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Correcting Accounting Errors for UK Event Management Company

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Our small UK business is very important for us because we enjoy running it and earn our living from it. That’s why, when our accountant failed us and did not submit all the required reports, we were afraid that it would seriously affect our business. We decided not to take any more risks and contacted Imperial & Legal following our friends’ recommendations.

Evelina and Matei
Owners of an event management company
Clients’ names and photos have been changed

A married couple contacted Imperial & Legal and shared their sad story asking for help.

Evelina and Matei are from Moldova, but they have long been living in the United Kingdom. Evelina is a theatre director and Matei has a degree in history. Once they relocated to the UK, they took any available job to support themselves and their three children. Evelina and Matei decided to relocate for their kids’ sake in the first place since they wanted to give them better chances and better living conditions than their home country could offer.

The children later became an inspiration for their parents to set up a business that would bring them both money and joy. Evelina was fond of organising parties for kids. Every birthday in their family was a festive carnival with an amusing scenario and plenty of surprises for children and adults. They could search for treasures like pirates or become aliens who came to the Earth to stock blueberry jam that they used as fuel for their spaceships.

Neighbours and friends were always excited to visit our hospitable clients and sometimes asked Evelina to organise parties for their children as well. The woman was happy to get such requests since she could use her theatrical skills. Of course, she also liked the atmosphere of joy, enthusiasm, and fun that she created with her own hands.

Evelina and Matei finally decided to set up a small event management company. Evelina became an artistic director and a true soul of that business. Matei was responsible for the rest. He was an administrator, driver, carpenter, procurer, you name it, leaving the creative part to his wife.

The company was successful. Evelina and Matei did not even need to advertise their services. Their satisfied clients generously recommended them. As a result, the business grew very quickly. A team of animators was employed. The decorations were no longer cut out, glued, and sewn manually but ordered from a contractor. A manager was hired to track the orders.

A one-year contract with a network of children’s cafes that needed help in organising parties gave momentum to the further development of the business. Evelina and Matei prepared more than ten scenarios, and the success was overwhelming.

There was the other side of the coin. Due to lots of work, Evelina and Matei forgot about VAT and payroll reporting. At the end of the year, the company could not submit its financial reports on time since the accountant failed to prepare all the required documents. The company was seriously fined and had to allocate significant sums to pay off its debts.

Having learnt from their mistakes, Evelina and Matei decided to delegate accounting to professionals. They heard about Imperial & Legal from their acquaintance whom we had once helped. Trusting his recommendation, they contacted us.

Our Clients

A married couple from Moldova that has set up a small event management company.

The Challenge

To prepare financial reports for the company and correct the previous errors.

The Solution

Our accountants got to work right away once we signed an agreement with our clients. First, they corrected PAYE reports for the staff that already exceeded ten employees. Our specialists helped the company calculate salaries and insurance contributions correctly.

Imperial & Legal’s experts also reviewed the company’s debts and corrected all the errors in financial and accounting documentation. Then, they helped Evelina and Matei install special software that would simplify the process of issuing invoices, drafting service agreements, making payments, tracking cash flow, etc.

Initially, we were asked to help as a one-off. However, Evelina and Matei decided to have our regular accounting support. They had already paid a big price for carelessness and calculated that it would be more cost-efficient to get professional accounting services on a regular basis than pay fines.

Evelina and Matei set up the accounting process for their company in one and a half months.

23 June
A contact is made with Imperial & Legal
+3 days
The company’s position and debts are assessed
+1 week
All the required reports are prepared
+1 week
Documents are checked, prepared, and approved
+3 days
Electronic accounting system is chosen and approved
+3 weeks
Electronic accounting system is installed
4 August
Accounting process is set up

The Conclusion

Imperial & Legal now files monthly PAYE reports, regular VAT reports, annual accounts, and tax returns for Evelina and Matei’s company. Besides, we provide consultations to our clients on all tax-related issues and inform them about changes in the UK tax legislation.

Professional accounting services can save a lot of money and stress, avert troubles, and keep a clean tax record. It is important not only in terms of finances but also for the company’s reputation.

Imperial & Legal’s specialists will help you understand all the particularities of the British tax law and take all the responsibilities for complicated accounting procedures allowing you to do your job without being distracted by financial matters.

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