Client Case Study
Contracting Company in West Yorkshire
Issue
A typical small construction company with one or two specialists skills was experiencing difficulty in obtaining accurate accounting information and proper tax planning from their existing accountants in Leeds. In particular, the incumbent accountants failed to deal properly with accounting for long term contracts and applications for payment.
Our approach
Having been recommended by one of our existing clients, we were appointed to do the company’s monthly bookkeeping. We also carried out an extensive review of the personal finances of the directors and the tax matters of the company. By amending the company’s car policy, restructuring its shareholdings and setting up a dividend regime, we were able to reduce the tax burden on each director by approximately £3,000 per annum. At the same time the company’s accounting systems have been put in to order and the directors have reliable management figures on a monthly basis.
Outcome
Following our appointment, the company has additional business confidence and is now considering setting up an additional business in another niche market.
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