Maze Accountants are pleased to report that on Wednesday 31st August 2016, we received confirmation from HMRC that we had saved one of our clients £12,000 in Corporation Tax!
How? You may well ask how we were able to generate this saving in Corporation Tax for our client.
I’ll have to be up front from the beginning. This saving in Corporation Tax isn’t going to be applicable across all companies, as I’m sure you’re aware. PLUS a saving of £12,000 isn’t a big deal to some companies. So, let me guide you through the situation with this client. Of course we have not mentioned the company names involved for obvious reasons.
This particular client has been with us for 3 months and had simply asked us to carry out the task of looking at their accounts.
Whilst digging deeper in to the history and processes for these accounts, we discovered a link to another business, which were part of the same group. Although we had not been given this information from the beginning, we wanted to provide due diligence and uncover as much information as we could in order to help them.
Having conducted what we regard as a basic accounting exercise, Omid Nabbey (Principal Accountant at Maze Accountants) then contacted the client to ask if one transaction could be carried out between the two companies, to which they agreed. This transaction cleared the loss of one company and reduced the profit of the other by increasing their expenses.
This single transaction between the two companies was what saved them £12,000 in Corporation Tax.
If we had simply carried out the quite ordinary task of looking at their accounts as we had first been instructed and had not been as diligent and as caring as we were in going through the accounting records, we would not have been in a position to generate this saving in Corporation Tax for them.
Now, we can’t guarantee this type of saving for your business, but if you would like us to review your accounts to see if we can help save you money, we would love to hear from you. Contact Maze Accountants today on 020 8643 9633. You’ll soon discover why it “pays to be with Maze”.
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