One of our clients was experiencing a sudden growth in business volume but no real increase in gross or net profit as the costs also seemed to be rising with the revenue. We were engaged to identify ways of increasing profitability of the business. During our initial work, it became very apparent that the existing system was unable to cope with the increased volume and additional resources were deployed to deal with the increased business. We worked with the management to introduce a number of efficiencies, redesign workflows and set up a number of Key Performance Indicators (KPIs) to monitor the performance of the business.
We identified a tax saving opportunity for one of our clients working in a niche manufacturing arena through their research and development expenditure. Having managed to obtain preliminary approval for the qualifying R&D expenditure incurred by the company from HMRC, we successfully filed an R&D tax credit claim and saved a significant of amount of tax in the form of R&D tax credit for our client. Furthermore, we obtained tax credit for the previous two accounting years through separate submissions. This placed our client in a strengthened financial position through back dated and future tax credit revenue streams.
We were appointed by a growing small business to review their accounting and book keeping system to ensure its fitness to the growth of the business. The business was a low value and high volume transactions business with a relatively small number of employees. Our review highlighted a number of issues including manual processes, inadequate systems and poor internal controls which needed addressing. We worked with the management and employees to streamline and automate processes, redesign sales and purchase systems with built in controls to ensure the client could handle increased business with the same number of employees.
We were contacted by a software company in Central London to deal with their impending HMRC investigation into their PAYE and VAT records and submissions. From the point of engagement on this assignment, we moved very quickly to establish ourselves as the single point of contact with the HMRC team, dealing with their questions and requests for documentation, allowing the client to focus on running their business. Through our efficient and successful management, the investigation work finished ahead of schedule resulting in a reduced tax settlement for the client and removing stress of dealing with HMRC from the client.