Home Owner Managed Businesses Partnerships & Sole Traders Public Houses Non Business Clients Startup Businesses Services & Payment Case Studies Contact Us Links Testimonials		Case Studies We acquired a car rental firm as a client, around February 2003, with a year-end of 30th June. We proceed to produce the annual accounts for the previous year, followed by the position to end March, for the (then) current year. This immediately revealed that turnover had declined by 24% from the previous year. The partners immediately acted to correct this position, and, timing being everything in business, picked up a lucrative, contract supplying several police forces with unmarked cars. Having acquired a client who had been with his previous accountants for 20 years, (since commencing in business), we produced a set of Management Accounts for the ten months expired in that accounting year. These revealed that the business had gone from profit making in the previous year, to loss making in the current year. We quickly formulated a business plan, implemented it, and turned the company back into profit, within three months. On 31st January 2006, a client rang to discuss what their tax bill would be for January 31st 2008. Because we had produced the accounts for his year end (31st May) in June 2005, we knew, to the penny, what he owed for January 31st 2007, and, because we had produced his Management Accounts for his half year, we were able to discuss the amount of tax likely to be due in 2008, and what could be done to reduce it. A builder, who had not been advised at all by his previous accountant, had put two self-builds (his own homes) through his business, and paid income tax and class 4 national insurance on the "profit". We spotted this error, and re-worked seven years of accounts to remove the effect of the self-builds, resulting in a tax refund of over £26,000.
Barry Dovey, Trentside, Walkerith, Gainsborough, DN21 3DF, 01427 679175, 07899 947578, accounts@barrydovey.co.uk