An asset that has highly appreciated and owned in joint names can cause a challenge when it comes to IHT planning. Here we take a look at some careful IHT planning we assisted a client with in relation to a jointly owned asset.
A disjointed nightmare to an automated dream – sales system integration with Xero
Cloud
A client approached us via our Xero page seeking assistance with a front-end sales system with a high volume of daily transactions.
They’d moved over to Xero but were unable to import all their transactions due to the limit set by Xero.
What did this mean for the client?
This resulted in a hugely manual process and lots of paper receipts to give to the accountant at year end!
The process was unorganised and time consuming and the client was looking for a streamlined solution to this problem.
How did we solve the issue?
Our team conducted a review of the system in place and identified the key areas where automated solutions could be put in place.
We worked alongside the software engineers to generate a report from the front-end system with the daily summaries (which is a HMRC requirement).
This could then be imported into a clearing account.
We then created bank rules to transfer all monies into the clearing account.
This meant that the balance of the clearing account reduced to nil once everything was reconciled.
Training on the new system
As the client wasn’t familiar with the software, we provided training on Xero and Dext and supported them fully whilst they implemented and became comfortable with the new system.
The final result?
The client was then able to fully utilize Xero for their accounts, reducing the need for folders of paper records, sped up their VAT returns and has also meant they are now fully MTD compliant.
Getting in touch with us
Our team are highly experienced in finding solutions to your accounting needs and are dedicated to assisting you in identifying opportunities to save time. If you would like to talk to us about how we can assist you please take the next step and request a call back or call us on 01634 731390
Our services
If you would like to find out more about some of our services that might help you please take a look at our related pages:
