Bhanot & Co

A Message from Lord Pickles and Lord Blunkett, followed by Bhanot & Co's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Bhanot & Co is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett, MP
Pickles signature Rt Hon The Lord Eric Pickles, MP

www.bhanot.co.uk

THE PARLIAMENTARY REVIEW
Highlighting best practice
2| BHANOT & CO
Anil Bhanot, Founder
Anil Bhanot started his career as an actuary, but, after
a short spell in the life assurance industry, changed to
chartered accountancy in 1980 and has never looked back.
After gaining audit experience with large firms, tax experience
with medium-sized practices and managerial experience in
commerce and industry, Anil set up his own practice, Bhanot
& Co, in 1990. He tells The Parliamentary Review about the
company and the philosophies that underpin their activities.
My primary drive was to provide good service to the public first, leading
automatically to mutually agreeable fees; it didn’t take long for me to develop the
practice through word of mouth and recommendations. The normal accountancy,
tax and audit services were well complemented by my actuarial experience; this
helped me to add the investment and mortgage business services for clients,
building their personal balance sheets. Finally, my commercial and industry
experience was useful to help clients report not just on historical data, but to look
forward and build their businesses through forecasts and cashflows.
Today’s Bhanot & Co
We have six members of accounting staff, including a practice manager, and we
service the SME sector. We have minimal staff turnover, and we enjoy working
with people from a variety of cultural backgrounds as a result of the diversity that
London offers; our clients are likewise from diverse business and professional
sectors. We screen all clients from the outset with various checks including, of
course, anti-money laundering regulations.
For overseas clients, we generally advise registering a branch of their overseas
company with Companies House, or the formation of a new company altogether
before we take on their work. Furthermore, when a client becomes too big for us,
we recommend that they go to a larger firm, though invariably these clients retain
us for the odd piece of financial advice.
Statutory audits of companies, by virtue of the large minimum thresholds, are
beyond our capacity, but sometimes smaller subsidiaries of large companies have
required audits, which we undertook successfully. We now, however, concentrate
more on what our SME clients see as our real value: providing a comprehensive
accountancy and taxation service along with business advice, and thus these
services remain our core practice area. We have also curtailed investment and
mortgage business this year to concentrate on our core activity of accountancy.
Client relationships are important to us, and our mode of work is to take responsibility
for some of the deadlines clients have to meet. These include company accounts,
various tax returns including VAT returns, payroll and auto-enrolment. Staff are
encouraged to communicate with clients regularly to keep on top of their financial
affairs – avoiding any nasty surprises at the end of the tax year.
AT A GLANCE
BHANOT & CO
»Founder: Anil Bhanot
»Based in Ealing, London
»Established in 1990
»Services: General accountancy
»No. of employees: 6, including
a practice manager
»Anil Bhanot was awarded an
OBE in 2010
Bhanot & Co
3BHANOT & CO |
BEST PRACTICE REPRESENTATIVE
Innovation through technology
Technology has enormously helped the
way any accountancy practice works
in the current market, and at Bhanot
& Co we’ve always had the benefit
of an IT consultant. We are excited
by HMRC’s drive toward real-time
information reporting and we are
looking forward to the VAT returns
RTI regime that will be introduced this
April. We will be informing all of our
clients this year of the VAT returns
RTI filing change and work with them
so that their systems are in place in
preparation. Making Tax Digital is
the right way forward. Technology
is bringing great benefits; we have
already seen this with auto-enrolment
on pensions for all employees.
Social media has become a great
means of sharing financial news
directly with the public, which should
help them to make well-informed
decisions. With the current era of
information overload, we believe it
is important to continue to add the
correct data and legislative information
for people to sift through and to
remember what is relevant to them.
Ethics in public practice are very
important to us, as we are advising
and dealing with clients’ financial
affairs, something that sits at the core
of many of our clients’ wellbeing. Our
advice is better tailored to develop
their businesses in the long term even
if there is a hardship in the short
term. We’ve found that clients, even
if they leave due to some changes
in circumstance, come back to us
citing our advice as being beneficial in
thepast.
Our practice work from 1990 allowed
me the flexibility to provide some free
service where necessary, culminating
in the last decade with my voluntary
role as the general secretary of Hindu
Council UK, a faith-based national
umbrella body. I was humbled at
the end of the decade in 2010 to
be awarded an OBE. I then moved
on to chair various social enterprise
charities, including the Ethnic Minority
Foundation for social justice and the
Peepul Centre in Leicester, which
works to empower local communities
through its theatre for performing arts.
The Peepul Centre is supported by
two bars and a restaurant, conference
rooms for local businesses, both a
ladies’ and mixed gym, a sports hall,
a dance studio and children’s nursery
facilities, all at an affordable cost.
This charitable work added a different
dimension to the traditional practice
work, not least through my experience
of consulting on draft EU directives
and UK legislation that impacted
all communities. As a result of this
experience, we can provide some
additional services free of charge, for
instance, advising on the governance
of charities.
In our opinion, the future looks
bright. Although the high street may
be undergoing online sales pressure,
British businesses will find a way to
adapt. We have seen the benefits of
the IT revolution relieve accountants of
tedious number-crunching tasks, and
we look forward to the AI revolution to
help bring more of a “substance over
form” audit approach.
The Bhanot & Co
team
Although the
high street may
be undergoing
online sales
pressure, British
businesses will
find a way to
adapt

www.bhanot.co.uk

The Parliamentary Review Publication, in which this article originally appeared, contained the following foreword from The Rt Hon Theresa May MP.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

This foreword from the then Prime Minister appeared in the 2018/19 Parliamentary Review.

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister