Case Study 2 - Saving Your Time

A small company with a turnover of under £1m and one director-shareholder had its year end statutory accounts prepared and filed by an accountant.

As you'd expect, the company tax return and the owner’s income tax return were also prepared and submitted by the same accountant. However, as the deadlines aren't the same, the tax returns were dealt with at different times during the year causing numerous unnecessary interruptions throughout the year.

How have we helped?

On the spot met the owner, discussed the business and her requirements. An approach was agreed where online filing and face to face advisory meetings would be at the heart of the service.

Soon after the year end, on the spot carries out the work, meets the owner with draft accounts to ensure the business and the issues are clearly understood, providing timely pro-active advice at the same time. Following the client's approval, the year end accounts, the company tax return and the owner's income tax return are all submitted at the time, reducing the emails and interruptions for the owner.

Importantly, this also gives the owner enough warning on how much tax she has to pay so she can plan his cash flow.

The company uses a qualified book keeper for his day to day accounts and tax requirements. On the spot suggested that the book keeper also prepares a trial balance, profit/loss account and balance sheet in order that on the spot's fixed fee could be agreed at £1,300 to include business advice. This is lower than the £1,800 previously paid because the business is paying for the accountant's tax and business expertise and knowledge and a good book keeper to prepare the core figures.

Not only are the accounts and tax returns submitted for that year earlier and at the same time, the owner gets face to face time with an qualified, commercial, experienced chartered accountant and reduced her total fees. An excellent result.