Case study: Used Car Dealer – large VAT savings and improved management information (fixing prior accountant errors!)
It was only after one small used car dealer client had transferred to us, that we discovered that his prior accountant (who had actually been recommended to him!) had made many serious VAT errors going both ways, in addition to poor book keeping. As a result of our work, we were able to recover £7000 of net overpaid VAT, save even more in future VAT, and the prior accountant refunded the client all his fees charged. Had he not changed accountants, this client would have been worse off, and at risk had HMRC been the first to discover the prior accountants mistakes !
Local quality used car dealer.
Case study: Car spraying sole trader – Recovering additional and unexpected cash for the client
A local car spraying small business owner came to us because he was so focused on his customers that he had unwittingly got several years behind with accounts and tax returns and HMRC had raised many £000’s in penalties. Not only did we bring his accounts and tax returns up to date and sort matters out with HMRC reducing his stress, but we were also able to add significant value/cash through:
- Negotiated a HMRC discretionary refund of £1,935 relating to loss relief not claimed in error by his prior book keeper, plus obtained additional refunds of amounts overpaid by the client in error.
- Identified almost £1000 in legally questionable charges paid to a former telco supplier to the client, then at client request took action to secure a full refund, which the supplier had previously refused to refund.
- Identified £2,331 in old receivables that the client had forgotten about – then at client request took action and recovered balance in full.
Overall the business owner was happy to get, not just taxes and accounts sorted, but also several unexpected bonuses as a result of opportunities identified by the accountant and additional work agreed, and wished he had got himself a good accountant when he had started his business, to avoid penalties, minimise taxes and benefit from good business advice.
Testimonial: Property Company – tax savings, improved accounts and special legal claim report
I have known Steve for some years and appointed him to do the annual accounts and returns for E&P Homes Ltd, a property investment company. I had previously used an accounting firm that carried out the necessary legal tasks but did not give sufficient advice on ways to save money from a tax point of view – nor did they advise ways in which the accounts presentation could be improved – not only did Steve offer all of this and produced the accounts in a timely manner, but he also saved the company tax. His knowledge is quite exemplary and I have absolutely no hesitation in recommending him.
Because of this I asked Steve if he would help out with another one of my businesses in regards to a report that was required in support of a consequential loss claim. Steve’s report was exceptionally comprehensive, his arguments in support of my claim are extremely well thought out and reasoned, he also gave legal advice on how best to submit the claim and my solicitor used, unchanged, many of his points. Prior to Steve getting involved I was not confident of winning my claim but now I have a far stronger resolve that a substantial settlement may be made.
Andrew Grimshaw ACIOB, Owner E&P Homes Ltd
Case study: Professional training practice – significant tax savings and less paperwork
A contractor running a professional training practice transferred to us simply because his prior accountant was retiring. On review we recommended he incorporate his business, which we organised for him, with a £6,000 one-off tax saving, plus £’000s of recurring future annual savings, as well as limited liability benefits. Had he moved to a better accountant 10 years earlier he would have saved well over £20,000 more in tax! In addition, he found that moving to cloud accounting software, with help from ourselves, kept him in control while reducing his book keeping/paperwork admin and making invoicing easier.
Testimonial: Advice given to new landlord letting business
‘“Excellent advice at a sensible rate “ P.H., Crowthorne’
[advised new landlord on best way to structure property business to minimise taxes and how to complete tax return]