How Archimedia helped identify tax-saving opportunities for a Plumbing and Heating business
About RMC Plumbing and Heating
RMC Plumbing and Heating is a local Nottingham-based plumbing and heating business dedicated to delivering high-quality plumbing and bathroom services. With a reputation for professionalism and a friendly attitude, qualities that are often hard to find in the trades industry, they bring years of valuable experience to their work.
RMC Plumbing and Heating's Problem
Before coming to us, their main challenges centred around a lack of communication and proactive engagement in identifying tax-saving opportunities with their previous accountant. Tradesmen are often too busy to prioritise their accounts, and although they acknowledge their importance, they prefer to avoid unnecessary tax expenditures.
RMC believed that their accountant wasn’t doing everything that could be done to save as much tax as possible. Furthermore, they wanted to have an online accounting program that provided monthly updates on customer balances and profit margins across a variety of different jobs and projects.
The company was growing significantly, so they required good financial information and insight to ensure they were optimising tax savings wherever possible.
Archimedia's Solution for RMC Plumbing and Heating
When they came on board with us, we got to work straight away, setting them up with an online accounting program.
Right from the get-go, they loved it! Suddenly, they could send invoices through with a click of a button, not have to worry about bank statements and gain advance insight into their VAT liabilities way before it was due. They could also access the system instantly to see what their profit was and break it down by individual job.
We initiated tax savings straight away by having a tax planning meeting with Barbara, who put her 30+ years of experience as a practical tax advisor into gear. The effort we put into tax planning, addressing missed or previously unconsidered areas, meant this company started saving £000s straight away.
RMC were so pleased, but it didn’t stop there. At Archimedia, we like to help businesses grow, so after the accounting program was done and the tax savings underway, we started to work our magic on the property side to expand their business further. The owners of RMC (like most tradesmen) have always wanted to build a property portfolio of their own, and that’s exactly what we’re helping them to do!
Having an experienced financial partner at your side who boasts a successful business and extensive property portfolio of their own instils you with confidence. Also, our experience in financial management enables us to help you plan and strategise your finances, paving the path for you to realise your dreams of building and owning a buy-to-let property portfolio.
Testimonial
“After having two bad accountants, we searched for someone with a good reputation and came across Archimedia Accountants. We booked a meeting with Barbara and Chris and felt confident they could provide the level of service we were looking for.
They always make time for any questions we have, no matter how many times we ask them, and they’ve been amazing at helping get our business running smoothly and legally! Also, we recently needed a lot of tax information for a mortgage, which they provided straight away, which removes a lot of stress!
The whole Archimedia team is great, and we would highly recommend them to anyone!”