Whatever your business, the increasing pressure of more rules and regulations can consume a large amount of your time and effort. Advising a wide range of businesses of all sizes across the service, manufacturing and trading sectors, we take care of the paperwork to give you more time to run your business. If the tax authorities are increasing your burden by raising formal enquiries, our experts can protect your interests and minimise your tax costs.
We can help you set up the most practical and tax-efficient structure at each step of your business’s development, and help you avoid the typical tax pitfalls at key stages such as:
Starting up
The Government claims that over 4,000 new businesses are started in the UK each week. Choosing the right business vehicle to suit your venture, your business plan and your capital needs will give you an advantage over less well-prepared competitors. We can advise you on the right structure and how to avoid the tax hazards that catch so many new entrepreneurs.
Many start-up businesses are now formed as companies, but this may not be the best long-term option for every business. A limited liability partnership (LLP) has many of the same advantages but with a simpler structure. Even when a company is the right option, the recent case of Jones v Garnett has emphasised how important it is for family companies to get the ownership structure correct from the start. If you provide professional services through your company, careful consideration of your contracts with customers will be needed to ensure that you get the maximum benefit from the company structure.
We can map out the options for you so that you can make an informed choice and start trading without extra administrative worries.
Growing your business
Growth brings many new demands. You may wish to expand overseas, design and implement remuneration packages for key employees or devise strategies to maximise your personal returns. As well as advising on the tax impact of your ideas, we also help you build tax-efficiency into your business planning and decision making.
Selling your business or passing it on
It is never too early to start thinking about your exit strategy; it can be argued that even your original business plan should include a section on exit strategy, and that this should be updated throughout the life of your business.
Sensible succession and exit planning is not a single event but a deliberate, tailored process that requires planning, teamwork and constant re-evaluation. Our starting point is to help you identify your own unique personal and financial goals. Only once these are clear can we help you decide how best to achieve them.
Maximising your financial return when you transfer your business means minimising your tax liability. We can review the various options for selling or passing on the business to identify the most practical and tax-efficient route for you. Part of this process will include a detailed examination of your business and its assets to minimise the subsequent capital gains tax and inheritance tax liabilities and to identify the pension issues. A plan of preparatory actions can then be developed so that you have a clear understanding of what needs to be done (for example, to preserve business asset taper relief for capital gains tax purposes).
Every owner must leave their business at some point and, with our help, planning ahead for exit or succession will mean you can leave on your own terms in an efficient and cost-effective way.
|