We’re recruiting – Financial Controller

Goodwille is a forward-thinking, ambitious company dedicated to providing foreign businesses with the kind of professional services required to establish themselves and flourish in the UK. These include Corporate Legal, Finance, People Management, Payroll & Virtual Offices.

We are currently looking for an aspiring finance professional, preferably fluent in Swedish, to join our talented Finance team as a Financial Controller.

You will be responsible for
• your own portfolio of international clients
• day-to-day financial control support to your clients
• producing a number of weekly, monthly, quarterly and yearly reports on behalf of your clients
• control over cash flow, preparation of accounts for audits, assist accountants with year-end work, and compile VAT returns and EC Sales Lists
• some task supervision but this is a hands on role with you being responsible for maintaining quality standards

Reporting to the Senior Financial Controller and primarily working with your colleagues in the Finance team, you will also find yourself liaising with all other departments, such as HR, Payroll and Company Secretarial departments on a regular basis, attending frequent team, company and client meetings.

Having, or working towards, an accountancy qualification is a prerequisite, as well as the kind of excellent communication and customer focus skills that will allow you to explain financial information to the team and, more importantly, your clients at all levels. An excellent working knowledge of accounting software and Microsoft office (particularly excel) are essential. International or cross border experience would be an advantage.

In joining us, you will become part of a modern, forward-thinking and inclusive organisation, capable of offering a stimulating environment in which to accelerate your career in finance and accounting.

This is your chance to join #teamgoodwille – check us out on Instagram. When you join Goodwille you get access to a whole range of employee benefits, all designed to ensure an enjoyable work/life balance. Some benefits for all employees include:

• Office fruit every week
• Employee perks, rewards & benefits including discounts on supermarkets (Sainsbury’s, Tesco etc.) high street stores (Topshop, John Lewis etc.) & gyms.
• Complimentary phone insurance, as we know how important it is to stay connected
• Access to the well-being & lifestyle platform, including eating advice, exercise routines and yoga videos
• Generous social budget, for team lunches, parties or for you to hang out with colleagues.
• Yoga (London only by colleague)

Job type: Permanent, full time
Location: Kensington, West London
Salary: Depending on experience/skill set

If you like the sound of this vacancy and all the features and benefits you get by being part of a team like Goodwille, then please contact kevin.rutter@goodwille.com.
www.goodwille.com

Setting up a UK company: How many shares should the company issue?

Setting up a private company limited by shares is one of the most common ways to start a business or expand a business into the UK. However, the law relating to shares in the UK and share capital can be complicated, so it is important to understand your options when it comes to initial share issue. The right number of shares initially issued to shareholders will depend on your specific circumstances, and this post looks at some of the main things you may wish to consider when deciding how many shares are right for your circumstances.

What is the purpose of initial share issue? 

The purpose of issuing shares at the beginning of the company, is to raise capital. For example, if three people wish to start a company, investing £10,000 each at the outset, the simplest way for this to be represented is for the company to issue £30,000 shares at £1 each. However, this is not the only method of raising money for the company.

Alternatively, the company may issue only 3 shares at £1 each, and the company founders can lend the £10,000 each to the company. Under each of these circumstances, each shareholder owns one third of the company, and they will have the same voting rights and powers within the company. For many businesses, both methods are suitable. But, there are certain legal, practical and taxation issues which may make one method preferable over the other.

When the £30,000 is locked into the company as share capital, it is more difficult to get this money back out of the company in comparison to when the company is given a loan. Where a company is loaned the money from the shareholders, the money may be repaid at any time. Furthermore, if the company becomes insolvent, the shareholders may claim the money lent as creditors in any insolvency proceedings. However, share capital is important when the company is seeking finance from lenders, investors and other business contacts. In particular, banks wish to see that share capital is ‘locked in’ to the company, and that it has substance.

There are many things to consider in relation to share issue when setting up a UK company. To get it right and make sure you do the best for the specific circumstances of your company, get in touch with our experts today for advice.

Your tax obligations when hiring UK employees

The UK tax system works very differently from some other countries. Most UK workers have very little direct interaction with the tax system, instead their employer deducts their taxes from their wages before they even arrive in their bank account. This shifts a great amount of responsibility onto the employer and if you’re not familiar with the regulations it can be easy to slip up. Here are a few of the major things that you should keep in mind when you’re hiring UK employees on pay as you earn (PAYE) tax arrangements.

Income tax and National Insurance

Despite the different names, National Insurance broadly functions as a second form of income tax. It is deducted from all employees who earn over £113 a week (known as the lower earnings limit). These limits are generally raised slightly every year to keep up with growing wages.

Income tax works in a similar way, although there are multiple bands of tax. Very high earners will end up paying 45% tax on all of their income over £150,000. They will also lose the personal allowance that reduces the amount of tax paid by low and medium earners. The system is generally complex and it’s important to get advice from a qualified professional before you start up. HMRC (HM Revenue & Customs) is not known for being forgiving in situations where people have made mistakes.

Other deductions

The other main deduction that you will have to take into account is student loans. If your employees have taken on student finance, then you’re obliged to pay 9% of their salary over a certain threshold to the Student Loans Company. Again, this is a legal obligation and a mistake could cause serious problems for you and your employee.

You’re also required to pay a certain amount of your employee’s wages into a pension scheme and also make your own employer’s contribution. The amount that both you and your employee have to contribute is scheduled to go up over the coming years.

It’s well worth making sure that you’re across your obligations before starting up in the UK. A little time taken can save enormous problems at a later date. Goodwille are experts on the legal and financial obligations when setting up in the UK, and we are here to help your through the maze. Contact one of our team members for advice.

We’re recruiting – Financial Controller

Location: London  (Kensington)
Goodwille is a forward-thinking, ambitious company dedicated to providing foreign businesses with the kind of professional services required to establish themselves and flourish in the UK. These include Corporate Legal, Finance, People Management, Payroll & Virtual Offices.

We are currently looking for an aspiring finance professional, preferably fluent in Swedish, to join our talented Finance team as a Financial Controller.

You will be responsible for
• your own portfolio of international clients
• day-to-day financial controller support to your clients
• producing a number of weekly, monthly, quarterly and yearly reports on behalf of your clients
• control over cash flow, preparation of accounts for audits, assist accountants with year-end work, and compile VAT returns and EC Sales Lists
• some task supervision but this is a hands on role with you being responsible for maintaining quality standards

Reporting to the Senior Financial Controller and primarily working with your colleagues in the Finance team, you will also find yourself liaising with all other departments, such as HR, Payroll and Company Secretarial departments on a regular basis, attending frequent team, company and client meetings.

Having, or working towards, an accountancy qualification is a prerequisite, as well as the kind of excellent communication and customer focus skills that will allow you to explain financial information to the team and, more importantly, your clients at all levels.
An excellent working knowledge of accounting software and Microsoft office (particularly excel) are essential. International or cross border experience would be an advantage.

In joining us, you will become part of a modern, forward-thinking and inclusive organisation, capable of offering a stimulating environment in which to accelerate your career in finance and accounting.

This is your chance to join #teamgoodwille – check us out on Instagram. When you join Goodwille you get access to a whole range of employee benefits, all designed to ensure an enjoyable work/life balance. Some benefits for all employees include:

• Office fruit every week
• Employee perks, rewards & benefits including discounts on supermarkets (Sainsburys, Tesco etc) high street stores (Topshop, John Lewis etc) & gyms.
• Complimentary phone insurance, as we know how important it is to stay connected
• Access to the well-being & lifestyle platform, including eating advice, exercise routines and yoga videos
• Generous social budget, for team lunches, parties or for you to hang out with colleagues.
• Yoga (London only by colleague)

If you like the sound of this vacancy and all the features and benefits you get by being part of a team like Goodwille, then please contact kevin.rutter@goodwille.com.
www.goodwille.com

5 Great Book-Keeping Tips for Entrepeneurs

Keeping your books in order is one of the most vital elements of running your own business. As an entrepreneur, you know you need to have a clear view of your accounts at all times, and come tax season everything needs to be in line for your tax returns. It can be tricky knowing exactly what you should be doing, however, and how to streamline your bookkeeping so that it’s as efficient and effective as possible. Here are six great tips for effortless bookkeeping as an entrepreneur.

1. Go paperless
Cloud-based accounting is a great way to access all the basic bookkeeping functions you require for your business. By going paperless with your bookkeeping you will keep all the clutter and stress off your desk and ensure it’s securely saved in a dedicated system that’s specifically designed to handle it.

2. Keep business and personal finances separate
The easiest way to streamline your bookkeeping is to have a dedicated account for personal money and a dedicated business account. Never mix them. This is the fastest and easiest method of ensuring that all your expenses are in one place. No need to go through endless bank statements identifying individual transactions. If it’s on your business account, it’s a business expense.

3. Find a great adviser
While it’s possible to do a lot of your bookkeeping yourself, there will always be areas you have questions about and need some advice. It’s also highly advisable to get a professional in to handle your tax returns, and payroll is another area where you will greatly benefit from using a pro. Ensure you have, at the very least, an expert you can consult and ask questions whenever necessary. If your budget allows it, hand over all your bookkeeping and accounting needs to an expert – you will rest easier knowing everything is perfectly in order and you’ll have more time to focus on your business.

4. Save money for taxes
It’s easy to forget you have to pay taxes each year, especially when you’re starting out in business, and you may not meet the threshold for the first year or more. As soon as you’re earning enough that you have to pay taxes, make sure you’re setting that money aside so it’s ready and waiting when the bill is due.

5. Stay on top of your invoices
Any unpaid or late bills will affect your business credit and tax payments. Keep everything organised and make sure you pay it all on time.

Are you looking for financial services for your business? Look no further. Get in touch with us at Goodwille today, we’re happy to help.

Goodwille Finance Team

Goodwille are excited to welcome three new experienced recruits to the finance team including a Senior Financial Controller, Financial Controller & Finance Assistant.

Rachel De Bose – Senior Financial Controller
Working from our London office, Rachel joins Goodwille on the 3rd January 2017 as a Senior Financial Controller. A client focused, fully qualified accountant (ACCA) with five years’ experience in financial reporting and accounting, working with clients in the sports, fashion, hospitality, media & construction sector. Rachel has a broad skillset covering strategic planning and analysis, budgeting, forecasting and management accounts along with experience working within the outsourcing department of a firm of accountants.

Mark Lewis – Financial Controller
Mark previously worked as a key member of the Business Advisory team for a well-established Midlands accountancy firm before joining Goodwille on the 7th December 2016. Here he worked across clients from a diverse portfolio including both entertainment & engineering companies. A graduate from Oxford Brookes University he is a part qualified ACA finalist.

Irina Nikolajeva – Finance Assistant
Latvian born Irina joins the Warwick Finance Department as a Finance Assistant. Currently working through her AAT qualification (starting Level 4) she has completed OCR Certificate in Book keeping & Accounting Level 1 & 2, along with computerized Accounts and Sage 50 training. Irina is a strong addition to the growing assistant’s team and will be responsible for general administration, payments and processing client expense claims.