Getting a Business Back on Track - Case Study

Customer Testimonial

As a result, I lost my VAT number which meant that my company could not claim any VAT back on imports for a period of 18 months.

This affected my business substantially. I struggled to find someone to help me resolve this issue. Janet took my company accounts and sorted everything out which was no mean feat.

She even assembled a team of specialists to advise on how best to address the VAT issue. The end result is my company is now back on track and fully compliant with HMRC. Thank you so much Janet you’re a star, I am truly grateful that this is no longer hanging over me and my business

Introduction

Good Lead UK Ltd is an online mail-order business trading in high-quality AC adapters and remote controls. Martyn Watters, the owner of the business contacted Ekstra Accounting Solutions with an issue that he had been struggling with for over 15 months. Despite several attempts he was unsuccessful in finding someone to take on and properly resolve any of the issues.

The Challenge

Martyn had three main issues that he was struggling to the appropriate support to resolve

Outstanding vat returns (6 quarters in total) due to deregistration by HMRC in error.
Oustanding accounts for approximately 18 months with a statutory filing due in less than 3 months
The absence of any accounting support to assist his business to operate during the covid pandemic

It was clear from my first conversation with Martyn that he was in a very challenging position. Somehow through no fault of his own, his business faced some serious issues that needed urgent attention. The business model relied on the timely import of goods from overseas. Without vat registration, he could not reclaim significant amounts of recoverable vat which was now threatening the continuity of his business.

The Solution

We established that several issues needed urgent attention.

Manual reconstruction of the vat inputs and outputs for the vat returns/periods outstanding to determine the financial impact of deregistration
Opening a dialogue with HMRC to determine how to resolve given that deregistration was an error
Application to reinstate vat registration and provision of acceptable past documentation to enable reclaim
Bringing the accounts up to date to understand the company’s performance and cash flow during the height of the pandemic

How Ekstra Accounting Solutions Helped

We collated the appropriate information together to determine the overall financial impact of the issue
We identified and hired the appropriate vat experts to assist with liaising with HMRC in relation to the error
We brought 18 months’ worth of accounts for the company up to date to provide the owner with the most up to date information
All of the above was achieved over a 3 month period

Results

Good Lead UK Ltd processed and submitted all 6 quarters of outstanding vat returns within a 3 month period of engaging Ekstra Accounting Solutions
Good Lead UK Ltd filed their statutory accounts by the due deadline ensuring continuity and compliance
Good Lead UK Ltd was able to continue with its operations despite those challenges
Martyn the owner was able to finally put this stressful experience behind him

“Now I can finally focus on growing my business”

Jump to a topic

1. Introduction

2. The Challenge

3. The Solution

4. How Ekstra Accounting Solutions Helped

5. Results

Client Testimonials

    
 
 
         Patrick Wood 
 
 
 
  Janet has been a great asset during the first year of running my business.  Easy to work with, helped me when I needed help and advice.  It's really reassuring that I know who I'm going to be speaking to on the phone or email and not getting passed round an office.

My end of year has just been completed with no dramas or panic and I know that was because she helped me get set up the right way rather than letting me go down the wrong path at the start.

Would definitely recommend.
  
 
        Paulene Anderson 
 
 
 
  It was a great bonus to have Janet referred to me.  Janet is a very knowledgeable accountant and explained everything that I needed to know about my accounts. Extremely diligent, dedicated and professional at all times.
  
 
        Sandra Parry 
 
 
 
  Engaging Ekstra Accounting Solutions has given me peace of mind about my business finances.  Janet has been very professional and always there for help and advice when needed.  I no longer stress about year end, quite the opposite, such is my faith in Janet doing an excellent job I have been motivated to have everything ready to hand over very soon after 5th April.  I would highly recommend her to anyone seeking efficiency and professionalism from their Accountant.
  
 
        Sarah Donnelly 
 
 
 
  Janet was excellent. Very prompt replies to emails, explained everything to me and was able to get a fairly complicated case resolved very quickly. I would highly recommend Ekstra Accounting Solutions.
  
 
        Martyn Watters 
 
 
 
  Ekstra Accounting Solutions helped me get my business back on track financially in every sense especially with VAT. My company was deregistered for vat in error by HMRC. As a result, I lost my VAT number which meant that my company could not claim any VAT back on imports for about 18 months. This impacted my business substantially and I struggled to find someone to help me resolve this issue.  Janet took my company accounts and sorted everything out which was no mean feat.  Janet even assembled a team of specialists to advise on how best to address the VAT issue.  The end result is my company is now back on track and fully compliant with HMRC.  Thank you so much Janet you’re a star, I am truly grateful that this is no longer hanging over me and my business
  
 
        Leslie Altic 
 
 
 
  Janet has provided such invaluable advice and support, which has been greatly appreciated! As the treasurer of a newly established Northern Irish charity, the world of HMRC, corporation tax and Companies House is completely new to me. The experience and expertise of Ekstra Accounting Solutions in helping us prepare our end-of-year accounts was so reassuring to myself and the Board, and I wouldn't hesitate to use their services again or to recommend their services to any other charities or business! Thanks so much Janet for your support, your willingness and interest in helping a new charity and for calming my nerves!
  
 
        Stephen Roddy 
 
 
 
  Janet reached out to me online after I posted on Social media looking for an accountant. She made the whole process comprehensible and uncomplicated, which is what I was looking for. She is very responsive and easy to get a hold of when I need help. If you're looking for an accountant, one who is composed and friendly, I'd recommend contacting her. Thanks
  
 
        Joan Simpson 
 
 
 
  Janet's professionalism and dedication in converting our Church accounts from simple spreadsheet format to Charity Commission Northern Ireland format has been exceptional.  It has been a pleasure to work with her.
  
 
        Ian Roddy 
 
 
 
  Janet offers a friendly, professional and well informed accountancy service. Nothing is ever to much trouble and in the relatively short time I have been with her, she has saved me both time and money. I cannot recommend Ekstra Accounting Solutions highly enough!
  
 
        Kellie Forbes 
 
 
 
  What a treasure we found when Janet appeared on our radar! From the initial contact to the accounting business support we now have, Janet has been so supportive. As a charity our accounts can be quite tedious but Janet has been so knowledgable in setting up and managing our accounts. She enabled us to take our bookkeeping and financial recordings to a whole new level in Xero.
I highly trust and recommend her services!
  
 
  
 
  
 
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