Reducing tax liability for business

success and growth

IT company: Financial Systems, Profit Improvement & Business Planning

Through our BNI network, we were referred to this client, an IT company that specialises in supporting banks and digital businesses. The company had previously worked with supposed IT contractor specialist firms in the north-west before approaching us. The service they had previously received was purely digital, with no meetings, a poor tax planning structure and bad dividend administration.

As you’d expect, the client found themselves astronomically overpaying their taxes, something which could have been avoided with better tax planning. What’s more, they received zero advice regarding the impact of non-financial indicators in such a volatile industry that continues to develop.

The plan

  • Corporation tax planning
  • Dividend administration / personal tax planning for directors
  • Financial management and  reviewing the progress every quarter
  • Business planning

The approach

We were there to assist with the financial system review, choosing to provide the client with specialist cloud accounting software. This would provide the client with remote access so that they are able to see their financial performance.

Each quarter we would hold a review meeting with the owner to identify a clear strategy for growth, ensuring implementation. We would also review their personal financial plan to align it with business projections and targets.

Their corporation tax returns from the last two years would also receive a review and revision. This saved them over £11,500 due to a huge oversight in costs and expenses related to the IT sector from the previous accountant.

Finally, we revised planned the dividend administration to help minimise tax liability in the respective tax year. As a result, the personal tax liability was reduced by £8,000 per year.

Client Feedback

“We appreciate your work, your in-depth knowledge of tax and accounts have helped us a lot in saving a lot of tax which we would have been paying should we have not switched to your firm. Your services are highly recommended!”

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What our clients say...

I have been a client of Usman’s for many years. He is very professional and reliable always responds quickly to my queries. I can highly recommend his accountancy services.

Highly recommended, he listens to his clients! I am extremely grateful for Usman’s sound advice and support over the last six months. I see him regularly at our networking group and one day I expressed my frustration of my then accountant. Usman offered to help with no obligation or payment, so I gave him access and I quickly realised he was going to be a great asset so I switched accountants in June this year. Usman liaised with HMRC to do a review of my accounts dating back to 2017. He kept me informed at all stages and ultimately it allowed me to free up cash to reinvest in the business. I am extremely grateful and can safely say Usman always has the client’s interest at heart and makes them feel at ease even when deadlines are due. If you are frustrated with your current accountant or you’re not getting strategic financial and business advice, I would recommend Usman in a heartbeat knowing your business growth is his primary objective. Thank you Usman, I am forever grateful and will continue to highly recommend you and your team!

Usman is highly professional, efficient & highly knowledgeable accountant. His effective tax consultancy and accountancy services had made us save and plan tax. We highly recommend him.

Yes this chap has helped me with my accounts and has done a fantastic job Well recommended Very pleased with the outcome

Mike is a very knowledgeable and professional accountant. He has been my accountant for a long time.

We would highly recommend Mike and his team for their exceptional services

Sayeed is a highly professional accountant, his effective strategy & planning saved me from paying a hefty amount of tax which I would have paid should I had not taken his advice.

I would highly recommend F&C Accountants

I highly recommend Mr Usman Nazir as an accountant. His in-depth knowledge and experience helped me immensely and with my tax return. He quickly took the stress out of the process for me and worked through my finances promptly making me savings that I would have not been able to achieve by myself. I am very thankful now to be on his books as I know now I have his experience and input for the next time making the process so much easier.