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What can we do for you?
In some cases a business happens by accident or in an unplanned way, without considering tax implications or reporting requirements.
Regularly we are approached by people who have not kept up with reporting requirements and have as a result found themselves with large debts as a result of penalties and fines charged by HMRC or other organisations.
We have a good record of working with HMRC to help them understand some of the difficulties our clients have had and as a result we have had some large penalties removed completely. In a recent example one husband and wife had amassed a total of £9,600 in penalties and after long and detailed discussion with HMRC these were removed completely.
In other cases people have registered for VAT when this was unnecessary and we have quickly moved to deregister them and remove significant cash outflows.
It is not always possible to have large penalties removed, sometimes this is as much to do with the person you end up dealing with at HMRC. There are rules and regulations put in place and they are subject to interpretation. In addition the rules are regularly changed. As we deal with these situations on a regular basis we are at least in a good position to work out the best approach to look for removal of penalties if it is appropriate.
Another way we often help clients is to change the business structure from sole trader or partnership to Company. There are 2 major benefits to this. Firstly, there can be a saving in the annual HMRC liability for the business. Secondly, if the business does get into financial difficulties it can be dissolved without the owners of the company losing all of their assets, this is particularly the case for debts with HMRC which are often the reason many businesses have cashflow issues.
Sometimes a client may not have been aware of certain tax allowances available to them and by using those allowances there can me major tax savings or allow the business to be run more smoothly.
Each business is different and by looking at your business with a fresh set of eyes we may be able to identify improvements.