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.
Becca received the keys to her house this week – and she’s over the moon.
Becca recently visited one of our newer clients to train them how to use Xero to reconcile a PayPal account using the add-on ‘Expandly’. This add-on collates all Amazon and eBay sales in one place, so they can be imported to Xero. We think it’s pretty nifty! Becca also created some bank rules for them within Xero.
Congratulations to our apprentice, Sydney, who was awarded ‘Team Member of the Year’ at our recent Team Vision Day – voted by the team throughout the year. She has had a difficult year, and has shown great resilience and dedication to Numbers … which was rewarded by the recognition she received on Friday.
Sydney has taken a little time out of her week to cut down the number of clients that have their payslips posted out to them. By reducing the amount of paper we use, we are doing our bit – although in a small way – to save the environment.
“With Steve’s help, we identified that a business director was not receiving any dividends and was also below his personal allowance, so we voted a £5,200 dividend for him.
Sydney has started sending out tax returns! Please send in any information that we request of you so that there will is no massive rush in January – and you don’t get a fine from HMRC!!
