Tears, lots of tears and more tears...
This was last Thursday and today we have smiles and relief. The tears where brought on by a HMRC VAT demand for over £100k and realisation that a proposed HMRC 'time to pay plan' would sink the business.
Today we have smiles and relief as one of our lending partners agreed a facility and released funds for the full amount. The loan is for a five year term, affordable and not secured against the directors property or company assets as this would have caused longer term problems for the business.
As an aside the client used spreadsheets and journal books for their accounts. This is not ideal for a £1m turnover business and the main reason they had 5 years of incorrectly recording VAT and a huge VAT bill. Today they told me that they had implemented Zero Accountancy Package and had decided to work work closely with their accountant going forward.This is good news.
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