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.
Modern Accounting Practices for Peace of Mind and Compliance
Cloud
A new client transitioned to Friend & Grant from another accountant, bringing with them boxes of manual books and records.
They were uncertain about their accounting and tax status, leading to significant stress and sleepless nights.
Additionally, the client was concerned about complying with HMRC’s Making Tax Digital (MTD) for VAT requirements.
Task
The client needed a new MTD-compliant modern accounting system, an update of their accounts and tax affairs, and peace of mind to alleviate their stress and sleepless nights.
Action
Assessment and Update
We thoroughly assessed the client’s manual records, methodically working through them to bring their accounts and tax affairs up to date.
Implementation of Xero
We introduced Xero, a cloud-based accounting package, complete with automatic bank feeds, MTD for VAT compliance, Construction Industry Scheme (CIS) management, and payroll integration. Comprehensive training was provided to ensure the client could confidently use the new system.
Ongoing Support
We designed a bespoke support package that included pre-year-end tax planning, monthly management accounts, and regular bookkeeping support. To offer added convenience, we arranged monthly visits to the client’s home or office to address any queries in person.
Result
Peace of Mind
The client experienced a noticeable reduction in stress, knowing their financial matters were in good hands and up to date.
Compliance and Accuracy
We successfully achieved full compliance with HMRC’s MTD requirements for VAT, and the client’s accounts and tax affairs were brought fully up to date.
Transparency and Planning
The client now enjoys a clear understanding of their financial status, with regular profit and loss reviews. Pre-year-end tax planning sessions ensure they can maximize tax savings and avoid unexpected liabilities.
Reliable System
With the Xero system in place, the client now benefits from a modern, robust, and efficient accounting process, tailored to their specific needs.
Summary
At Friend & Grant, we transformed a client’s outdated, manual accounting system into a modern, compliant, and efficient digital solution. The result? Reduced stress, improved clarity, and ongoing peace of mind.
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:
