Tom is a consultant working from contract to contract via his own limited company. Tom had been a client of a national firm of ‘contractor accountants’ but found their service to be lacking and deadlines were constantly missed. Since coming on board as a client of Walji & Co, Tom has noticed a world of difference. In the short time that we have been working with Tom, we had a discussion around the VAT scheme he was on and found that he would more appropriate on a different scheme. By moving across, he saved over £600 in just one quarter.
Tom now regularly receives quarterly management accounts together with some meaningful narrative such as an estimate of his corporation tax to date, the level of his drawings against the business profits – to ensure that his director’s loan account does not go overdrawn and an indication of his projected personal tax liability for the year so he can plan ahead. Tom also has the ability to send his expenses and receipts to us at any time via taking a photo with his mobile phone or forwarding them by email thereby taking away the trouble of having to collate all of this quarterly just before the VAT is due.
By keeping Tom’s books up together on a regular basis, we were able to prepare and file his year end accounts over 6 months before the deadline – his last accountants didn’t manage to get them in even before a deadline which triggered a Companies House penalty.
Furthermore, an advantage of keeping Tom’s records reconciled on a monthly basis means that his tax return can be done shortly after 5 April. This means that we were able to advise Tom whether his payment on account could be amended before it was due on 31 July. Turns out that due a small drop in income in the tax year, his first payment on account in January fully paid up the 2017/18 tax liability. As such the July payment was no longer due saving Tom £3,376.41.
Tom says ‘It’s great to now have a personal contact that I can talk to or email with any questions. Matthew does a great job managing my accounts and VAT and I know that Reza and his team are focused on saving me tax wherever possible. I am no longer a number.”