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"Whilst working for a construction company, a CIS return was missed.
The new CIS scheme had just been introduced. The missing information was submitted in January. However, it was
not realised that a nil return still had to be made for the month that was missing. Meanwhile a penalty charge of £400
was received 4 months later.
I phoned HMRC explaining the situation and followed this up with an appeal letter.
This resulted in the penalty charge being removed!"
Working capital tight?
"A company was having trouble managing its working capital and
found that it would not be able to pay a large invoice and their VAT bill.
I did an aged debtors analysis for them and
found that 2 significant customers had not paid their bill yet. I also did a detailed cashflow for the year, where it
was found that the there would be a shortfall of funds for a further 3 months. However, it also showed that there would
be a surplus of funds towards the end of the year.
The debtors were sent a reminder, which was followed up with
a phonecall. The sums due came in time to pay the VAT. The cashflow was used to show the bank that if their overdraft
was extended, it could be repaid within 6 months. Enabling the company to obtain enough working capital to continue
trading."
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