompt. 3. AI often provides incorrect answers or ‘hallucinations’ Generative AI has a habit of giving you the answer it thinks you want, rather than an answer that is factually correct. These AI hallucinations can sound extremely convincing and plausible, so you won’t be aware that this is false information until your tax adviser points out the error. 4. Tax professionals give you informed, human advice Tax advice isn’t just about knowing the current rules around tax. As experienced, human, professionals, your tax adviser can give you answers that are tied to your own specific tax position and financial situation. In short, a human tax adviser gives you tailored, bespoke advice, whereas an AI will always give you generic, non-specific advice. The rules around tax are clear, immovable and non-negotiable. But a good tax adviser will help you to plan your tax efficiently, taking into account any available tax incentives and claiming back tax-deductible items that will help your cashflow. Accountants and tax professionals know the huge benefits that AI can bring to your business as an operational tool. But, as an industry, we also know the risks of AI-generated tax advice. Over the years, we’ve grown into one of the leading accountants in York, expanding our range of accounting services whilst staying true to our core values. If you’ve got a tax query, or want help with your upcoming tax return, book a discovery call with Donald Inglis .
Have you ever wondered about the best ways to protect you and your business? In this series, we’ll look at the key ways to use trusts, insurance and risk-management techniques to protect both your personal assets and the future of the company. In this article, we’ll look at how you can use a trust to shelter your assets. What is a trust? Before we go any further, let’s explain exactly what a trust is and how they can be used. A trust is a legal arrangement where a person (the settlor) transfers ownership of certain assets to another person or entity (the trustee) to hold for the benefit of one or more third parties (the beneficiaries). These assets could be money, property or shares etc. It's essentially a separation of legal ownership from beneficial ownership. These are the three main parties involved in a trust Settlor : The person who creates the trust and contributes the assets. In this instance, the settlor is likely to be you, the small business owner. Trustee : The person or entity (this could be an individual or a company) who holds legal title to the assets and manages them according to the trust deed. They have a fiduciary duty to act in the best interests of the beneficiaries. Trustees are likely to be you and your family members, or anyone in the business who you decide to make a trustee. Beneficiaries : The individuals or entities who are entitled to benefit from the assets held in the trust. This will usually be the family members or other interested parties that you wish to be beneficiaries of the assets held in the trust. What’s a trust deed? The rules for how the trust operates are set out in a legal document called a ‘trust deed’. The trust deed is a legal document that formally establishes a trust. It outlines the trust's rules, names the settlor, trustees, and beneficiaries and defines the trustees’ powers and duties. The deed also dictates how assets within the trust are to be managed and distributed to protect personal assets from business liabilities. How can you use a trust to protect your personal assets? Running a business comes with a certain amount of inherent risk. There’s potential for the business to go bust, for creditors to come after your assets, or for individuals and organisations to make legal claims against you and the business. Setting up a family trust to shelter your personal assets allows you to separate your personal financial security from these inherent risks of running a business. The trust creates a legal barrier between your individual wealth and any financial liabilities or claims arising from the business. Here are the five key reasons why a trust is worth considering 1. Shield your personal assets from any business liabilities If your business faces bankruptcy, lawsuits, or significant debt, your personal assets can become vulnerable. This is especially true for sole traders or partnerships, where you don’t have the protection of limited liability as an incorporated company. By transferring your assets to a trust, these assets are legally owned by the trustee, not you personally. This makes them inaccessible to the owner's personal creditors, in most cases. 2. Mitigate the risk of being an entrepreneur Being an entrepreneur involves taking on certain risks. Sales can plummet, businesses can fold and unexpected external conditions can scupper your well-laid plans as a business owner. With your personal assets held in a trust, you can take calculated business risks knowing that your family home, savings and other personal investments are safeguarded. The family trust provides you with a crucial safety net to secure yours and your family’s future. 3. Enhance your estate and succession planning Protecting your personal assets is the key function of the trust. But a well-managed family trust can also help with the orderly transfer of your assets to future generations. Having the family trust set up prevents your hard-earned assets from being tied up in your estate upon death. This is great for estate planning and helps your immediate family achieve a smoother transition and protects these important assets from potential claims against the estate. 4. Balance control vs. ownership As the business owner, once your assets are held in a trust you are no longer the legal owner. However, through a trustee or appointor role, you can still maintain a significant degree of control over how the assets in the trust are managed and distributed Even though you no longer hold legal ownership of these assets, you can still balance a level of control over the assets, while also enjoying the benefits of reduced liability and risk. 5. Benefit from better tax planning, in some instances Asset protection is the primary driver of a family trust. But having the trust in place can also make it easier to distribute income among beneficiaries in different tax brackets. As such, there may be an opportunity to enhance the overall tax position of the whole family. Tax planning within a trust structure is a complex area and should always get professional advice from your tax adviser. Helping you enjoy the protection of a family trust Having worked so hard to create a profitable business, it’s vital to take every opportunity to protect your personal assets and the future prosperity of your family and loved ones. Talk to our team about the key benefits of setting up a family trust, and the potential benefits you could achieve in your own specific business and family situation.