A progressive, South West based accountancy practice

Mike and Steve

This week we are featuring Mike and Steve. Read on to see how they are ‘Making Lives Better’ (and get in touch if you think we could do the same for you!).

Mike

Mike completed some late accounts for a new client – they were thrilled that there was no tax to pay. and an estimated £1,300 to come back in R&D relief.

He also used the timing of the personal tax year for another client to counteract any tax due on dividends taken – this saved them £405 personally.

Steve

This couple has been clients of ours for many years. Due to careful management they had built up a sizeable cash pot and wanted to find a way to extract it without a huge tax cost. Steve identified a way in which the £90,000 can be put into their bank account at a tax rate of less than 7.5%.

Another couple are approaching their mortgage renewal date. Steve met with them and demonstrated how much better off they would be under various scenarios, meaning they can now approach this big decision with confidence.

Yet another couple has a successful start-up business. Steve took them through the advantages and disadvantages of limited company status, and calculated the point at which they would start to save tax. They can now plan for the future, knowing which structure is best for them, and the trigger point at which the limited company structure becomes viable.

The founders of one of our longest standing clients are looking to hand on their business to their son. Steve ran through their questions and explained how this can be made affordable for the son, without putting the founders into poverty for the rest of their lives.

Finally, Steve identified a way in which a family company can save £3,800 in Corporation Tax, simply by flexing the way in which they reward themselves. As part of that, he has delivered a further £5,000 of tax free income to the business owner.

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