A progressive, South West based accountancy practice

LATEST POST

Wrongly applied penalty removed

Following an appeal submitted on 26th November last year to HMRC to remove a penalty that was wrongly applied, Becca finally had confirmation today that the penalty has been lifted and the monies returned to our client account.  Took a while but we got there in the end!

Tax bills reduced

Danny has recently saved one of our newer clients some tax by reducing the amount of tax due at 40% by proactively enquiring about their pension payments and utilising the increased basic rate band available because of this.There was also a further saving for an element of interest on a loan that was not considered by their previous accountant.

Overall, the tax saving was around £1500!

Corporation Tax refund

Steve has managed to secure a tax refund for a company client. Investigating the motor expenses in the draft accounts, Steve discovered that three new vans had been acquired during the year and a deduction for the full cost was made using capital allowances rules. This created a loss which was “carried back” against last year’s profits.

The result is one happy client; no tax to pay and a refund of over £2,000 to help them through this COVID-ravaged period.