how much tax to pay if sell share of business to other shareholders?
Day started with a call centre operative at Companies House being helpful!
Jeff is a new client to us, he came with a VAT investigation. Of twelve quarters all are wrong.
Jo brought in his first quarter VAT and asked us to do Management Accounts.
We discovered that he has been miscalculating his gross profit resulting in him making 8.3% not 18.3% as he intended. I hate being the bearer of bad news but bloody lucky that we found this four months in and not fourteen months in!
On reflection not luck; Management Accounts allow us to help clients identify problems early. Most of our best clients have Management Accounts and the correlation is no coincidence.
4 June 2013