Another business owner came to us with concerns about lack of tax efficiency and poor financial visibility under their previous accountant and bookkeeper. They suspected that they weren’t benefiting from all available tax reliefs but felt left in the dark about their financial position.
As part of our onboarding process, we conducted a three-stage review to determine whether a full restatement of accounts was necessary. During this assessment, we uncovered:
- Numerous miscategorised transactions
- Unclaimed VAT
- Allowable business expenses wrongly posted as Directors’ Loan transactions
What we found was a case of lazy bookkeeping, where transactions weren’t properly reviewed, and receipts weren’t requested for correct categorisation. The impact? A significant tax overpayment.
We took decisive action, restating both the business accounts and the directors' personal tax returns, leading to an incredible £40,000 saving. This meant valuable cash back into the business and into the directors' pockets - a transformative result for their financial position.
Why Our Approach Works
At Chadwicks, we don’t just process transactions - we analyse, question, and optimise. Our proactive, detail-focused approach ensures that clients don’t just stay compliant but maximise their financial opportunities.
Whether it’s uncovering missed VAT claims, identifying tax-efficient solutions, or correcting years of poor accounting, we make sure our clients receive the best financial outcomes possible - with systems in place to prevent issues from arising again.
Because great accountancy isn’t just about numbers - it’s about strategy, insight, and making sure every penny works as hard as you do.
