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Tennick Newcastle Accountants
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https://tennick.co.uk
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Graeme Tennick — Founder
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Skip to content Arrange a Meeting Tennick Accountants Building Business Legacies Menu Close Why Choose Us Services & Pricing Bookkeeping Tax Services Financial Advice Resources Contact (0191 580 0402) Sale Internally to Staff? – Internal Staff Buyout – Exit Strategy When it comes to planning your departure from the business you’ve nurtured and grown, the concept of an ‘exit strategy’ might seem straightforward. However, the reality is far more nuanced, with a spectrum of possibilities to choose from; among these, the strategy of an internal staff buyout stands out as a remarkable yet underutilized option. In this article, we dive deep into the world of Internal Staff Buyouts, unravelling how this path not only ensures a seamless transition but also preserves the legacy and values of your business. We’ll explore why this method is gaining traction as a preferred choice for many entrepreneurs and dissect the misconceptions that might deter you from considering it. First, let’s look at all the options to a exit strategy There are so many variations that people might not even consider which includes; but is not limited to: Sale internally to staff (Internal staff buyout – this article) Pass it on to family members Sale externally to investors Sale externally to a competitor Just walk away and retire Partial retirement Some of those options above are often not thought of, or are written off before even being truly considered. Let us just explore the first option in this blog in a little more depth; will cover the others in separate blogs, and put to bed some of the “myths” around some that mean they are never thought of. Internal Staff Buyout – The Preferred Route For many business owners, an internal staff buyout would be the preferred route for the following 3 key reasons: It protects the value of the business a little further by minimising business disruption for customers. Can sometimes require a little less due diligence than other methods as those taking the business forward know a considerable amount about the business already There is a relationship and level of trust that is already established The two main reasons why the iternal staff buyout option is often to explored further is: Affordability Ability Let us look at these two “barriers” in a little more detail and provide some extra food for thought. Affordability The idea an internal staff buyout this alone can often prove quite complex as which staff member would put in what amount of money? How much could they afford? Would they even be willing to? What happens if an agreement cannot be reached? We’re not saying all of these questions do not need to be answered but two common options that hugely assist with this are: EMI Share Option Scheme with a potential combined purchase of own shares Employee Ownership Trust Let’s delve deep into these two areas; EMI Share Option Scheme With an EMI Share Option Scheme this involves implementing a tax-advantageous share option scheme in the company to enable the members of the management team to obtain shares in the business at a relatively low value and without them suffering a charge to income tax. That charge could potentially arise because they obtain shares in the company at a value lower than a third party would need to pay for these, the discount arising as a result of their employment with the company. This scheme can then be combined with the company buying back your shares. So long as certain criteria are satisfied, the company can buy back your shares with you being charged to Capital Gains Tax on the profit arising. Potentially, a tax relief called Business Asset Disposal Relief (BADR) should apply thus reducing your rate of tax on the sale down to 10 per cent. Once all of your shares have been bought back, that would then leave the management team as sole shareholders. They should have received their shares without having to pay full value for them and without a tax charge. You should have been able to extract the value you hoped for out of the company at the lowest possible tax rate currently available, other than through an Employee Ownership Trust (see below). If there is cash already sat in the business this too can further help with respect to the extraction of funds. Employee Ownership Trust Finance Act 2014 introduced a new Capital Gains Tax exemption on the disposal of shares by a controlling party to an Employee Ownership Trust (EOT). The EOT may then hold shares in trust on behalf of employees. The idea behind the EOT is that it holds shares for employees. The employees never hold their shares directly. Having a trust structure in place avoids the need for special provisions in the company’s Articles or Shareholder Agreements or reconsideration of share valuation when employees come and go because the employee never actually owns shares. The trust is governed by a trust deed. The company will still need to consider its Articles and create a shareholder agreement. For this to work you would need to sell at least 51% of your shares. There is nothing to prevent a phased sale of the remaining holdings over time, in order to give employees full management (75%+) of the company. The only disadvantage of the phased sale of the remaining holding is that the later sale is unlikely to qualify for CGT exemption, although Business Asset Disposal Relief (BADR) will be available as long as you satisfy the conditions for that relief and the £1 million lifetime limit for the relief has not yet been reached. Providing the conditions are met, a sale of shares by you which gives the Trust control will be exempt from CGT. This only applies to disposals where the EOT trustees gain control of the company. If for example, you sell 51% to the trust in one tax year, and the remaining 49% several years later, only the first disposal is CGT free. This saves CGT of 10% (assuming that BADR would otherwise apply to the gain). There is no cap to the CGT relief available, unlike with BADR which has a lifetime limit of £1 million per taxpayer. The EOT will need to be funded by a capital contribution from the company, unless it is an existing EBT, in order to purchase its controlling interest from outgoing shareholders. This is not tax-deductible for the company. The EOT can pay for the purchase in stages, with additional capital contributions being funded by the profits from the company over a number of years. The trustees may be able to borrow externally and these loans can be repaid by a capital contribution from the company. In summary, both of these routes would enable you to achieve your wishes in a tax-efficient manner. The choice between them will essentially depend upon: Whether you would wish the management team to own shares and control the business directly. Whether exemption from Capital Gains Tax on your share sale proceeds is important to you. Ability This is a fear that MUST be overcome regardless of which option for exit is explored as if there are concerns about those remaining in your business taking it forward after you exit, then already the value somebody will pay will be less. This has to be a key component from as soon as you employ staff with respect to employing people better than yourself that can ultimately run your business in your absence for a sustainable period of time. Summary In summary, we have explored the nuances of internal staff buyouts as a viable and often preferred exit strategy for business owners. This approach, which may initially seem daunting due to perceived complexities, offers a unique opportunity to preserve the business’s legacy while ensuring minimal disruption for customers and leveraging existing relationships and knowledge within the team. We’ve discussed key challenges such as affordability and ability, and presented practical solutions like the EMI Share Option Scheme and Employee Ownership Trust. These methods not only ease the financial aspects of the buyout but also offer tax advantages, making the process more accessible and appealing. Ready to Navigate Your Exit Strategy with Expertise? Exploring an internal staff buyout or any other exit strategy requires careful planning and professional guidance. At Tennick Accountants, we specialize in turning complex scenarios into smooth transitions. Our team is dedicated to providing bespoke accounting solutions and strategic advice to help you achieve the best possible outcome for your business’s future. Don’t leave your exit strategy to chance. Contact Tennick Accountants today to discuss how we can support you in securing a successful and rewarding business transition. Posted by - Graeme Tennick / December 18, 2023 Tagged withinternal staff buyout Posted in BLOG Related posts h4 { font-size:16px; font-style: italic; font-weight: 400; text-transform: none; } .testimonial .entry-thumbnail { float: left; margin: 0em 2em 1em 1em; } "Whether it is in person, or on the phone, I always feel better after speaking with you." Sean Clifford – Director of Clifford Aviation Limited Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality. Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you Request Received. We will be in touch shortly. Your Name Your Email Please select how can we help you? How can we help you? Hindsight Package Foresight Package Insight Package Other Tell us a little bit more... 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Emails: enquiries@tennick.co.uk, website@www.tennick.co.uk
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Skip to content Arrange a Meeting Tennick Accountants Building Business Legacies Menu Close Why Choose Us Services & Pricing Bookkeeping Tax Services Financial Advice Resources Contact (0191 580 0402) Contact Head Office Address and Contact Details Tennick Accountants, 24 Apex Business Village, Cramlington, Northumberland, NE23 7BF Telephone: 0191 580 0402 Email: enquiries@tennick.co.uk How to find us Getting here by car – from A1 Exit the A1 at the junction for the A19 (signposted “Cramlington, Blyth, Ashington”). As you approach Seaton Burn roundabout take the 3rd exit onto the A19 signposted “Tyne Tunnel, Blyth, Ashington”. Continue along the A19 Southbound for approximately 2 miles to the Moor Farm Roundabout, then follow the directions below. Getting here by car – from A19 At Moor Farm roundabout exit the A19 onto the B1505, signposted for “Annitsford”. Take the second left into Apex Business Village. Follow the road as it bears right, and our office is on your left. Getting here by train There are metro stations close by with the nearest being Northumberland Park but this is still approximately 6 miles from the office. A Northern Rail train is a much better option as this can take as little as twenty minutes from Newcastle Central Station or 10 minutes from Morpeth Station. The office is just a 2 minute taxi ride – or give us a call, and we’ll send someone to come and pick you up! For any directions not covered here please don’t hesitate to contact us for further guidance. h4 { font-size:16px; font-style: italic; font-weight: 400; text-transform: none; } .testimonial .entry-thumbnail { float: left; margin: 0em 2em 1em 1em; } "We have developed a great working relationship with Graeme and the team over the year and their priority is always to go beyond simple accountancy practices" Mark Anderson – Managing Director of Cobalt Scaffolding Limited Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality. Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you Request Received. We will be in touch shortly. Your Name Your Email Please select how can we help you? How can we help you? Hindsight Package Foresight Package Insight Package Other Tell us a little bit more... Tick to sign up to our newsletter Submit jQuery(function($){ const subscribeForm = $('#subscribe-form'); const emailFunction = () => { const formData = subscribeForm.serialize(); $.ajax({ url:subscribeForm.attr('action'), data:formData, type:subscribeForm.attr('method'), beforeSend:function(xhr){ // subscribeForm.find('#subscribe_submit').att('invisible'); }, success:function(data){ subscribeForm.find('.form-group').addClass('hidden'); subscribeForm.find('#response').removeClass('hidden'); } }); return false; }; $('#subscribe-form').submit(emailFunction); }); Quick Links: Services & Prices | Why Choose Us | Resources 24 Apex Business Village, Cramlington, Northumberland, Newcastle Upon-Tyne, NE23 7BF Newcastle: 0191 580 0402 | Manchester: 0161 843 0789 | London: 0203 794 7400 Email: enquiries@tennick.co.uk © Copyright 2025 Tennick Accountancy Privacy and Cookies {"prefetch":[{"source":"document","where":{"and":[{"href_matches":"\/*"},{"not":{"href_matches":["\/wp-*.php","\/wp-admin\/*","\/wp-content\/uploads\/*","\/wp-content\/*","\/wp-content\/plugins\/*","\/wp-content\/themes\/tennicks\/*","\/wp-content\/themes\/emmet-lite\/*","\/*\\?(.+)"]}},{"not":{"selector_matches":"a[rel~=\"nofollow\"]"}},{"not":{"selector_matches":".no-prefetch, .no-prefetch a"}}]},"eagerness":"conservative"}]} This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPTPrivacy & Cookies Policy Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. PRIVACY NOTICE The Data Protection Act 2018 (DPA 2018) and the General Data Protection Regulation (GDPR) impose certain legal obligations in connection with the processing of personal data. Graeme Tennick & Co Limited T/A Tennick Accountants is a data controller within the meaning of the GDPR and we process personal data. The firm's contact details can be found on our website at www.tennick.co.uk with Graeme Tennick being the Data Protection Officer. We may amend this privacy notice from time to time. If we do so, we will supply you with and/or otherwise make available to you a copy of the amended privacy notice. Where we act as a data processor on behalf of a data controller (for example, when processing payroll), we provide an additional schedule setting out required information as part of that agreement. That additional schedule should be read in conjunction with this privacy notice. In addition to the information detailed below within this privacy notice; and upon request, we can supply a more detailed breakdown of: sources of data information stored purpose computer program/processing/storage access/security deletion policy The purposes for which we intend to process personal data We intend to process personal data for the following purposes: to enable us to supply professional services to you as our client to fulfil our obligations under relevant laws in force from time to time (e.g. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLR 2017")) to comply with professional obligations to which we are subject as a member of the Association of Chartered Certified Accountants to use in the investigation and/or defence of potential complaints, disciplinary proceedings and legal proceedings to enable us to invoice you for our services and investigate/address any attendant fee disputes that may have arisen to contact you about other services we provide which may be of interest to you if you have consented to us doing so The legal bases for our intended processing of personal data Our intended processing of personal data has the following legal bases: at the time you instructed us to act, you gave consent to our processing your personal data for the purposes listed above the processing is necessary for the performance of our contract with you the processing is necessary for compliance with legal obligations to which we are subject (e.g. MLR 2017) the processing is necessary for the purposes of the following legitimate interests which we pursue e.g. investigating/defending legal claims. It is a requirement of our contract with you that you provide us with the personal data that we request. If you do not provide the information that we request, we may not be able to provide professional services to you. If this is the case, we will not be able to commence acting or will need to cease to act. Persons/organisations to whom we may give personal data We may share your personal data with: Companies House and HMRC any third parties with whom you require or permit us to correspond any third party software companies whom will better support us in delivering an improved service with respect to those pieces of work covered within our letter of engagement; a full list of which can be provided upon request subcontractors an alternate appointed by us in the event of incapacity or death tax insurance providers professional indemnity insurers our professional body (the Association of Chartered Certified Accountants) and/or the Office of Professional Body Anti-Money Laundering Supervisors (OPBAS) in relation to practice assurance and/or the requirements of MLR 2017 (or any similar legislation) If the law allows or requires us to do so, we may share your personal data with: the police and law enforcement agencies courts and tribunals the Information Commissioner's Office ("ICO"). We may need to share your personal data with the third parties identified above in order to comply with our legal obligations, including our legal obligations to you. If you ask us not to share your personal data with such third parties we may need to cease to act. We may also pass your details on to other third-party organisations who may in turn contact you whereby we feel it would be of benefit, but will only do so having first notified you of this and having sought your agreement prior to this. Transfers of personal data outside the EU Where personal data is transferred outside the EU; which is common with many software companies, further information can be supplied upon request as to the specific measures taken by these companies to make this process GDPR-compliant. Retention of personal data When acting as a data controller and in accordance with recognised good practice within the tax and accountancy sector we will retain all of our records relating to you as follows: where tax returns have been prepared it is our policy to retain information for 7 years from the end of the tax year to which the information relates where ad hoc advisory work has been undertaken it is our policy to retain information for 2 years from the date the business relationship ceased where we have an ongoing client relationship, data which is needed for more than one year's tax compliance (e.g. capital gains base costs and claims and elections submitted to HMRC) is retained throughout the period of the relationship, but will be 7 years after the end of the business relationship unless you as our client ask us to retain it for a longer period. Our contractual terms provide for the destruction of documents after 7 years and therefore agreement to the contractual terms is taken as agreement to the retention of records for this period, and to their destruction thereafter. You are responsible for retaining information that we send to you (including details of capital gains base costs and claims and elections submitted) and this will be supplied in the form agreed between us. Documents and records relevant to your tax affairs are required by law to be retained by you as follows: Individuals, trustees and partnerships with trading or rental income: five years and 10 months after the end of the tax year otherwise: 22 months after the end of the tax year. Companies, LLPs and other corporate entities six years from the end of the accounting period. Where we act as a data processor as defined in DPA 2018, we will delete or return all personal data to the data controller as agreed with the controller annually at the termination of the contract. Requesting personal data we hold about you (subject access requests) You have a right to request access to your personal data that we hold. Such requests are known as 'subject access requests' ("SARs"). Please provide all SARs in writing marked for the attention of Graeme Tennick. To help us provide the information you want and deal with your request more quickly, you should include enough details to enable us to verify your identity and locate the relevant information. For example, you should tell us: your date of birth previous or other name(s) you have used your previous addresses in the past five years personal reference number(s) that we may have given you, for example your national insurance number, your tax reference number or your VAT registration number what type of information you want to know If you do not have a national insurance number, you must send a copy of: the back page of your passport or a copy of your driving licence a recent utility bill. DPA 2018 requires that we comply with a SAR promptly and in any event within one month of receipt. There are, however, some circumstances in which the law allows us to refuse to provide access to personal data in response to a SAR (e.g. if you have previously made a similar request and there has been little or no change to the data since we complied with the original request). We may not charge you for dealing with a SAR. You can ask someone else to request information on your behalf – for example, a friend, relative or solicitor. We must have your authority to respond to a SAR made on your behalf. You can provide such authority by signing a letter which states that you authorise the person concerned to write to us for information about you, and/or receive our reply. Where you are a data controller and we act for you as a data processor (e.g. by processing payroll), we will assist you with SARs on the same basis as is set out above. Putting things right (the right to rectification) You have a right to obtain the rectification of any inaccurate personal data concerning you that we hold. You also have a right to have any incomplete personal data that we hold about you completed. Should you become aware that any personal data that we hold about you is inaccurate and/or incomplete, please inform us immediately so we can correct and/or complete it. Deleting your records (the right to erasure) In certain circumstances you have a right to have the personal data that we hold about you erased. Further information is available on the ICO website (www.ico.org.uk). If you would like your personal data to be erased, please inform us immediately and we will consider your request. In certain circumstances we have the right to refuse to comply with a request for erasure. If applicable, we will supply you with the reasons for refusing your request. The right to restrict processing and the right to object In certain circumstances you have the right to 'block' or suppress the processing of personal data or to object to the processing of that information. Further information is available on the ICO website (www.ico.org.uk). Please inform us immediately if you want us to cease to process your information or you object to processing so that we can consider what action, if any, is appropriate. Obtaining and reusing personal data (the right to data portability) In certain circumstances you have the right to be provided with the personal data that we hold about you in a machine-readable format, e.g. so that the data can easily be provided to a new professional adviser. Further information is available on the ICO website (www.ico.org.uk). The right to data portability only applies: to personal data an individual has provided to a controller where the processing is based on the individual's consent or for the performance of a contract when processing is carried out by automated means We will respond to any data portability requests made to us without undue delay and within one month. We may extend the period by a further two months where the request is complex or a number of requests are received but we will inform you within one month of the receipt of the request and explain why the extension is necessary. Withdrawal of consent Where you have consented to our processing of your personal data, you have the right to withdraw that consent at any time. Please inform us immediately if you wish to withdraw your consent. Please note: the withdrawal of consent does not affect the lawfulness of earlier processing if you withdraw your consent, we may not be able to continue to provide services to you even if you withdraw your consent, it may remain lawful for us to process your data on another legal basis (e.g. because we have a legal obligation to continue to process your data). Automated decision-making We do not intend to use automated decision-making in relation to your personal data. Complaints If you have requested details of the information we hold about you and you are not happy with our response, or you think we have not complied with the GDPR or DPA 2018 in some other way, you can complain to us. Please send any complaints to Graeme Tennick. If you are not happy with our response, you have a right to lodge a complaint with the ICO (www.ico.org.uk). Necessary Necessary Always Enabled Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Non-necessary Non-necessary Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website. 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Emails: enquiries@tennick.co.uk, website@www.tennick.co.uk
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Skip to content Arrange a Meeting Tennick Accountants Building Business Legacies Menu Close Why Choose Us Services & Pricing Bookkeeping Tax Services Financial Advice Resources Contact (0191 580 0402) /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}Why Choose Us /*! elementor - v3.14.0 - 26-06-2023 */ body.elementor-page .elementor-widget-menu-anchor{margin-bottom:0} /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block} Why We’re Newcastle’s Preferred Accountants At Tennick Accountants, we’re not just number-crunchers – we’re your partners in progress. Whether you’re launching a new venture, striving to grow, or planning your exit, we’re here to make your journey less daunting and more rewarding. Your success is our priority, and we’re with you every step of the way. Our Expertise and Ethos We measure our success by yours. Whether it’s reducing your tax burden, streamlining your processes, or helping you reach a new milestone, we’re passionate about helping Newcastle businesses thrive. We follow these three core principles:1. Collaboration: we work alongside you as a trusted partner, offering guidance and support every step of the way.2. Innovation: we embrace cutting-edge technology and industry best practices to keep you ahead of the curve.3. Empowerment: our goal is to provide you with the knowledge and tools to make confident decisions and achieve your ambitions.We measure our success by yours. Whether it’s reducing your tax burden, streamlining your processes, or helping you reach a new milestone, we’re passionate about helping Newcastle businesses thrive. The Benefits of Working With Us Choosing Tennick Accountants means partnering with a team that genuinely cares about your success. Here’s what you can expect: 1. Bespoke Support Tailored advice and services designed to meet your unique business needs. 2. Experienced Guidance Avoid costly mistakes and make informed decisions with our expertise. 3. Forward-Thinking ApproachStay ahead of deadlines with proactive tax and financial planning. 4. Technology-Driven SolutionsStreamline your finances and gain valuable insights with our software-enabled accounting services. 5. Maximised Time and MoneyWe help you make the most of your resources, so you can focus on growing your business. 6. Ongoing Support Stay on track and achieve your goals with our consistent, hands-on guidance. At Tennick Accountants, you’re more than a client – you’re a partner in a relationship built on trust, understanding, and real results. We’re here to empower your business, streamline your operations, and help you reach new heights. Businesses We Help Startup/Settled Growth Exit Ideal for companies wanting a business-first approach whilst having no nasty surprises. We keep you compliant and up to date, knowing where you are based on where you’ve been.This includes accounts, tax/VAT returns (if applicable).All clients are given software to use – no cardboard boxes and carrier bags accepted! Do you want to grow?We help you maintain real-time information to make timely decisions to grow your business.In addition to the start-up/settled package, this includes additional software that will help protect those assets most valuable to you to predict and use these to plan and grow for the future. Ideal for high-growth businesses or those who want to really achieve something special.We build financial, operational and retirement roadmaps to not just predict but make things happen.In addition to the other packages, we tailor-build performance dashboards to consolidate plans and add accountability. Startup/Settled Package Growth Package Exit Package /*! elementor-pro - v3.14.0 - 26-06-2023 */ @charset "UTF-8";.entry-content blockquote.elementor-blockquote:not(.alignright):not(.alignleft),.entry-summary blockquote.elementor-blockquote{margin-right:0;margin-left:0}.elementor-widget-blockquote blockquote{margin:0;padding:0;outline:0;font-size:100%;vertical-align:baseline;background:transparent;quotes:none;border:0;font-style:normal;color:#3f444b}.elementor-widget-blockquote blockquote .e-q-footer:after,.elementor-widget-blockquote blockquote .e-q-footer:before,.elementor-widget-blockquote blockquote:after,.elementor-widget-blockquote blockquote:before,.elementor-widget-blockquote blockquote cite:after,.elementor-widget-blockquote blockquote cite:before{content:none}.elementor-blockquote{transition:.3s}.elementor-blockquote__author,.elementor-blockquote__content{margin-bottom:0;font-style:normal}.elementor-blockquote__author{font-weight:700}.elementor-blockquote 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i,.elementor-blockquote--button-skin-classic.elementor-blockquote--button-view-icon .elementor-blockquote__tweet-button i{position:absolute;left:50%;top:50%;transform:translate(-50%,-50%)}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button:before{content:"";border:.5em solid transparent;border-right-color:#1da1f2;position:absolute;left:-.8em;top:50%;transform:translateY(-50%) scaleY(.65);transition:.3s}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-left .elementor-blockquote__tweet-button:before{right:auto;left:-.8em;border-right-color:#1da1f2;border-left-color:transparent}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-left .elementor-blockquote__tweet-button:hover:before{border-right-color:#0967a0}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-right .elementor-blockquote__tweet-button:before{left:auto;right:-.8em;border-right-color:transparent;border-left-color:#1da1f2}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-right .elementor-blockquote__tweet-button:hover:before{border-left-color:#0967a0}.elementor-blockquote--skin-boxed .elementor-blockquote{background-color:#f9fafa;padding:30px}.elementor-blockquote--skin-border .elementor-blockquote{border-color:#f9fafa;border-left:7px #f9fafa;border-style:solid;padding-left:20px}.elementor-blockquote--skin-quotation .elementor-blockquote:before{content:"“";font-size:100px;color:#f9fafa;font-family:Times New Roman,Times,serif;font-weight:900;line-height:1;display:block;height:.6em}.elementor-blockquote--skin-quotation .elementor-blockquote__content{margin-top:15px}.elementor-blockquote--align-left .elementor-blockquote__content{text-align:left}.elementor-blockquote--align-left .elementor-blockquote .e-q-footer{flex-direction:row}.elementor-blockquote--align-right .elementor-blockquote__content{text-align:right}.elementor-blockquote--align-right .elementor-blockquote .e-q-footer{flex-direction:row-reverse}.elementor-blockquote--align-center .elementor-blockquote{text-align:center}.elementor-blockquote--align-center .elementor-blockquote .e-q-footer,.elementor-blockquote--align-center .elementor-blockquote__author{display:block}.elementor-blockquote--align-center .elementor-blockquote__tweet-button{margin-right:auto;margin-left:auto} If we cannot offer you value for money with respect to your investment in us, we will refer you to another accountant who is cheaper than us. Don’t believe us, just head across to our Google reviews to see evidence of us having done this already. Tennick Accountants Graeme Tennick Chief Legacy Maker Click here Andrew Heppell Head of Accounts and Payroll Click here Laura Johnson Head of Tax Click here Claire Tennick Administrative Assistant Click here Grace Lacy Accountant Click here Georgia Waterston Accountant Click here Graeme Tennick Snr Corporate Finance Specialist Click here Triveni Rane Accountant Click here Our Values How we live our lives and conduct business. /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-widget-image-carousel .swiper,.elementor-widget-image-carousel .swiper-container{position:static}.elementor-widget-image-carousel .swiper-container .swiper-slide figure,.elementor-widget-image-carousel .swiper .swiper-slide figure{line-height:inherit}.elementor-widget-image-carousel .swiper-slide{text-align:center}.elementor-image-carousel-wrapper:not(.swiper-container-initialized):not(.swiper-initialized) .swiper-slide{max-width:calc(100% / var(--e-image-carousel-slides-to-show, 3))} /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))} h4 { font-size:16px; font-style: italic; font-weight: 400; text-transform: none; } .testimonial .entry-thumbnail { float: left; margin: 0em 2em 1em 1em; } "I have known and worked with Graeme and his amazing team at Tennick Accountants for several years and have always found them to be proactive, easy to deal with and focused on providing a quality service." Gary Davis – Managing Director of Team Build Group Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality. Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you Request Received. We will be in touch shortly. Your Name Your Email Please select how can we help you? How can we help you? Hindsight Package Foresight Package Insight Package Other Tell us a little bit more... Tick to sign up to our newsletter Submit jQuery(function($){ const subscribeForm = $('#subscribe-form'); const emailFunction = () => { const formData = subscribeForm.serialize(); $.ajax({ url:subscribeForm.attr('action'), data:formData, type:subscribeForm.attr('method'), beforeSend:function(xhr){ // subscribeForm.find('#subscribe_submit').att('invisible'); }, success:function(data){ subscribeForm.find('.form-group').addClass('hidden'); subscribeForm.find('#response').removeClass('hidden'); } }); return false; }; $('#subscribe-form').submit(emailFunction); }); Quick Links: Services & Prices | Why Choose Us | Resources 24 Apex Business Village, Cramlington, Northumberland, Newcastle Upon-Tyne, NE23 7BF Newcastle: 0191 580 0402 | Manchester: 0161 843 0789 | London: 0203 794 7400 Email: enquiries@tennick.co.uk © Copyright 2025 Tennick Accountancy Privacy and Cookies {"prefetch":[{"source":"document","where":{"and":[{"href_matches":"\/*"},{"not":{"href_matches":["\/wp-*.php","\/wp-admin\/*","\/wp-content\/uploads\/*","\/wp-content\/*","\/wp-content\/plugins\/*","\/wp-content\/themes\/tennicks\/*","\/wp-content\/themes\/emmet-lite\/*","\/*\\?(.+)"]}},{"not":{"selector_matches":"a[rel~=\"nofollow\"]"}},{"not":{"selector_matches":".no-prefetch, .no-prefetch a"}}]},"eagerness":"conservative"}]} This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPTPrivacy & Cookies Policy Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. PRIVACY NOTICE The Data Protection Act 2018 (DPA 2018) and the General Data Protection Regulation (GDPR) impose certain legal obligations in connection with the processing of personal data. Graeme Tennick & Co Limited T/A Tennick Accountants is a data controller within the meaning of the GDPR and we process personal data. The firm's contact details can be found on our website at www.tennick.co.uk with Graeme Tennick being the Data Protection Officer. We may amend this privacy notice from time to time. If we do so, we will supply you with and/or otherwise make available to you a copy of the amended privacy notice. Where we act as a data processor on behalf of a data controller (for example, when processing payroll), we provide an additional schedule setting out required information as part of that agreement. That additional schedule should be read in conjunction with this privacy notice. In addition to the information detailed below within this privacy notice; and upon request, we can supply a more detailed breakdown of: sources of data information stored purpose computer program/processing/storage access/security deletion policy The purposes for which we intend to process personal data We intend to process personal data for the following purposes: to enable us to supply professional services to you as our client to fulfil our obligations under relevant laws in force from time to time (e.g. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLR 2017")) to comply with professional obligations to which we are subject as a member of the Association of Chartered Certified Accountants to use in the investigation and/or defence of potential complaints, disciplinary proceedings and legal proceedings to enable us to invoice you for our services and investigate/address any attendant fee disputes that may have arisen to contact you about other services we provide which may be of interest to you if you have consented to us doing so The legal bases for our intended processing of personal data Our intended processing of personal data has the following legal bases: at the time you instructed us to act, you gave consent to our processing your personal data for the purposes listed above the processing is necessary for the performance of our contract with you the processing is necessary for compliance with legal obligations to which we are subject (e.g. MLR 2017) the processing is necessary for the purposes of the following legitimate interests which we pursue e.g. investigating/defending legal claims. It is a requirement of our contract with you that you provide us with the personal data that we request. If you do not provide the information that we request, we may not be able to provide professional services to you. If this is the case, we will not be able to commence acting or will need to cease to act. Persons/organisations to whom we may give personal data We may share your personal data with: Companies House and HMRC any third parties with whom you require or permit us to correspond any third party software companies whom will better support us in delivering an improved service with respect to those pieces of work covered within our letter of engagement; a full list of which can be provided upon request subcontractors an alternate appointed by us in the event of incapacity or death tax insurance providers professional indemnity insurers our professional body (the Association of Chartered Certified Accountants) and/or the Office of Professional Body Anti-Money Laundering Supervisors (OPBAS) in relation to practice assurance and/or the requirements of MLR 2017 (or any similar legislation) If the law allows or requires us to do so, we may share your personal data with: the police and law enforcement agencies courts and tribunals the Information Commissioner's Office ("ICO"). We may need to share your personal data with the third parties identified above in order to comply with our legal obligations, including our legal obligations to you. If you ask us not to share your personal data with such third parties we may need to cease to act. We may also pass your details on to other third-party organisations who may in turn contact you whereby we feel it would be of benefit, but will only do so having first notified you of this and having sought your agreement prior to this. Transfers of personal data outside the EU Where personal data is transferred outside the EU; which is common with many software companies, further information can be supplied upon request as to the specific measures taken by these companies to make this process GDPR-compliant. Retention of personal data When acting as a data controller and in accordance with recognised good practice within the tax and accountancy sector we will retain all of our records relating to you as follows: where tax returns have been prepared it is our policy to retain information for 7 years from the end of the tax year to which the information relates where ad hoc advisory work has been undertaken it is our policy to retain information for 2 years from the date the business relationship ceased where we have an ongoing client relationship, data which is needed for more than one year's tax compliance (e.g. capital gains base costs and claims and elections submitted to HMRC) is retained throughout the period of the relationship, but will be 7 years after the end of the business relationship unless you as our client ask us to retain it for a longer period. Our contractual terms provide for the destruction of documents after 7 years and therefore agreement to the contractual terms is taken as agreement to the retention of records for this period, and to their destruction thereafter. You are responsible for retaining information that we send to you (including details of capital gains base costs and claims and elections submitted) and this will be supplied in the form agreed between us. Documents and records relevant to your tax affairs are required by law to be retained by you as follows: Individuals, trustees and partnerships with trading or rental income: five years and 10 months after the end of the tax year otherwise: 22 months after the end of the tax year. Companies, LLPs and other corporate entities six years from the end of the accounting period. Where we act as a data processor as defined in DPA 2018, we will delete or return all personal data to the data controller as agreed with the controller annually at the termination of the contract. Requesting personal data we hold about you (subject access requests) You have a right to request access to your personal data that we hold. Such requests are known as 'subject access requests' ("SARs"). Please provide all SARs in writing marked for the attention of Graeme Tennick. To help us provide the information you want and deal with your request more quickly, you should include enough details to enable us to verify your identity and locate the relevant information. For example, you should tell us: your date of birth previous or other name(s) you have used your previous addresses in the past five years personal reference number(s) that we may have given you, for example your national insurance number, your tax reference number or your VAT registration number what type of information you want to know If you do not have a national insurance number, you must send a copy of: the back page of your passport or a copy of your driving licence a recent utility bill. DPA 2018 requires that we comply with a SAR promptly and in any event within one month of receipt. There are, however, some circumstances in which the law allows us to refuse to provide access to personal data in response to a SAR (e.g. if you have previously made a similar request and there has been little or no change to the data since we complied with the original request). We may not charge you for dealing with a SAR. You can ask someone else to request information on your behalf – for example, a friend, relative or solicitor. We must have your authority to respond to a SAR made on your behalf. You can provide such authority by signing a letter which states that you authorise the person concerned to write to us for information about you, and/or receive our reply. Where you are a data controller and we act for you as a data processor (e.g. by processing payroll), we will assist you with SARs on the same basis as is set out above. Putting things right (the right to rectification) You have a right to obtain the rectification of any inaccurate personal data concerning you that we hold. You also have a right to have any incomplete personal data that we hold about you completed. Should you become aware that any personal data that we hold about you is inaccurate and/or incomplete, please inform us immediately so we can correct and/or complete it. Deleting your records (the right to erasure) In certain circumstances you have a right to have the personal data that we hold about you erased. Further information is available on the ICO website (www.ico.org.uk). If you would like your personal data to be erased, please inform us immediately and we will consider your request. In certain circumstances we have the right to refuse to comply with a request for erasure. If applicable, we will supply you with the reasons for refusing your request. The right to restrict processing and the right to object In certain circumstances you have the right to 'block' or suppress the processing of personal data or to object to the processing of that information. Further information is available on the ICO website (www.ico.org.uk). Please inform us immediately if you want us to cease to process your information or you object to processing so that we can consider what action, if any, is appropriate. Obtaining and reusing personal data (the right to data portability) In certain circumstances you have the right to be provided with the personal data that we hold about you in a machine-readable format, e.g. so that the data can easily be provided to a new professional adviser. Further information is available on the ICO website (www.ico.org.uk). The right to data portability only applies: to personal data an individual has provided to a controller where the processing is based on the individual's consent or for the performance of a contract when processing is carried out by automated means We will respond to any data portability requests made to us without undue delay and within one month. We may extend the period by a further two months where the request is complex or a number of requests are received but we will inform you within one month of the receipt of the request and explain why the extension is necessary. Withdrawal of consent Where you have consented to our processing of your personal data, you have the right to withdraw that consent at any time. Please inform us immediately if you wish to withdraw your consent. Please note: the withdrawal of consent does not affect the lawfulness of earlier processing if you withdraw your consent, we may not be able to continue to provide services to you even if you withdraw your consent, it may remain lawful for us to process your data on another legal basis (e.g. because we have a legal obligation to continue to process your data). Automated decision-making We do not intend to use automated decision-making in relation to your personal data. Complaints If you have requested details of the information we hold about you and you are not happy with our response, or you think we have not complied with the GDPR or DPA 2018 in some other way, you can complain to us. Please send any complaints to Graeme Tennick. If you are not happy with our response, you have a right to lodge a complaint with the ICO (www.ico.org.uk). Necessary Necessary Always Enabled Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Non-necessary Non-necessary Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website. 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Skip to content Arrange a Meeting Tennick Accountants Building Business Legacies Menu Close Why Choose Us Services & Pricing Bookkeeping Tax Services Financial Advice Resources Contact (0191 580 0402) /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-widget-video .elementor-widget-container{overflow:hidden;transform:translateZ(0)}.elementor-widget-video .elementor-wrapper{aspect-ratio:var(--video-aspect-ratio)}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{height:100%;width:100%;display:flex;border:none;background-color:#000}@supports not (aspect-ratio:1/1){.elementor-widget-video .elementor-wrapper{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% / var(--video-aspect-ratio))}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .elementor-open-inline .elementor-custom-embed-image-overlay{position:absolute;top:0;left:0;width:100%;height:100%;background-size:cover;background-position:50%}.elementor-widget-video .elementor-custom-embed-image-overlay{cursor:pointer;text-align:center}.elementor-widget-video .elementor-custom-embed-image-overlay:hover .elementor-custom-embed-play i{opacity:1}.elementor-widget-video .elementor-custom-embed-image-overlay img{display:block;width:100%}.elementor-widget-video .e-hosted-video .elementor-video{-o-object-fit:cover;object-fit:cover}.e-con-inner>.elementor-widget-video,.e-con>.elementor-widget-video{width:var(--container-widget-width);--flex-grow:var(--container-widget-flex-grow)} /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=".svg"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block} /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}Tennick - Newcastle Accountants /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block} NEWCASTLE CHARTERED ACCOUNTANTS: TRANSFORMING LIVES BEYOND NUMBERS We provide business owners in Newcastle with time, money, and freedom. Our accountants empower them to uncover answers to questions they never thought to ask, enabling them to influence the numbers rather than just reporting them.With our tailored approach and commitment to success, we help you navigate your financial landscape and guide you in making informed decisions that drive growth. Why Choose Us? Tennick Accountants WE TRANSFORM LIVES BY STARTING WHERE OTHER ACCOUNTANTS STOP! By giving business owners time, money and freedom by helping then find the answers to questions they never thought to ask, we help them to influence the numbers rather than just report them. How We Can Help We Are Trusted Accountants in Newcastle Upon Tyne At Tennick Accountants, we provide excellent accountancy and financial services, giving you the confidence to focus on what you do best – running your business.Ambitious and open-minded businesses share three common traits:1. They make quick, decisive choices with confidence.2. They maximise cash flow for steady growth.3. They ensure full compliance with all regulations.Expert financial insight and advice are essential for all three, and that’s where we come in. Our team combines years of experience with a deep understanding of the challenges and opportunities faced by businesses today. We don’t just crunch numbers; we partner with you to develop strategies that drive success, helping you make informed decisions, optimise your finances, and stay compliant every step of the way. With Tennick Accountants by your side, you can navigate your business journey with clarity and confidence.Our services include:– Newcastle Tax Advice– Newcastle Bookkeepers– Financial Advice Business First, Accountants Second: What Sets Us Apart Many of our Tennick team members have been surrounded by business owners throughout their lives. This has given us invaluable first-hand experience and an understanding of the language that business owners speak, along with insight into the struggles, strains, and successes they encounter.Our experiences have also led us to recognise that one of the key ingredients for any successful business owner is mindset – something we learned from our parents.If you have the mindset to confront the challenges ahead, tackle them alongside your trusted network, and focus on finding solutions rather than making excuses, you’ll significantly increase your chances of success. This proactive approach is what sets us apart from other accountancy firms in Newcastle. Who are Tennick Accountants? Proudly recognised as the best and most reliable accountants in Newcastle upon Tyne, we are also known nationally as one of the top 5 accounting firms outside of the Big 4. Our firm stands out for its coaching, data, and technology-driven approach, bridging the gap between business and finance. By prioritising a ‘business first and finance second’ philosophy, we align the two disciplines to help our clients achieve sustainable success.As Newcastle Accountants, we are not shy in saying our ‘Big Hairy Audacious Goal’ (BHAG) is:“To be recognised as a leading firm in accountancy, coaching, and data analytics for small and medium-sized businesses. We aim to help reduce entrepreneurial poverty – both in terms of time and money – across the UK and beyond. By aligning business and strategic plans, we strive to support and strengthen the mental well-being of business owners, empowering them to thrive.”Whether you’re looking for expert advice on cash flow management, strategic planning, or business coaching, our team is here to support you every step of the way. For more insights, tips, and expert advice, explore our blogs and resources, where you’ll find valuable content to help your business succeed. About Tennick Accountants Newcastle Graeme’s background and first passion have always been rooted in business rather than accountancy. Growing up immersed in his Dad’s forklift truck business, he embarked on his entrepreneurial journey at a young age, where he learned the fundamentals of hard work and dedication. His early days were spent painting walls, cleaning toilets, and eventually tackling minor repairs on forklifts, gaining hands-on experience that would shape his future.He often tells the story of his Dad getting an earful from his Mam at the state he returned home in with grease in his nails and hair.In March 2012, Graeme founded Tennick Accountants, driven by a vision to provide comprehensive support to small and medium-sized businesses in Newcastle. As one of the top accountancy firms in Newcastle, his journey – from the workshop to the boardroom – continues to inspire his commitment to helping entrepreneurs navigate their own paths to success.We are now proud to be one of the top accountancy firms in Newcastle. To hear more as we share across further video’s, why not subscribe to our YouTube channel?Take a listen whenever you fancy as we update this or even when you are just struggling to sleep. Now for our focus on growing businesses rather than just reducing tax! Our Services Start-up/Settled Compliance-focused package Includes accounts, tax/VAT returns(if applicable) High performance Cloud based software​ for everyone Explore Start-up/Settled Package Growth Growing businesses package​ Real-time information for timely decision-making​ Operational and accountability software​ Explore Growth Package Growth & Exit Making things happen package​ Financial, operational, and retirement roadmaps​ Tailor-built performance dashboards​ Explore Growth & Exit Package Our Blog Uncategorized Case Study: Climb & Conquer Climb & Conquer is a specialist SEO, Google Ads, and Klaviyo management agency, Read More » March 3, 2025 BLOG Sale Internally to Staff? – Internal Staff Buyout – Exit Strategy With a spectrum of possibilities to choose from; among these, the strategy of an internal staff buyout stands out as a remarkable yet underutilized option. Read More » December 18, 2023 BLOG 9 Signs It’s Time To Outsource Your Accounting (And Why You Should) For business owners contemplating this option, this blog provides a comprehensive insight into nine critical signs indicating that it’s time to take the leap and outsource your accounting functions, alongside elucidating the numerous benefits of doing so. Read More » November 7, 2023 View All Posts > /*! elementor - v3.14.0 - 26-06-2023 */ .elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))} h4 { font-size:16px; font-style: italic; font-weight: 400; text-transform: none; } .testimonial .entry-thumbnail { float: left; margin: 0em 2em 1em 1em; } "Literally on the ball, supportive and seamless end to end." Chevon McCracken – Keith Wilkinson Electrical Contractors Ltd Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality. Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you Request Received. We will be in touch shortly. Your Name Your Email Please select how can we help you? How can we help you? Hindsight Package Foresight Package Insight Package Other Tell us a little bit more... 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In addition to the information detailed below within this privacy notice; and upon request, we can supply a more detailed breakdown of: sources of data information stored purpose computer program/processing/storage access/security deletion policy The purposes for which we intend to process personal data We intend to process personal data for the following purposes: to enable us to supply professional services to you as our client to fulfil our obligations under relevant laws in force from time to time (e.g. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLR 2017")) to comply with professional obligations to which we are subject as a member of the Association of Chartered Certified Accountants to use in the investigation and/or defence of potential complaints, disciplinary proceedings and legal proceedings to enable us to invoice you for our services and investigate/address any attendant fee disputes that may have arisen to contact you about other services we provide which may be of interest to you if you have consented to us doing so The legal bases for our intended processing of personal data Our intended processing of personal data has the following legal bases: at the time you instructed us to act, you gave consent to our processing your personal data for the purposes listed above the processing is necessary for the performance of our contract with you the processing is necessary for compliance with legal obligations to which we are subject (e.g. MLR 2017) the processing is necessary for the purposes of the following legitimate interests which we pursue e.g. investigating/defending legal claims. It is a requirement of our contract with you that you provide us with the personal data that we request. If you do not provide the information that we request, we may not be able to provide professional services to you. If this is the case, we will not be able to commence acting or will need to cease to act. Persons/organisations to whom we may give personal data We may share your personal data with: Companies House and HMRC any third parties with whom you require or permit us to correspond any third party software companies whom will better support us in delivering an improved service with respect to those pieces of work covered within our letter of engagement; a full list of which can be provided upon request subcontractors an alternate appointed by us in the event of incapacity or death tax insurance providers professional indemnity insurers our professional body (the Association of Chartered Certified Accountants) and/or the Office of Professional Body Anti-Money Laundering Supervisors (OPBAS) in relation to practice assurance and/or the requirements of MLR 2017 (or any similar legislation) If the law allows or requires us to do so, we may share your personal data with: the police and law enforcement agencies courts and tribunals the Information Commissioner's Office ("ICO"). We may need to share your personal data with the third parties identified above in order to comply with our legal obligations, including our legal obligations to you. If you ask us not to share your personal data with such third parties we may need to cease to act. We may also pass your details on to other third-party organisations who may in turn contact you whereby we feel it would be of benefit, but will only do so having first notified you of this and having sought your agreement prior to this. Transfers of personal data outside the EU Where personal data is transferred outside the EU; which is common with many software companies, further information can be supplied upon request as to the specific measures taken by these companies to make this process GDPR-compliant. Retention of personal data When acting as a data controller and in accordance with recognised good practice within the tax and accountancy sector we will retain all of our records relating to you as follows: where tax returns have been prepared it is our policy to retain information for 7 years from the end of the tax year to which the information relates where ad hoc advisory work has been undertaken it is our policy to retain information for 2 years from the date the business relationship ceased where we have an ongoing client relationship, data which is needed for more than one year's tax compliance (e.g. capital gains base costs and claims and elections submitted to HMRC) is retained throughout the period of the relationship, but will be 7 years after the end of the business relationship unless you as our client ask us to retain it for a longer period. Our contractual terms provide for the destruction of documents after 7 years and therefore agreement to the contractual terms is taken as agreement to the retention of records for this period, and to their destruction thereafter. You are responsible for retaining information that we send to you (including details of capital gains base costs and claims and elections submitted) and this will be supplied in the form agreed between us. Documents and records relevant to your tax affairs are required by law to be retained by you as follows: Individuals, trustees and partnerships with trading or rental income: five years and 10 months after the end of the tax year otherwise: 22 months after the end of the tax year. Companies, LLPs and other corporate entities six years from the end of the accounting period. Where we act as a data processor as defined in DPA 2018, we will delete or return all personal data to the data controller as agreed with the controller annually at the termination of the contract. Requesting personal data we hold about you (subject access requests) You have a right to request access to your personal data that we hold. Such requests are known as 'subject access requests' ("SARs"). Please provide all SARs in writing marked for the attention of Graeme Tennick. To help us provide the information you want and deal with your request more quickly, you should include enough details to enable us to verify your identity and locate the relevant information. For example, you should tell us: your date of birth previous or other name(s) you have used your previous addresses in the past five years personal reference number(s) that we may have given you, for example your national insurance number, your tax reference number or your VAT registration number what type of information you want to know If you do not have a national insurance number, you must send a copy of: the back page of your passport or a copy of your driving licence a recent utility bill. DPA 2018 requires that we comply with a SAR promptly and in any event within one month of receipt. There are, however, some circumstances in which the law allows us to refuse to provide access to personal data in response to a SAR (e.g. if you have previously made a similar request and there has been little or no change to the data since we complied with the original request). We may not charge you for dealing with a SAR. You can ask someone else to request information on your behalf – for example, a friend, relative or solicitor. We must have your authority to respond to a SAR made on your behalf. You can provide such authority by signing a letter which states that you authorise the person concerned to write to us for information about you, and/or receive our reply. Where you are a data controller and we act for you as a data processor (e.g. by processing payroll), we will assist you with SARs on the same basis as is set out above. Putting things right (the right to rectification) You have a right to obtain the rectification of any inaccurate personal data concerning you that we hold. You also have a right to have any incomplete personal data that we hold about you completed. Should you become aware that any personal data that we hold about you is inaccurate and/or incomplete, please inform us immediately so we can correct and/or complete it. Deleting your records (the right to erasure) In certain circumstances you have a right to have the personal data that we hold about you erased. Further information is available on the ICO website (www.ico.org.uk). If you would like your personal data to be erased, please inform us immediately and we will consider your request. In certain circumstances we have the right to refuse to comply with a request for erasure. If applicable, we will supply you with the reasons for refusing your request. The right to restrict processing and the right to object In certain circumstances you have the right to 'block' or suppress the processing of personal data or to object to the processing of that information. Further information is available on the ICO website (www.ico.org.uk). Please inform us immediately if you want us to cease to process your information or you object to processing so that we can consider what action, if any, is appropriate. Obtaining and reusing personal data (the right to data portability) In certain circumstances you have the right to be provided with the personal data that we hold about you in a machine-readable format, e.g. so that the data can easily be provided to a new professional adviser. Further information is available on the ICO website (www.ico.org.uk). The right to data portability only applies: to personal data an individual has provided to a controller where the processing is based on the individual's consent or for the performance of a contract when processing is carried out by automated means We will respond to any data portability requests made to us without undue delay and within one month. We may extend the period by a further two months where the request is complex or a number of requests are received but we will inform you within one month of the receipt of the request and explain why the extension is necessary. Withdrawal of consent Where you have consented to our processing of your personal data, you have the right to withdraw that consent at any time. Please inform us immediately if you wish to withdraw your consent. Please note: the withdrawal of consent does not affect the lawfulness of earlier processing if you withdraw your consent, we may not be able to continue to provide services to you even if you withdraw your consent, it may remain lawful for us to process your data on another legal basis (e.g. because we have a legal obligation to continue to process your data). Automated decision-making We do not intend to use automated decision-making in relation to your personal data. Complaints If you have requested details of the information we hold about you and you are not happy with our response, or you think we have not complied with the GDPR or DPA 2018 in some other way, you can complain to us. Please send any complaints to Graeme Tennick. If you are not happy with our response, you have a right to lodge a complaint with the ICO (www.ico.org.uk). Necessary Necessary Always Enabled Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Non-necessary Non-necessary Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website. 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