Best Accountants in Richmond

Today I have another example of how our new client onboarding 'health check' continues to add value to our clients.nnAfter taking on a new client, we have been looking at their prior year accounts, along with the information provided from the previous accountants.nnTo my surprise, the accounts we were provided with by the previous accountants, didn't even agree to those submitted at Companies House, which is never a good start! nnAfter completing a full review, we noticed that the accounts filed with Companies House, and HMRC, did not include a dividend that was voted to clear down a directors loan account.nnThis might seem to be only a small thing, but the overdrawn loan account of £35k, resulted in an additional tax liability to the company of over £10k.nnOur new client was being chased for a corporation tax liability that they had no idea about, as the accounts they had, had no overdrawn loan account.nnThey were sure the dividend was correct as it was included in their annual tax return, which the previous accountants also prepared! nnIn order to get the quickest resolution, we amended the accounts and corporation tax return to show the correct dividend. This cleared the outstanding directors loan, reducing the corporation tax liability by over £10k.nnWe also noticed various expenses had not been claimed as the accountants simply didn't ask questions as to the nature of the expenses and simply disallowed them.nnOur review and amendments reduced the corporation tax liability by over £14k.nnInstead of having debt management chasing a £10k liability that our client didn't know existed, our new client starts the week with a £4k repayment soon to be approved.nnTaking that little but of extra care and attention on our clients often has amazing results.