New Forest Tax

Call us: 01590 688838 | Email : info@newforesttax.co.uk 

A tax audit can highlight opportunities to save you money!

When clients move to us from other accountants, we often discover that certain opportunities have been overlooked. These opportunities may only be small, but collectively could have a significant impact on the running of your business - and could well save you money.

One client came to us with accounts showing a second year of making a loss. Consequently their suppliers were getting nervous and had given 3 months notice of removal of credit limits. We reviewed their accounts and established that their previous accountant had not asked key questions, for example relating to certain costs, stock value and depreciation. Furthermore R&D tax credits were not being claimed. When these factors were taken into account the company was actually in profit and received a tax credit payment from HMRC. Once filed as amended accounts, the suppliers removed their notice and actually increased the credit limits!!!

What does a Tax Audit involve?

Our half day tax audit involves a meeting together, with a forensic review of your company accounts. In this meeting we will discuss your business in detail, in order to establish, whether the accounts have been correctly compiled and whether you are benefitting from all allowances and tax deductions that could be claimed. Whilst we will use a 42 question checklist, this is very much to ascertain how your business operates so that we can make relevant recommendations.

After attending your premises and discussing your business we will then produce a detailed report for you.

Contact us to book your tax audit.

 

 

Office Address

New Forest Tax
Coronation House, 2 Queen Street
Lymington
 
SO41 9NH
 
Tel: 01590 688838

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VAT Registration Number: 230 5237 46

 

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