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