Case Studies

How I have helped my clients

In January 2019 I sold some shares as part of a company buy out. Knowing there would be a tax liability I asked John if he could show me how to inform HMRC and look at the calculation of tax payable. I thought it would be around £5,000. I had made a profit on the sale, so it was to be expected.

John asked for all the information on the shares, when I bought them, how much I paid for them as well as the details of the sale. It was quite difficult to find as it went back several years, but John said he needed the information to calculate the tax correctly and it was important to claim whatever we could.

He also asked for details of my income from employment and questions about pension contributions and gift aid in order to ensure that I was paying the correct amount of tax.

With all the details to hand John calculated a capital gains liability of just £990! Was I glad I asked for his help!

But that was not all. Because of his diligence in asking me what I thought were slightly pointless questions, John also discovered that I was able to claim additional tax relief on personal pension contributions I had been making. This saved me a further £300 on my 2018/19 tax.

And there was more. John was able to claim contributions that had been made in previous years and he got me back another £900!

From expecting a £5,000 tax bill I ended up obtaining a refund of £210. And I know to make sure I receive the tax relief in future too.

I would highly recommend John; thanks to him I was able to go on an extra holiday!

We undertook a process of expansion, bought new assets, increased our product lines, but with turnover increasing our profit levels and our bank balance were falling.

What was going wrong?

We called in John, who immediately sat down with us and talked through our business model and our accounting system and explained how he could help.

  • He implemented a system of monthly management accounts, so we had up to date information on which we could act more quickly.

  • He looked at our cashflow, made some projections and helped us restructure our finance.

  • He assessed our products and showed that a part of our range was loss making once we took overheads and the cost of new assets into consideration. Though our customer base had increased, it had not grown enough to offset the cost of the expanded range.

The advice we received sounded strange – ‘Do less to achieve more’. Sell off some of the assets, they were costing more than they were bringing in so realise the cash, to help get the finance down. Cut down on the range of products available so only the profitable ones remain.

We remember saying “we’re short of cash, surely reducing our turnover is the last thing we should be doing?” He spent time with us and explained his reasoning in a clear and understandable manner.

He was right. Once all the action had been taken, we made more profit, worked less hours, and reduced our stress levels significantly. Our business is thriving again.

We were delighted with John’s knowledge, his understanding, and the clearness of his message. He knew we probably would not want to be told to cut our turnover, but he told us any way.

We will fully recommend John to anybody who needs help with their business and accounts. 

Case studies | Guida Accountancy
Case studies | Guida Accountancy

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