A progressive, South West based accountancy practice

Good work from the team – Making Lives Better for our clients!

Steve

David met with Steve a couple of weeks ago to discuss the closure of his unwanted company. Steve took him through the process, and developed a plan that will save him between £3k and £5K of professional fees.

John arrived for a meeting completely confused about a complicated tax position he entered a few years ago. Steve took on the task of getting some clarity over his options, which meant he left the office knowing it would all be sorted out.

Dan met with Steve to finalise his business’s 5-year development plan. Covering things like sales growth, market share and exchange rate exposure, halfway through the meeting Dan said “this is exactly why I employed you guys. To help me drive the business forward”.

Following a meeting with 3 of the four directors of a company in the digital sector, Steve signposted some additional sales training for the MD. Steve said, “even when WE cannot help, we usually know or can find someone else who can.”

A local lady bought a property and wanted to know the tax implications of various options relating to some excess land on the side of the garden. Steve showed her how she could cut her tax bill by over 90%, without pretending she lived in a tent on the site!

Sometimes, our advice merely helps to avoid pitfalls. Steve met with a client who has an extremely successful business and a loss making second sector. Plans were being laid to put the two parts into separate companies. Steve showed them that this could seriously prejudice the CGT and IHT positon of the client, and lose the current loss set off arrangements, which could cost the client over £60,000 in tax. He’s now working with them to improve their position.

Andrew

Following a pricing review for a client, along with an appraisal of how they collect payments from their customers, we were thrilled to find out that over the past two years they have increased prices by 31% whilst increasing their regular monthly cashflow by £14,300. If you think you can never increase your prices, this is proof that you can!

A review of a how a husband & wife held shares within their business revealed a tax saving of £1,675. Are you certain that your business is owned in the most tax effect manner?

Last week a client contacted us to ask how they could maintain their monthly net income of £3,000, whilst also drawing down an additional £25,000 from their pension without suffering any 40% tax charges. Following a family planning review, I was able to let them know that they could still take their £3,000 per month income, and draw down £30,000 per year from their pension. All without paying any higher rate tax charges.

Have you reviewed your tax code recently? When an employee recently left a business, we contacted HMRC to reallocate the split of their tax code, resulting in £1,100 of additional allowances for their second employer to use, reducing their tax bill by £220 for the remainder of the year.

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