London-based sound editors for TV & Film productions, Reelsound Ltd are highly regarded in their industry having worked on films such as St Trinian’s, Alfie, Dorian Gray, Bridget Jones’s Diary, The Beach and Victoria, to name just a few.
Our client, the owner of Reelsound, had been in business for a number of years, and had accountants in place who were taking care of the VAT, Taxes and Self Assessment. He had good reason to trust them, every time he enquired, he was assured everything was in safe hands and all that needed to be done was being done.
Imagine his shock when he discovered that:
- 2 years of accounts had not been filed and were now incurring late filing penalties and interest
- 2 years of Self Assessment had not been submitted and were incurring penalties and interest
- The client was wrong in thinking they were no longer registered for VAT, they were registered, but the VAT returns weren’t being submitted.
- The company was on the verge of being removed from Companies House Register, which would mean they could no longer trade.
All of this had taken its toll on the business owner, causing him anxiety, sleepless nights and stress-related health issues. Neither he nor his company were in good shape.
The business owner called us for help. We started where every good accountant should start, at the beginning, by collating all the company information, paperwork, files and bank statements.
When we’d unpicked a few knots and got the numbers straight, we set-up Reelsound on Xero cloud accounting software – so they could easily manage their finances moving forwards. We believe every business owner should have sight and an understanding of their business figures.
We then established Your Vegan Bookkeeper as an agent for the client, so that we could liaise with HMRC on our client’s behalf – taking away something that really stressed him out.
After this, we contacted Companies House to request an extension of time for the filing of accounts. They agreed, but it was a tight deadline. However this doesn’t daunt us vegan accountants.
We then burnt the midnight oil, as it were, and completed 2 years-worth of bookkeeping in record time to file the 2 years of Company tax returns and Self Assessments within HMRC’s deadline.
Next on this recovery road-trip, we reviewed all of the previous VAT returns, which it turns out had been filed incorrectly, and then submitted a Correction of Errors Notice to get everything fully straight again – or as we liked to think of it, the whole tangled mix-tape playing beautifully again.
We’re delighted to say everything is now super organised and ticking along just as every business-owner would want, which means:
- No further fines or late penalties – a saving of thousands of pounds
- The company is still on Companies House Register and can continue trading
- More than £4k was claimed back in VAT
- A significant reduction in our client’s personal tax bill by keeping real time records of his income and expenditure in Xero, updated monthly
- Our client is back in control of his business – and now always knows the company’s financial position, liabilities and when payments are due IN ADVANCE.
- Our client can sleep again at night, his shoulders are down where they should be, and he’s enjoying focusing on what he loves and does best, producing crystal clear sound for TV and film.
- Our client is suing his previous accountants.
“I don’t know what we would do without you, we are never leaving you EVER!”
M Hoskins, Founder, ReelSound Ltd