Resolving a complex tax situation
After seven years as a happy Maslins client, IT contractor Graham Naismith hit a property decision that went beyond his usual accounts. A tangle of questions about company money, VAT, and the best way to buy a property. He turned to Maslins’ specialist tax advice service, talked through the different scenarios, and walked away with a clear, tax efficient plan he could trust.
Tax advice beyond the everyday
Graham has spent 25 years in IT, mostly contracting through his company, GEN Business Solutions. Recently a property decision came up. He has two flats which he owns personally and was thinking of buying another place with somebody else.
He was unsure whether to take money out from GEN, or start a new company, what he might be able to offset, and the VAT implications.
“I talked to Maslins about how the tax and VAT would work in different scenarios. They just covered it all. They talked through the different set ups and options and came up with the most efficient model.” So instead of guessing, he had a plan he could act on.
Graham is enjoying this additional side to his relationship with Maslins, “ I don’t have a business partner I can bounce things off or know somebody with any technical tax knowledge. I find I get really objective stuff out of the people at Maslins.” He has also spent two hours planning with Maslins what he should do with some of the money in his company.
How it started
None of this would have happened if a friend hadn’t started talking about Maslins seven years ago. When Graham heard about Maslins, he realised that his current accounting set up was antiquated and slow. Maslins are his fourth accountant, and the one he wishes he’d found first.
Maslins felt different right from the first phone call.
“Talking to them was just a breath of fresh air.” For a fixed monthly fee he could call, email or even visit his accountant when he had a question. Then there was the speed. “The turnaround was tremendous. If you waited longer than an hour for a response, you’d almost be surprised!”
What makes a good accountant?
“People think a good accountant gets your tax bill lower. But that’s not a good accountant. A good accountant is consistent, reliable and responsive.” For Graham this is about knowing what his tax bill’s going to be in advance.
The advice he received from Maslins has always been clear and straightforward. Like the tax efficiencies of buying an electric car. The ISA allowance that would save him tax. Maslins crunch the numbers and give the tax implications of different options to help with decision making.
Any regrets?
Graham’s one regret is how long it took him to get here. “I just wish I’d come here sooner.” He wouldn’t hesitate to point anyone in Maslins’ direction, in fact he’s recommended plenty of people over the years.
Thinking about putting together a property portfolio? Working through a decision involving tax? We can help you understand the options. Maslins’ tax advice service is available to clients and non-clients so please get in touch with your tax question.
