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!”