Four years worth of HMRC fines and letters had built to a staggering £5,000 and Cherry self confesses that she was “burying her head in the sand.”
With our help, within a couple of months Cherry’s whole life turned around. Watch her testimonial video and read her story here.
In 2014, Cherry changed careers and didn’t start earning from her new business straight away. Her mum had just been diagnosed with Alzheimer’s and Cherry’s house sale had fallen through. The positive from this was she had her deposit money to live off while she trained in her new career and cared for her mum.
As Cherry hadn’t had an income, she didn’t owe HMRC any tax. Yet because Cherry had been self employed for 15 years in another career, HMRC still had her on file as being self employed and therefore should submit a tax return each January.
Stress and a lack of knowledge can really snowball and that is exactly what happened for Cherry. Unaware she had to call HMRC to inform them she was not earning and her previous business had closed, the letters and fines about her late self-assessment built…and built…and built.
A chance meeting in a coaching group between Cherry and Helen from Insight Finance Solutions built a connection between the two ladies quickly. Helen’s spidey senses for money mindset blocks and barriers alerted her to something not being quite right with Cherry and her business finances.
Cherry confided that she’d been a bit of an ostrich about it all and then did the bravest thing anyone could ever do in this scenario – she asked for help.
Helen got to work straight away having informal but in depth chats with Cherry about her previous business, accounting history and current problems when it came to her finances.
“I’d been trying to get my previous accounts from my old accountants for two years with no joy.” said Cherry.
“Helen was able to liaise with them direct on my behalf and got the accounts from them with ease. It helped her build a picture of my previous tax payments, business accounts and whether the fines from HMRC were right or not.”
It turned out the fines were not right. Cherry hadn’t been earning and so therefore didn’t need to submit a return. However, she did have a responsibility to inform HMRC of the change in circumstances. Helen worked with HMRC on behalf of Cherry, presenting her now fully comprehensive accounts and supporting evidence. Not only did Helen get Cherry out of her £5,000 accrued HMRC fines, but Helen and the Insight Finance Solutions team were able to audit Cherry’s previous accounts and see an overpayment in tax of over £2,000 which Cherry received as a rebate.
“In a matter of months Helen had undone so many years of stress that had caused me physical problems along with mental pressure. I now work with Helen on a monthly basis where she teaches me all I need to know so that I feel involved in my business. She helps me see the financial highs and lows and has helped break down money mindset beliefs to go on and grow my business, earning more money.”
If you’re stressed about your business finances we offer a confidential, judgement-free business health check service. We can take a look at your accounts and chat through your business finances with you to help you undo any worries and challenges and work proactively to grow your business.
To see if Insight Finance Solutions is a right fit for you and you’re a right fit for us, get in touch and let’s arrange a chat this month.