Sunday, 29 April 2012

The tale of a worried VAT taxpayer

As I said in my previous blog I’m going to be telling you a few stories about how we’ve made a difference in people’s lives.

Lucas had ignored my advice to regularly check his VAT position so when we prepared his accounts he had sailed way over the VAT registration threshold. Since then he has had many sleepless nights trying to work out how he was going to pay this VAT. I kept talking to him though, kept him calm, got him VAT registered, a payment plan put in place with HMRC spread over 6 months and the penalty reduced by half for being helpful. He’s now in the good books with HMRC……

But I also kept telling him that actually in the long run this will help make him money; and to prove the point when I met him a few weeks ago and told him HMRC owe him £2,000 in income tax a smile spread across his face…he looked relaxed….He then told me that he was well on track to clearing the overdue VAT too, through the savings he had made following the VAT registration.

We then went on to discuss how we could put his wife through the business (for help with his administration) saving him another £1,000 in taxes each year………another smile spread across his face.

So it’s not a bad life being an accountant…….we help make people happy!


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