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The company offered an international courier service to major e-tailers and in spite of its sales levels, did not have the financial management systems in place to support its fast growing multi-million pound business. A review identified the accounting errors being made, which left unchecked, could have created long term problems when the business began seeking additional financial investment. VAT returns had errors on them, plus customer and supplier reconciliations were incorrect. Added to this, the company was in negotiations with a third party to secure additional investment.

RJP started by preparing management accounts to identify the issues to be resolved and corrected past mistakes, to enable an accurate balance sheet to be created for presentation to the investment team. This ensured the client was able to secure the investment capital they needed. We then introduced Sage and helped the accounts team to develop the skills and reporting structure they needed to run an effective financial department in the future.

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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.