What Can Taxsmiths® Do For You?

A Helping Hand When You Need It

What Can Taxsmiths® Do For You?

A Helping Hand When You Need It

Accountant and Client Discuss Tax Savings

You may be a self-employed individual running a lifestyle business, or an owner-managed company with staff and more complex accounting issues.

Perhaps you need occasional one-off advice? Or someone to perform quietly in the background, helping with everyday matters? Whatever your requirements, we'll step in to fill your skills and knowledge gaps whenever you need us.

It has long been a challenge for small businesses to obtain a first-rate accounting service at a reasonable cost. Delivering the perfect mix of professionalism and can-do attitude, our flexible and responsive service fills that market-gap.

What Can Taxsmiths® Do For You?

A Helping Hand When You Need It

Accountant and Client Discuss Tax Savings

You may be a self-employed individual running a lifestyle business, or an owner-managed company with staff and more complex accounting issues.

Perhaps you need occasional one-off advice? Or someone to perform quietly in the background, helping with everyday matters? Whatever your requirements, we'll step in to fill your skills and knowledge gaps whenever you need us.

It has long been a challenge for small businesses to obtain a first-rate accounting service at a reasonable cost. Delivering the perfect mix of professionalism and can-do attitude, our flexible and responsive service fills that market-gap.

Client Examples

Firm Alpha: Mobile Car Mechanic with Poor Books and Records
Symptom:

Mobile self-employed car mechanic whose books and records took up large chunks of his time. Being partially a cash business, he had received unwelcome attention from HMRC in the form of costly tax and VAT enquiries. Delegating the bookkeeping to his wife, who already had her hands full fielding sales calls and handling other admin, had not improved matters.

Solution:

For an affordable monthly fee, Taxsmiths® were able to keep the books accurately, with sufficient detail and analysis to satisfy even the most vigilant of tax and VAT inspectors. Our client's time was freed for more rewarding endeavours, and subsequent VAT visits and an income tax investigation yielded nothing for HMRC.

Firm Beta: Family Company Paying Too Much Tax
Symptom:

Small limited company, family run, importing and distributing precision engineering components. Previous accountant had structured the profit extraction so that all three owners/directors received salaries, and were therefore taxed heavily under the PAYE system.

Solution:

Upon our appointment, Taxsmiths® restructured the company's shareholding to allow profit extraction by way of a salary and dividend mix. Although that raised the company's corporation tax bill, that was far outweighed by the reduction in the amount of income tax and employees' national insurance paid by each of the directors, as well as zeroing the company's bill for employers' national insurance to. Altogether, the combined taxes suffered by both the company and its directors were greatly reduced.

Further savings were made by introducing other efficiencies: after reviewing car ownership and travel arrangements we were able to make tax savings; and overhauling the expenses recording procedures ensured that the company became geared to fully recover VAT and claim tax relief on business expenses, without exposing directors or other employees to any personal tax liability.

Firm Gamma: Start-up Garage Raising Finance
Symptom:

A start-up company, two owners: vehicle repairs, servicing and MOT, all from a busy commuter location. Having already signed a lease on the premises, the owners had hit difficulties in raising the additional finance they needed to launch the business, having already used a major bank's business plan software to prepare their own forecasts only to be turned down by that same bank.

Solution:

Taxsmiths® prepared an in-depth three year business plan using our own bespoke software, with integrated forecast profit & loss account, cash-flow, and balance sheets. A strong written section based upon a SWOT analysis completed the business plan. As a result, one of the High Street banks happily agreed to back the venture.

Later, by producing quarterly management accounts, we were able to compare actual performance with forecasted results, which not only allowed the directors to keep their fingers on the pulse but also helped keep their bank onside.

Firm Delta: Catering Company with Mysterious Losses 
Symptom:

Family-run company in industrial unit with a dozen employees, providing contract catering and vending products. Profits fluctuated inexplicably, and overall the business achieved nothing like the profits it ought have. The puzzled M.D. called us in.

Solution:

Taxsmiths® made an in-depth study and produced a set of budgets and forecasts to establish anticipated profits. An accounting system breaking the business down into key component areas was introduced; as well as systemising the collection and banking of cash, the receipt of and payment for goods, and some basic stock controls.

Over a period of three months, comparison of management accounts to budgeted results narrowed the field, and by a process of elimination we were able to identify the major problem as being systematic stock loss, and later on identify the major culprits. As well as helping with the delicate issue of catching the errant staff members red-handed, we later devised some basic internal controls based on dividing key procedures and financial duties between two or more staff members to reduce the risk of further pilfering.