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External Reporting

CIMA qualified accountants report compliance and tax information to government and tax authorities as required.

External Reporting

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A key requirement in any business is the provision of information to external agencies, including the government and regulatory authorities. Failure to do this can lead significant problems for the business owners.

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CIMA qualified accountants report compliance and tax information to government and tax authorities as required.

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Case Study

PQR was a husband and wife partnership who created wonderful websites for their numerous clients. They had a good bookkeeper who updated their records on a regular basis and did their VAT returns but they did not look at the information produced.

Their situation suddenly became desperate when the HMRC presented them with a £60,000 tax bill, followed quickly by a large penalty and a further tax bill.

Jo thinks...
I keep getting penalties because I don't file information on time

They engaged a CIMA qualified accountant who quickly established that:

  1. They had been badly advised by their previous, unqualified, accountant. By staying as a partnership, rather than becoming a limited company, they had much larger tax bill than they need have had – much of it at the avoidable higher rate.
  2. Their previous accountant had also not calculated their tax correctly - hence the penalty, interest and further unexpected tax bill. They had no recourse because their accountant was not regulated.
  3. Finally, despite their records being regularly updated by their bookkeeper, their previous accountant had taken so long to produce their accounts and tax returns that they had very little time to organise the cash to pay the Revenue when it became due.

Their CIMA qualified accountant helped them to work out a payment plan with the Revenue so they could move forward. They are now a limited company under much better financial control with a far reduced annual tax bill – and no penalties.

Free Downloads

KOLADE ANDREW ALLI

Evidence based pricing

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Evidence based pricingDownload →

This paper helps sets out a guide that will help businesses set a winning price for their goods and services that will stimulate the most demand and, increase their profits.
Provided by KOLADE ANDREW ALLI →

Jonathan Brothers

Tax Planning for limited company owners

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Tax Planning for limited company ownersDownload →

Tax planning for those company owners looking for advice on how to minimise their tax liabilities during 2013-14.
Provided by Jonathan Brothers →

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