Foxley Kingham Nets New Client £1million Tax Windfall
Advisors at Luton Accountants Foxley Kingham were amazed to discover unclaimed tax allowances worth up to £1 million that a client’s previous advisors had failed to spot. The realisation came during an initial review of the company’s accounts after they switched to Foxley Kingham earlier this year.
Chris Howe, the Director who first noticed the error made the following statement:
“…It’s not unusual to uncover small savings when reviewing accounts for the first time - even if companies are set up in the most tax efficient way, changes to the tax laws or to the company itself mean that they become less so over time. The situation with this client is clearly an extreme example and results from a specialist area of tax law with which the previous advisors were clearly not familiar.”
Nevertheless, this incident sends out a message to other businesses in the area who may be victims of similar oversights or changes in circumstances, that a review of their tax status by a suitably qualified advisor could reap substantial rewards. And the longer it’s been since such an exercise was last undertaken, the greater those rewards are likely to be.
Foxley Kingham itself has a reputation for pre-empting changes and developments that may affect their clients and advising them accordingly. However, as Chris Floyd, Senior Tax Advisor, warns “the only way to ensure that a business remains as tax efficient as possible is periodically to undertake a full review of its affairs.”
If you are concerned about your own affairs and would like to find out how you could relieve your tax burden, or even claim back unpaid allowances, please contact our Tax Department on 01582 540800, or speak to your usual advisor.
