Steve was asked by two new clients this week if there was anything they could do to reduce their corporation tax bill. Their previous accountant charged them £450 and “just filed our figures” according to them. Steve and Andy spent some time with them looking at their £300,000 of debtors. As it turns out, over £100,000 was written off in the month after the year end. They were about to pay over £20,000 of tax on income they never received. Other items overlooked added another saving, so they are now paying less than 15% of the original liability.
Cheap isn’t always best