Category Archives: News

During the last year, we have identified the following savings for our Plymouth Business Network clients:- Letting Agent – Had to VAT register. Using FRS we managed to save them £2,000 per year Publisher – By carefully planning the partners remuneration, we produced savings of £2,300 a year Chimney Sweep – By changing the business structure to a Limited Company, savings of £1,500 per year were identified Drainage Company – Changing the way the business accounts for the its motor expenses produced savings of £6,200 per year. Home Improvement Company – £15,548 was saved in Year 1 through incorporating this company IFA – By claiming reliefs available for ‘sleeping partners’, we were able to claim a £10,000 NIC refund. Savings in tax over 1 year via incorporation have been £6,376 Gardening Company – By helping to raise finance for new equipment, we helped secure a contract worth £56,400 during 2013…

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We are delighted to have achieved a net reduction in tax of over £2,500 for a group consisting of a partnership and a company. This has involved calculating the commercially justifiable level of recharge between the two parts of the business, and ensuring that the profit shares within the partnership were also justifiable. With fees of less than 20% of the total saved, our client is delighted. Many other accountants would not have gone the extra mile, and would have left them exposed to HMRC review of the relationship between the company and the partnership. While we cannot guarantee no HMRC interest, at least our client knows that the recharges are commercially based, and defensible.

Congratulations to Gail Lord of Liberty Insurance Brokers, Owen Jones of Owen Jones Design, and Jodie Tookey on behalf of Security Management South West, who are all joint runners up in our recent competition. Well done to you all! Please contact us to claim your prize of a free AYR review worth £350.

Pleased to publicise our 2013 budget newsletter. Please feel free to read it here, or email us and ask for a copy. More detailed analysis will follow as we digest the full details.

We have been active members of Plymouth Business Network for over 18 months now, and picked up a lot of work (Over £18K) with more in the pipeline. This one is much more informal (and therefore more fun and focussed) than others I have visited. Have a look at www.plymouthbusinessnetwork.co.uk and see for yourself. We have also been developing strategic alliances with providers of high quality tax planning solutions. Contact us and I’ll come and chat through the ideas to see if any can be applied to your particular tax issues.

HMRC are keeping us busy, as always. We have seen the usual diet of incorrect demands, and irritating enquiries over the summer. They seem to churn out demands by computer, and never stop to check them first. We are now challenging a demand issued after we filed a return using the figures they provided over the phone three months ago! The lesson is “check every piece of HMRC correspondence and ask us to look at it if you think it’s incorrect (because it probably is!) They have launched a task force aimed at the motor trade in the south west, so if you have any friends or colleagues who may be at risk, let them know, and ask them to come and see us. We might be able to save them a whole heap of stress.

A number of my clients have found themselves with spare cash in their business, and we have developed tax efficient ways to extract it for them. Contact us if you are in a similar position; there is no charge for the initial consultation. Our very latest news and views can be found on twitter and facebook. Look us up at @NumbersUKLtd (twitter) or Numbers Accountants (facebook)

Tax refund of £8K obtained for client by retaining unneeded cash in his company (August 2012) Tax savings of over £27,000 identified for new client. (July 2012) Refund of over £2,500 obtained by loss carry back claim. (May 2012)