Author Archives: Rachael Carey

Steve saw a new client last week, who is being chased by HMRC for a late tax return. Between them, they worked out a program of work, and an affordable payment plan, so the work can be completed well before the fines increase at the end of July. If you have held back on getting your accounts done through fear of a large accountancy fee, we can help spread the cost.

Steve had a skype meeting with a client based in Exeter. This new business has a bright future, but needed a wide-ranging discussion about pensions, funding, how to approach potential and existing customers about new projects.

Following on from a detailed tax planning review, we are delighted to have been able to implement a strategy which has enabled our client to save £240,058 in combined Corporation & Income Tax.

Although the proposed roll out of Making Tax Digital was recently removed from the Finance Bill, it is very much believed that this was a political measure as part of the upcoming General Election, and will swiftly be added back in once we find out which party is elected. After all, why would the government need to budget for something if it didn’t exist?! Making Tax Digital (“MTD”) will begin its roll out from April 2018, with the objective of having all businesses, including the self-employed and landlord, maintaining digital records of the finances and sending quarterly summaries to HMRC. There are exemptions from joining MTD, but these are very limited. Overall, we would expect all our clients to prepared to begin digital reporting from their deemed start date. The key question is…… When will this affect you? This is all dependant on your circumstances, but we have set out…

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One client hadn’t noted that a supplier was now VAT registered, and as a result had missed out of claiming over £8.5k in VAT through their VAT returns. We’ve tidied this up for them, and they were over the moon.

HMRC are quick to levy penalties, usually on a “computer says penalty” basis. One client received a penalty amounting to 40% of an unpaid tax bill. On appeal we were able to remove this penalty entirely.

Our client thought they did, but when Andy reworked the numbers he spotted that they were 22% out on their figures, meaning that the business owners wouldn’t actually be able to pay themselves each month. The business had been leaking funds for 6 months, which had resulted in all of the cash reserves being significantly reduced. As a result of our review the client has been able to update their business plan, and set their team new targets to ensure they are actually breaking even (at worst) each month.

On Tuesday, the team gathered in the break out area to partake in our latest team building exercise – to model a tin foil animal that most represents them. We had interesting examples, which demonstrated just how creative our team are …! There was a slightly serious point to be made however. Today, people in organisations need to be more aware and expressive about concepts that are intangible – and not easy to write down or talk about. We encourage creativity here at Numbers – and this exercise enabled us to express ourselves using a different medium. It was brilliant fun too!

Steve had a number of meetings last week, with people asking for a wide range of advice. We were able to help an ex-client by advising him of the CGT due on the sale of his holiday let, a returning client with advice on setting up her own business, and the friend of an ex-employee who wants to set up his own business. Whether it’s setting up your business, closing down and selling off an existing one, or anything in between, we can help you on your journey. Please don’t hesitate in getting in touch!