For several years, the owners of Chemical Code only had once-a-year contact with their retained accountant. Because the accounts were reviewed annually – some time after the year end – the husband and wife owners had no prior knowledge of their tax liabilities (both in terms of corporation tax and personal tax) until close to the payment deadline. Not knowing how much to set aside for tax meant they risked being caught out by large tax bills. Plus, they found it impossible to make any personal financial decisions, such as whether to go ahead with developing residential redevelopments and buy-to-let properties.
What they wanted was proactive business advice, continuous support, and timely information to help them manage their cash flow and make tax-efficient decisions about structuring property purchases. They didn’t want to feel like they were on the back foot any more. They needed helpful advice and guidance about managing their business and personal finances.
From working closely with the business owner and meeting regularly for over four years we now have an in-depth understanding of the business and are able to provide an ongoing business advisory service – as well as taking care of the accounts, of course.
As a result, the owners have been able to restructure the business, which is going from strength to strength. Not facing any more surprise bills means they can plan for tax liabilities, knowing with certainty what funds are available for growth, resources, and personal drawings. The directors can make personal financial plans, such as pensions and property redevelopments, with confidence.