LMDN is a new and innovative fashion brand that is taking London, and the world, by storm. This business was started by Karwin, a 19-year-old entrepreneur, who is driven by passion and vision, which has led to his widespread and continued success.
His entrepreneurship spirit burns bright amongst his competitors. As a result, his brand is worn and loved by famed individuals such as Jonathan Cheban and Justin Bieber. However, whilst the business grew rapidly and Karwin’s risk paid off, his previous accountant was unable to match the innovation and swift success of the brand
Karwin came to us in dismay, his business was booming, but his finances were in a complete mess. He didn’t have control of his cash flow, he had overpaid VAT by 25K, and he wasn’t even sure what his responsibilities were!
How We Helped:
First, we had a meeting with Karwin, explaining all his compliance matters with both Companies House and HMRC.
We then identified why he had overpaid VAT and why his cash flow was in a negative position, even with the growing sales. We informed Karwin about the VAT rules of trading online and with other EU countries. We reviewed the VAT Returns prepared by his previous accountants and recovered 25K of VAT from HMRC for Karwin!
We worked with Karwin to better his finances, we advised him on his quarterly VAT position as well as his anticipated Corporation Tax liability and prepared him to set aside money for this. In addition, he now extracts money in the most profitable way.
Today his business is still thriving, and he’s branched out to other ventures. The best part is, he no longer worries about his finances!