Management Accounts

OUTSOURCED BOOKKEEPING SERVICES

Chartered Certified Accountants
Based in London
Digitally enhanced
Outsourced bookkeeping services
Bookkeeping for small, medium and large businesses
Add accuracy and weight to your numbers.

SAVE TIME, MONEY AND EFFORT

Our specialist bookkeeping team provide a high-quality bookkeeping service to small, medium and large corporate companies.

PAYE registration
Fortnightly, monthly payroll
Managing payment to employees/HMRC via BACS or Faster Payments
Bonus, commission and overtime payments
Payslip portal – cloud based portal for employee to access their payslips and P60s
Secure delivery and data exchange using cloud technology
HMRC and auto-enrolment compliant

Self-service for your staff via our employee portal
Guidance on Real Time Information (RTI), auto-enrolment and salary sacrifice schemes
Complying with maternity and sickness regulations
TRONC scheme management for restaurants, bars and hotels
Option to integrate HR advisory and consultancy
UK payroll company for overseas/international businesses and UK subsidiaries of overseas companies

Trusted bookkeepers to some of the UK's leading businesses...

“My restaurants have a fully outsourced accountancy solution for all aspects of our business – I happen to have changed accountants a year a ago and have been happy with the transition and results thus far. Bhimal and his team understand the intricacies of our wonderful industry”

“As a operator that has previously received arduous bookkeeping and accountancy services, Prysm Financial have not only streamlined our day-to-day finances, but also provide valuable insight into the financial performance of Paradise.”
Dom FernandoParadise

“Bhimal, Tahir and the wider team are an incredible resource for restaurants. It's not just a basic accounting service - they bring valuable advice, and genuinely care about the success and growth of Apoy.”
Budgie MontoyaApoy

“Since moving to Prysm, we’re now able to ask specific questions so we can better understand our projected sales and far better control our employment costs, which have reduced month-on-month from 42% to 32% of turnover.”
Jay PatelLegare

“Our previous accountant didn’t have our accounts in good shapes and I didn’t know where we were for the accounts and numbers. I now know where we are with accounts and it has enabled me to make some difficult yet necessary decisions on the business such as disposing sites that are not making enough profits and focusing time and effort on projects that do bring in profits”

WE PROVIDE FINANCIAL CLARITY

FINANCIAL CLARITY

Combined with monthly management accounts, we provide robust, accurate and clear management reports with forecasts and budgets to navigate past obstacles, identify opportunities and grow with confidence.

WHY PARTNER WITH PRYSM FINANCIAL?

Save upto 50% on bookkeeping costs

Our best-in-class transaction processing technology does the legwork with 99.99% accuracy so you’re not paying over-the-odds for data entry and bookkeeping.

Daily transaction processing

We process transaction daily to quickly identify upcoming obstacles and provide robust and accurate management reports soon after the month end.

Dedicated bookkeeper

Bookkeepers chase down missing invoices, process transactions, manage queries, liaise with suppliers and manage your finance mailbox.

Reduce time and fustration

Spend less time chasing old invoices and checking for errors.

Affordable

Our unique digitally-enhanced finance function allows us to provide a comprehensive range accounting, VAT, payroll and tax services
at a fraction of the cost compared with traditional accountancy firms.

Grow with confidence

We provide timely, accurate and clear management reports with sector specific KPIs.

National coverage

With a HQ in London, we support entrepreneurs in London
and throughout the UK.

BOOKKEEPING QUOTE

To arrange an introductory meeting,
or for a quote, please complete the below form.

Why partner with Prysm Financial?

✔ Chartered Certified Accountants
✔ Free up time and frustration,
✔ Dedicated finance partners,
✔ Grow with confidence,
✔ Powered by Xero.

London based payroll service to small, medium and large corporate companies.

Our London based payroll department provide a high-quality payroll service to small, medium and large corporate companies, as well as companies setting up in the UK or employing staff in the UK for the first time.

TAKE THE PAIN OUT OF PAYDAYS

Our payroll department processes in excess of 100 payrolls for both UK and overseas businesses.

From as little as £50 per month, you will be assigned a named senior payroll manager, and utilising cloud based technology, will ensure a fast and accurate turnaround.

PAYE registration
Fortnightly, monthly payroll
Managing payment to employees/HMRC via BACS or Faster Payments
Bonus, commission and overtime payments
Payslip portal – cloud based portal for employee to access their payslips and P60s
Secure delivery and data exchange using cloud technology
HMRC and auto-enrolment compliant

Self-service for your staff via our employee portal
Guidance on Real Time Information (RTI), auto-enrolment and salary sacrifice schemes
Complying with maternity and sickness regulations
TRONC scheme management for restaurants, bars and hotels
Option to integrate HR advisory and consultancy
UK payroll company for overseas/international businesses and UK subsidiaries of overseas companies

Regulatory compliance

Payroll is subject to frequent changes in legislation. By outsourcing to specialists, you can ensure that your Payroll remains fully compliant with current laws and tax regulations.

Cost savings

Outsourcing eliminates the need for maintaining an in-house Payroll team, reducing operational costs and overheads associated with software and training.

Focus on growth

With Payroll taken care of, you can reallocate valuable resources to drive your business forward.

Best in class payroll technology

Our advanced cloud-based Payroll systems deliver fast, accurate processing, enabling real-time reporting and ensuring compliance at all times.

Cost-effective & scalable

Whether you are a small business or a large corporation, our scalable services ensure you get the best value for your investment, with pricing tailored to your needs.

Comprehensive support

We don’t just process your Payroll—we take responsibility for its accuracy and compliance. Our team offers expert support to help with any questions or issues you may face.

Access to expertise

Our team of dedicated UK Payroll specialists is highly experienced and exclusively focused on Payroll, ensuring your processes are managed with accuracy and care. Comprised of qualified professionals, we bring in-depth knowledge of payroll regulations.

Automation & technology

We utilise the latest Payroll technology to enhance accuracy, efficiency, and reporting capabilities, reducing the risk of errors and increasing the speed of service.

Payroll Quote

To arrange an introductory meeting,
or for a quote, please complete the below form.

Why partner with Prysm Financial?

✔ Save up to 50% on payroll costs,
✔ Digitally enhanced payroll function,
✔ Free up time and frustration,
✔ Dedicated account manager,
✔ Market leading payroll technology,
✔ An accurate, efficient and cost-effective service,
✔ Seamless transition.

CFO as a Service

Also known as a Fractional CFO or Outsourced CFO
Save upto 50% compared to a traditional CFO
Chartered Certified Accountants
Over 30 years of combined experience working with entrepreneurs
Scalable accountancy services for Stat-Up’s, Scale-Up’s and Exit Ready
Forecasting and financial modelling
Reporting and financial analysis

Many business owners operate without a clear picture of their financial health. Spreadsheets get messy. Reports are backward-looking. You’re making decisions with limited visibility.

Our CFO provides financial clarity and specialist advice to grow their business with confidence.

✔ Save up to 50% on bookkeeping and accountancy costs,
✔ Digitally enhanced finance function,
✔ Scalable accounting, payroll and tax services,
✔ Free up time and frustration,
✔ Dedicated finance partners,
✔ Grow with confidence.

Specialist Support Across the Full Business Lifecycle

Scalable Accountancy Services

CFO as a Service

Company formation & structure advice

SEIS/EIS qualification & advance assurance

EMI option scheme setup

Cloud-based bookkeeping

R&D tax credit claims

Add-On’s

Outsourced finance function (FD/CFO level support)

Budgeting, forecasting & board reporting

Advanced EMI & growth share schemes

VAT, payroll, and HMRC compliance

Due diligence preparation & fundraising support

Due diligence support & deal structuring

Valuation, M&A advisory & shareholder tax planning

Post-sale advisory for founders & investors

Integration support if acquired by private equity or strategic buyer

In addition, our tax specialists can advice on the most valuable tax schemes for UK companies:

SEIS/EIS – Maximise investor appetite with advance assurance, compliance, and filing support.
R&D Tax Credits – Claim tens or hundreds of thousands in cash or tax relief annually.
EMI Option Schemes – Attract and retain top talent with a tax-efficient equity incentive plan.
Patent Box – Benefit from reduced corporation tax rates on qualifying IP income.
Capital Allowances & BADR – Optimise your position ahead of an exit or asset sale.

We provide Financial Clarity with FD level support

FINANCIAL CLARITY

Robust, accurate and clear management reports with forecasts and budgets to navigate past obstacles, identify opportunities and grow with confidence.

Why partner with Prysm Financial?

Why do F&B brands need specialist accountants?

A specialist restaurant accountant provides financial clarity and specialist advice to navigate past obstacles, identify opportunities and grow with confidence.

Prysm Financial’s specialist restaurant and hospitality team are trusted partners of some of the London’s leading Michelin-starred restaurants, fine dining restaurants, themed restaurant groups, hotels, franchises, individual bistros, gastro pubs, bars and pop-ups.

Save upto 50% on bookkeeping costs

Our best-in-class transaction processing technology does the legwork with 99.99% accuracy so you’re not paying over-the-odds for data entry and bookkeeping.

Daily transaction processing

We process transaction daily to quickly identify upcoming obstacles and provide robust and accurate management reports soon after the month end.

Dedicated bookkeeper

Bookkeepers chase down missing invoices, process transactions, manage queries, liaise with suppliers and manage your finance mailbox.

Reduce time and fustration

Spend less time chasing old invoices and checking for errors.

Affordable

Grow with confidence

We provide timely, accurate and clear management reports with sector specific KPIs.

National coverage

With a HQ in London, we support entrepreneurs in London
and throughout the UK.

Fundraising & Investor Expectations

If you plan to raise capital or are already investor-backed, you’ll need robust financial reporting, forecasts, and SEIS/EIS compliance. A specialist accountant can help you build investor-ready models, explain your metrics clearly, and manage investor reporting.

Introductory Meeting

To arrange an introductory meeting,
or for a quote, please complete the below form.

Why partner with Prysm Financial?

✔ Specialist tech accountants
✔ Chartered Certified Accountants
✔ Full service – bookkeeping, accounting, payroll and tax,
✔ Free up time and frustration,
✔ Dedicated finance partners,
✔ Grow with confidence,
✔ Powered by Xero.

RESEARCH & DEVELOPMENT TAX RELIEF

R&D tax relief (also known as R&D tax credit) helps innovative businesses undertaking R&D related activity claim a generous corporation tax deduction or a cash refund from HMRC.

R&D tax relief is a tax incentive from the UK Government designed to encourage companies to invest in R&D.

The scheme has been around since 2000 and last year over 76,000 SMEs claimed almost £4.4bn in tax relief. see here for more R&D statistics.

Pryam Financial’s specialist R&D tax team have provided an end-to-end service to existing clients, new businesses and our network of professional introducers.

CLAIMING R&D TAX RELIEF

The R&D tax landscape has changed significantly in recent years. For accounting periods beginning on or after 1 April 2024, the SME and RDEC schemes have been blended to create the R&D merged scheme.

The new merged scheme rewards innovative businesses for R&D projects that seek to make an advance in science or technology (including mathematical advances). This might include improving an existing product or service or inventing a new one. An advance can also result in a new discovery that increases our overall knowledge in a field of science or technology.

MERGED R&D SCHEME – WORKED EXAMPLE

Assuming your company has qualifying R&D expenditure of £100,000, the gross R&D tax credit available under the merged scheme would be £20,000 (20% of qualifying costs).

If your company pays the main corporation tax rate of 25%, the tax payable on the credit is £5,000 (25% of £20,000). After deducting this tax, the net benefit to your company is:

£20,000 (credit) – £5,000 (tax) = £15,000

This means the effective tax benefit is 15% of your qualifying expenditure (£15,000 ÷ £100,000).

If your company falls under the small profits corporation tax rate of 19%, the tax on the credit reduces to £3,800 (19% of £20,000), increasing the net benefit to:

£20,000 – £3,800 = £16,200

This results in an effective tax benefit of 16.2% of qualifying expenditure.

UK R&D TAX SPECIALISTS

To arrange an introductory meeting,
or for a quote, please complete the below form.

Why partner with Prysm Financial?

✔ ACCA regulated accountancy firm
✔ Significant R&D experience
✔ Dedicated and qualified R&D tax manager
✔ No upfront fee
✔ Dynamic and competitive pricing
✔ In-house tax specialists

18/12/2024

Personal Tax

By admin3988

Based in the City of London EC4, we are ideally placed to review your personal tax affairs as well as recommend ways to reduce your liability to Income Tax, Capital Gains Tax and Inheritance Tax.

We deliver a value-added service to private clients, high net worth individuals (HNWIs), executives, City professionals, entrepreneurs, company directors, sportsmen/women, entertainers, property/land owners, members of the legal and medical professions.

SPECIALIST PRIVATE CLIENT TAX SERVICES

We provide specialist private client tax services tailored to meet the individual circumstances of each client across a wide range of areas such as:

Private client tax and personal tax advice
Personal tax returns and self-assessment
Remuneration planning, including higher rate tax earners >£100,000
Capital Gains Tax and Business Asset Disposal relief (Entrepreneurs’ Relief)
CGT (60/30 day rule)

Non-resident landlords, including non-resident CGT
Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Schemes (EIS)
Emigration, including tax advice for British citizens living or working overseas
Personal tax investigations including COP8, COP9 and Undisclosed Rental Income
International tax advice

PERSONAL TAX ADVICE

To arrange an introductory meeting,
or for a quote, please complete the below form.

TRONC ADVICE & TRONCMASTER SERVICES

Specialist tronc advice
Independant troncmaster for restaurants, bars and hotels
Employment (Allocation of Tips) Act

Dealing with cash tips, service charge and tronc has become a real concern for many restaurant and hospitality operators.

Despite the negative press publicity and misunderstanding by the public, a correctly structured tronc can increase employees take home pay, reduce employer cost, and provide operators a means of recruiting, motivating and incentivising employees.

When operated by an independant troncmaster, the distribution of service charge ensures fair and transparent allocation and exempt from national insurance contributions (NICs) for both employee and employer.

EMPLOYMENT (ALLOCATION OF TIPS) ACT

The Employment (Allocation of Tips) Act 2023 which came into effect on Tuesday, 1st October 2024 imposes a legal obligation on employers to distribute service charge (including tips and gratuities) to workers.

In summary:

Employers are required by law to distribute 100% of service charge, tips and gratuities to workers from 1st October 2024.
Service charge, tips and gratuities must be distributed “fairly” between all workers.
The Employment (Allocation of Tips) Act 2023 further states that “Employers must take extra care to avoid indirect discrimination, which may be unintentional, which may be a risk when fewer tips are allocated to a group of workers which includes a disproportionate number of workers with a particular protected characteristic”
Service charge, tips and gratuities must be distributed no later than the end of the month, following the month in which the payment was made by the customer i.e. all service charge, tips and gratuities received in September much be paid to workers by the end of October.

Service charge, tips and gratuities received at or attributable to a single venue must be allocated amongst workers at that venue (i.e. cannot be pooled and distributed between venues), unless there is clear evidence that a site or non-public place of business provides direct support to a site such as Head Office.
Employers are prohibited from making deductions from tips including for credit card fees, bank charges, payroll or other administration costs and commissions. These costs must now be covered by the business.
Agency, temp and occasional workers are now given new rights and must be awarded service charge, tips and gratuities on the same basis as directly employed staff (with the exception of people who are self-employed, or invoicing through their own company).
Employers must keep a written tronc policy and keep detailed records. Workers will be able to see their employers tronc records (limit to one request per worker in a three month period) and have a right to bring a claim in the Employment Tribunal.
Employment Tribunals now also have the authority to enforce these rights and provide remedies in the event of breach. The remedies outlined under the Act include making a declaration that an employer has failed to comply with its obligations under the Act, ordering an employer to revise any tip allocation previously made or make a payment direct to a worker, and paying compensation for financial loss up to the value of £5,000.

Introductory Meeting

To arrange an introductory meeting,
or for a quote, please complete the below form.

Independant Troncmaster
and Troncmaster Services UK

Prysm Financial Troncmaster Services are trusted tronc partners of some of the London’s leading Michelin-starred restaurants, fine dining restaurants, themed restaurant groups, hotels, franchises, individual bistros, gastro pubs, bars and pop-ups.

KEY TRONC AND TRONCMASTER FAQS

What is a troncmaster?

A troncmaster is the person responsible for distributing tips, gratuities, and service charges fairly among employees in a business – usually in the hospitality industry such as restaurants, bars and hotels.

Troncmaster rules

Is service charge subject to VAT?

Discretionary service charge not subject to VAT.

Troncmaster responsibilities

A troncmaster is responsible for independently managing the fair distribution of tips, service charges, and gratuities among staff. Their duties include setting and applying clear allocation rules, registering the tronc with HMRC, ensuring correct PAYE tax treatment, and keeping accurate records. Importantly, they must act impartially – free from employer influence – to ensure full compliance with HMRC and tipping legislation.

Is tronc part of salary?

No, tronc should not be part of an employees contracted salary.

How to set up a tronc scheme?

To set up a tronc scheme, you’ll need to appoint an independent troncmaster to manage tip distribution. Next, establish clear rules for how tips will be allocated among staff. Finally, integrate the tronc into your payroll system to ensure tips are taxed correctly and all records are maintained for compliance. Working with a specialist troncmaster can simplify the setup and ensure everything is fully compliant.

Trusted bookkeepers to some of the UK's leading businesses...

BOOKKEEPING QUOTE

Why partner with Prysm Financial?

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UK PAYROLL SERVICES

London based payroll service to small, medium and large corporate companies.

Our payroll department processes in excess of 100 payrolls for both UK and overseas businesses.

Payroll Quote

Why partner with Prysm Financial?

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CFO as a Service

Many business owners operate without a clear picture of their financial health. Spreadsheets get messy. Reports are backward-looking. You’re making decisions with limited visibility.

Our CFO provides financial clarity and specialist advice to grow their business with confidence.

Specialist Support Across the Full Business Lifecycle

Scalable Accountancy Services

CFO as a Service

Company formation & structure advice

SEIS/EIS qualification & advance assurance

EMI option scheme setup

Cloud-based bookkeeping

R&D tax credit claims

Add-On’s

Outsourced finance function (FD/CFO level support)

Budgeting, forecasting & board reporting

Advanced EMI & growth share schemes

VAT, payroll, and HMRC compliance

Due diligence preparation & fundraising support

Due diligence support & deal structuring

Valuation, M&A advisory & shareholder tax planning

Post-sale advisory for founders & investors

Integration support if acquired by private equity or strategic buyer

We provide Financial Clarity with FD level support

FINANCIAL CLARITY

FINANCIAL CLARITY

FINANCIAL CLARITY

FINANCIAL CLARITY

FINANCIAL CLARITY

FINANCIAL CLARITY

Why partner with Prysm Financial?

Introductory Meeting

Why partner with Prysm Financial?

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RESEARCH & DEVELOPMENT TAX RELIEF

R&D tax relief (also known as R&D tax credit) helps innovative businesses undertaking R&D related activity claim a generous corporation tax deduction or a cash refund from HMRC.

CLAIMING R&D TAX RELIEF

MERGED R&D SCHEME – WORKED EXAMPLE

UK R&D TAX SPECIALISTS

Why partner with Prysm Financial?

PERSONAL TAX ADVICE, PLANNING AND COMPLIANCE

Based in the City of London EC4, we are ideally placed to review your personal tax affairs as well as recommend ways to reduce your liability to Income Tax, Capital Gains Tax and Inheritance Tax.

SPECIALIST PRIVATE CLIENT TAX SERVICES

PERSONAL TAX ADVICE

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TRONC ADVICE & TRONCMASTER SERVICES

Dealing with cash tips, service charge and tronc has become a real concern for many restaurant and hospitality operators.

EMPLOYMENT (ALLOCATION OF TIPS) ACT

Introductory Meeting

Independant Troncmaster and Troncmaster Services UK

KEY TRONC AND TRONCMASTER FAQS

Prysm Financial

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Prysm Financial

Independant Troncmaster
and Troncmaster Services UK