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John, who had been employed for several years, was now in a position to work for himself, hoping to improve his work/life balance.

We were able to help John to set up his own limited company through which he could trade, having first helped him to decide whether it would be better to operate as a sole trader or as a limited company. We dealt with all the paperwork involved with a company formation, holding the first meeting, appointing directors, a company secretary, issuing of shares and preparing minutes.

We were then able to introduce him to accredited bookkeeping software and give one-to-one training on how to set it up and process his sales and purchase invoices, record receipts and payments and reconcile his bank statements, so he had confidence that everything was being properly recorded.

We handled registering the company with HM Revenue & Customs for corporation tax, setting up a payroll system and applying for a VAT registration.

In fact, we were able to take the stress of compliance paperwork completely off John’s shoulders, allowing him to concentrate on building up his contacts and marketing his services.

We remain on hand to assist him with managing the company throughout the year and have just prepared his first year of fully compliant accounts.

Case Studies

ACCOUNTANTS AND TAX ADVISERS | BERKSHIRE

Helping people like you. . .

Getting John’s business off to a great start

Turning around Mike’s paperwork and processes

Mike already had a limited company, set up by his solicitor, and came to us as a new client. He had been trading for several months. His books and records were in a poor state as he had been too busy to deal with the paperwork properly.

We were able to introduce him to one of our fully trained Sage bookkeepers who was able to sort out his bookkeeping and review his VAT returns.

We were also able to advise him on how to withdraw monies from his company in a tax efficient manner by a combination of drawing a salary and paying himself dividends. In addition, we were able to provide payroll services to the company.

Completing his annual return and other company secretarial matters such as dividend warrants, minutes of meetings, etc, had also been overlooked. We were able to take over the ongoing company secretarial work, giving Mike reassurance that the company was now compliant with the requirements of the Companies Act 2006.

Helping Mary to meet her tax obligations

Mary, an individual with three rental properties, had not completed a tax return in recent years.

We were able to reassure her that HM Revenue a& Customs would not be sending her to prison and that declaring the income, even if late, would be the best course of action.

We then set about reviewing all the paperwork Mary had with regard to income and expenses for these properties and compiled rental income statements for the last three years. Although she had not kept proper records, we were able to gather sufficient evidence from her incomplete records.

The outcome was not as bad as Mary feared as we were able to deduct the various expenses incurred against the rents received. We were able to make her aware of some items of expenditure that were deductible. Most of all, this gave Mary the peace of mind of knowing that her tax affairs were now in order.

Planning and managing inheritance tax for Richard

Richard approached us when his mother died as he was executor of her will. We had been acting for his mother for a number of years and submitting tax returns each year. She had had various sources of income, a rental property, a pension, dividends from several UK companies and bank interest.

We were able to assist with completing the tax returns up to the date of death, and calculating the inheritance tax payable, as well as assisting the solicitors with the paperwork necessary to obtain probate.

Importantly, Richard, who had quite a large estate himself, had not realised until then the implication of having to pay inheritance tax on assets owned over the threshold. We have since been able to advise Richard himself on the benefits of preparing a will and have prepared a report for him on how to potentially reduce his exposure to Inheritance tax.

The directors of a company approached us for advice when they were considering expanding their business by buying another company. We were able to carry out a due diligence report on the company they were contemplating acquiring. We were also able to produce budgets and cash flow forecasts for their bankers to enable them to raise additional loan finance.

We assisted in implementing schemes for rewarding key staff and investors in the company by issuing new categories of shares, etc.

We are now involved each quarter, reviewing the bookkeeping records, preparing management accounts and meeting with the directors to discuss the results, and planning for the future.

Performing due diligence

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