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Local Accountancy Firm - Professional Introduction

Sector: Accountant | Value: £103,504
Equipment type: N/A | Term: 6 Months

We secured a business loan for a long-established accountancy firm.

  • Bathgate were asked to help a long established Chartered Accountant's practice consisting of 4 Directors
  • The practice was on Annual Accounting and Cash Accounting up to 31st March 2016. Due to the expansion and growth of the company, they notified HMRC of the limits being exceeded. In re-setting them onto normal quarterly returns, they inadvertently changed the VAT stagger, taking them to 31st July (rather than 30th June), and then quarterly.
  • They requested to be put back on June/Sept/Dec/March stagger, which fell in sync with their year end, but they couldn't do this retrospectively. The only outcome was a 6 month return then back to quarterly.
  • We secured a loan at a competitive rate that allowed the client to spread the lump payment over 6 months with an option to defer the first repayment, which from a timing perspective further helped to ease cashflow and helped them budget more effectively.

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