Disaster Recovery Case Study - International Funds Recruitment Company

Gary Green
Gary Green
May 2, 2019

As Chartered Accountants in London, we often help companies who are replacing their bookkeeper.

Key first met the director of this international recruitment company seeking a replacement for the current bookkeeper who was leaving suddenly.

Key immediately discovered that there was a lot more reconciliation work on Sage50 than the director was aware of. Somehow two of the four group companies were posting in one bookkeeping data set. Therefore, this was causing a lot of incorrect practices especially in regards to VAT since the second company was in Luxembourg.

Work was being duplicated and VAT was not being reclaimed which had been ongoing for several years.

How We Fixed It

On investigation, Key discovered the VAT had been being charged for services bought within Luxembourg. The company had not claimed it for many years resulting in losses of tens of thousands of pounds. Unfortunately, despite having agents in the UK and Luxembourg, no one picked this up. Therefore, some amounts were outside of the time limit to reclaim them.

Having set up two companies on Xero bookkeeping system, with a view for the other two to follow soon, Key has taken over all of the UK compliance services and provides an outsourced financial director service including international tax consultancy.

Now that the financial records are accessible 24/7 online Key and the directors can communicate seamlessly on the group.

Our Case Studies

We have a number of case studies on this blog. We take you through a company we worked with, explaining how we helped them. You'll gain valuable insights as to how an accountant can grow your business. We see ourselves as consultants as much as accountants

If you'd like to work with a firm of Chartered Accountants in London who are experts in this area, please get in touch.

Interested in our services?
Fill in your details and a member of our experienced team will be in touch shortly to discuss your needs.
Contact Form Demo (#1)
We adhere to strict GDPR rules and do not reveal or sell your data to any third-parties. For more, please read our Privacy Policy.
Latest Insights
June 13, 2024
Credit Card Sales Campaign

Originally set up in 2014, HMRC’s Credit Card Sales Campaign was aimed at individuals and businesses...

June 6, 2024
Advice Regarding Tax Litigation

The term “litigation” is used to refer to a tax dispute’s resolution when a statutory appeal...

May 30, 2024
Let Property Campaign

HMRC has looked closely into tax compliance among UK property investors and UK landlords since 2013...

May 23, 2024
What Is A Residence & Domicile Enquiry?

Questions regarding domicile and residence have significant effects on taxes that are payable and due in...

May 16, 2024
Company Tax Investigations By HMRC

If HMRC decides to carry out an investigation into a company’s tax returns, it is important...

May 9, 2024
A Guide To The WDF (Worldwide Disclosure Facility)

More than a hundred countries around the world have made a commitment to exchange information with...

May 2, 2024
Contractual Disclosure Facility And HMRC COP9

Any tax investigation that HMRC carries out can be regarded as serious. However, if you become...

April 25, 2024
A Guide To Managed Service Companies, Personal Services Companies And IR35

Usually, people work as either a self-employed individual or an employee for a business. Nevertheless, there...

April 18, 2024
Criminal Tax Investigations

It is HMRC’s aim to ensure that taxpayers comply with the regulations and law, but HMRC...

View Our latest insights »
Get the latest UK tax & business news and guidance delivered straight to your inbox
Newsletter Form (#2)
We care about the protection of your data. No spam. Unsubscribe anytime.
Copyright © 2022 Key Business Consultants LLP. Reg: E&W OC389322
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram