Self Employed Client Success Story
Client Information:
- Client Name: John
- Client’s Occupation: Taxi Driver
- Client Contact Position: Self Employed
Background:
John, a taxi driver by profession, had encountered a series of financial and tax challenges stemming from errors made by his previous accountant. The most significant issue was the improper inclusion of all of John’s income as payroll, artificially inflating his apparent income for mortgage approval, which subsequently led to an excessive tax burden. This error resulted in an amount exceeding £50,000. Feeling financially overwhelmed, John sought assistance, as he believed he was unjustly burdened with tax liabilities that were beyond his means to manage.
Additionally, John had misrepresented his income to regulatory bodies to receive government benefits and had taken full advantage of the CJRS (Coronavirus Job Retention Scheme), leading to multiple tax liabilities totaling £150,000. To compound his troubles, John’s immigration application for his wife had got to risk and he also could lose his house due to tax complications.
Problem:
- Inaccurate tax due to inefficient tax planning.
- Misrepresentation of income to regulatory bodies.
- Multiple tax liabilities totaling £150,000.
- CJRS-related tax issues.
- Immigration issue due to tax complications.
Solution:
John’s fortunes turned when he sought assistance from Fahad Lateef, the Principal Accountant at Legend Financial. Fahad possessed a deep and cross-industry knowledge of banking systems, immigration matters, and financial and tax consultancy. He took on the challenge with determination and expertise.
Fahad Lateef’s comprehensive solution involved:
- Engaging with CJRS authorities to rectify compliance issues.
- Liaising with HMRC to address multiple tax liabilities.
- Resolving discrepancies in John’s income declarations to regulatory bodies.
- Collaborating with banks to rectify income errors.
- Communicating with the Home Office to address immigration-related tax concerns with the help of our legal firm partners.
- Coordinating with the Department for Work and Pensions to ensure compliance.
This complex case required an intricate understanding of various government schemes, tax regulations, and immigration processes. Fahad Lateef’s relentless efforts and ethical approach to problem-solving played a pivotal role in achieving a favorable outcome.
Key Achievements:
- Fahad Lateef successfully reduced John’s tax liabilities from a staggering £150,000 to a manageable £33,000 through legal and ethical means.
- Resolved CJRS compliance issues, ensuring John’s tax affairs were in order.
- Collaborated with regulatory bodies to rectify income misrepresentations.
Conclusion
Next Steps:
Client Consent:
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