Case Study |
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A publican (in business for 4 years) came to us in terror. Customs and Excise were about to check over the last three years and he had not declared himself to the Inland Revenue. He knew that the VAT man would inform the Revenue. Because he had fallen out with his book-keeper he had no workings, just his own bank records, invoices etc. The publican had been told on good authority to expect a bill of £7,000 from an Accountant to sort out this mess. 70 hours at £100 was not a bad estimate of what he was in for. We collected the boxes of records and set to work. Within two weeks we had reliable schedules which cost about £600 to produce. We passed this work on to a friendly local firm of accountants who within a day were able to reassure the publican that: • His VAT returns had been broadly accurate and could be justified even though the original workings were missing; • Preparing Accounts and Tax Returns would not cost an arm and a leg; • Happily (in this instance) the profits had not been so great as to create a ruinous Income Tax bill and that the records we had produced were of such quality that an investigation by the Revenue looked unlikely. |
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