A progressive, South West based accountancy practice

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Mistakes by HMRC

A widowed client received a penalty notice for not filing her tax return on time; she didn’t actually need to file a return and today our appeal was accepted by HMRC.

Sometimes, it’s good to do yourself out of work!

If you feel you may have been unfairly penalised by HMRC, get in touch, and we’ll see if we can help – it’s what we like to do!

Research and Development

Spotting opportunities is something we are good at. A client developed an eco-friendly way of constructing his main product. 

Using recycled plastic ticked a lot of boxes on his R&D claim, and this week we heard that HMRC had agreed the claim, saving him over £19,000 in corporation tax.

If you have a good idea or have invested time and money in it within the last two years, we may be able to get HMRC to contribute to the funding! (This only applies to limited companies, so the past may be closed off to you, but what about the future?)

Desk space available

Ready to branch out from home, or wanting a new, fresh office to work in?

We have some spare capacity in our smart offices (images below) with a range of flexible options, in a convenient location in Plymouth.

Ranging from a simple desk with power and internet, to a fully serviced office arrangement, we can offer attractive terms for aspiring businesses looking to separate work from their home life.

Rentals start from as little as £30 per week, so there’s no reason not to come and have a look. With no long-term contract (unless you want it!), you can come and try it out for a few weeks/months before committing long term. Even then, just one month’s notice will be required, and we don’t take a deposit, so you can flex your office space to suit your business needs.

With adequate parking in an easy to reach location, what’s not to love?

Using technology to work smarter

Steve saw a potential new client who wanted to get his tax affairs in order before he moved overseas for work for the next three months. Using our technology, we have been able to quote and sign him up in one afternoon. Client due diligence can all be done electronically, so we don’t need copy passports, driving licences or utility bills; all good news for a client who has better things to do with his time. If you want an accountant who knows how best to use technology and can help you maximise your own productivity, give us a call.

A trip down memory lane

Jane came in to see Steve about two years ago, asking for advice on the Capital Gains Tax aspects of a proposed gift of a house to her daughter. That gift now needs to be reported and Jane asked Steve to assist with the calculation of the final tax bill. Using his knowledge of the CGT rules, Steve was able to let he know how much tax would be due, and suggests ways in which the tax could be deferred or even eliminated entirely.

CGT is currently an optional tax, so if you’d like to know more about how to defer or eliminate it, either before or after the event, get in touch.

Exam success!

Jake achieved 93% in the Indirect (VAT) Tax unit which counts towards his AAT qualification. We’re wondering how he dropped the 7% …! Haha! Well done Jake – you’re  a smart cookie!

Peace of mind

One of our clients was threatened with legal action after parting ways with a business partner on a project. Steve and Mike worked closely with our client and ex-partner to successfully argue that the input by both partners was very close, while negating a claim for loss of potential profits.

Our client walked away with resolution which means that both sides can carry on trading separately. She now has peace of mind about the situation and is able to sleep easier a night since the final claim was reduced by around 90%

Lindsey is on holiday

Message from Lindsey: “My good news today is that it’s 2-4-1 cocktails at the bar this afternoon. You’re welcome. 🏖🍸😉”

‘Numbers’ are important to our clients!

£26,266.49 – tax savings – this year alone,  by setting up a client as a limited company and bringing his wife into the business.

£2,485.32 – tax refund – secured for a struggling business within two days of being appointed by Numbers.

£852 – reduction in tax bill – after asking a few questions of a new client, some expenses that they never knew were tax deductible (and weren’t discovered by a previous accountant) have been identified.

£951.80 – tax rebate – by identifying allowable workplace expenses & utilising partnership loss.

£739.20 & £152.36 – tax rebate (2016-17 & 2018 Tax returns) – by utilising partnership losses against tax already paid.

£69.00 – originally £230 tax bill – but after talking to the client, we identified items to bring the tax due down.

£696.81 – reduction of PAYE payable – by correcting previous accountant’s historic payroll submissions.

£3,778.74 – tax saving – by reducing payment on account as we looked forward to next year’s income and adjusted POA accordingly.

£1,377.74 – tax saving – by reducing payment on account as we looked forward to next year’s income and adjusted POA accordingly.