The Business Exchange Swindon & Wiltshire June 2014 Edition | Page 8

FINANCE Accountants merge to create new Swindon firm Two firms of accountants are merging to form a larger practice for Swindon. Banks, Chartered Accountants, based in Swindon, and BHG, of Shrivenham, will join forces on June 30 to create a firm with three directors, 30 staff and a turnover of more than £2 million. The company – to be called Banks BHG Chartered Accountants – will operate from Banks’ Stratton offices and be headed up by Banks directors Richard Mathews and Neil Elsden, along with BHG founder Bernard Harrington. All staff from Shrivenham will move across to Stratton, and the Shrivenham office will close. “We are very excited about this merger, which we believe will further our ambition to be the number one accountancy firm in Swindon,” said Richard. “When we moved into our Stratton offices two years ago, it was with the strong aim of growing the businesses. When the opportunity arose to merge with BHG we jumped at the chance, because Bernard’s way of working is very similar to our own and by joining forces we can offer a better, more comprehensive service to both our clients and BHG’s.” BHG brings to the table expertise in insolvency and business turnaround, while Banks has a well-established payroll and bookkeeping service. Staff from each firm will join forces, and offer core services including taxation, auditing, accountancy and planning. The merger marks a new era for both Banks and BHG. Banks is this year celebrating its tenth anniversary under the directorship of Neil and Richard. BHG was founded by Bernard in 1999, specialising in advising small and medium-sized ownermanaged businesses and private wealth clients. Last year, it was a finalist in the British Accountancy Awards. Bernard said: “Banks shares our dynamism and philosophy, so the two firms make an excellent fit. As well as this, we have specialisms in different areas, which means we can give our clients access to a greater range of services, and the same is true for Banks’ clients.” Ask AMS Advice for small businesses Q: As a Director of my own Company. I’ve paid myself the ‘minimum wage’ and National Insurance, can I claim Statutory Maternity Benefits? A: You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 14 weeks before the due date). You must also ensure your salary is above the Lower Earnings Limit for National Insurance of £5,772 (tax year 2014/15). What you would be paid. Assuming you qualify, your Company would pay you, via the normal Company payroll system, 90% of your average weekly salary for 6 weeks; followed by £138.18 for 33 weeks (Your Company can reclaim this from HMRC). If you don’t meet the above criteria, you may still be able to claim Maternity Allowance – for 39 weeks, up to £138.18/week. Peter Bromiley ACA , AMS Accountancy Ltd., Swindon SN5 7XF 01793-818400 admin@ams-accountancy.co.uk 8 THE BUSINESS EXCHANGE 2014 www.ams-accountancy.co.uk SO WHAT IS IT THATS KILLING THE FAMILY RUN BUSINESS? Only about 30 per cent of family run businesses survive into a second generation, and a mere 13% make it through to third generation. These statistics come as a wake up call to most family business owners, who hope that their son or daughter may take over the reins one day. So what’s to blame for ‘killing’ these once successful businesses? It is, quite simply, lack of succession planning. Sooner or later, everyone wants to retire. But if you own a family business, retirement isn’t just a matter of deciding not to go to work any more. Besides ensuring that you have enough money to retire on, the whole question of what happens to the business becomes paramount. For a family business, transition is a once-in-a-lifetime decision. But beware! The Devil is in the Detail. The reason that more than 70% of familyowned businesses do not survive is because of the lack of proper and well thought through succession planning. If family owned businesses are to survive, and the legacy be preserved, options other than simply handing the business to the kids need to be considered. As the business founder, you see your pension as coming from your company. Why shouldn’t it? You’ve worked hard to build it. But what shape will this х