Are you trading via the correct structure? For example, if you operate as a sole trader business in a motor repair garage with heavy lifting gear, welding equipment, and customer vehicles and employ staff your personal assets could be at risk if there is an uninsured claim.
Where there is this type of risk, it may be advantageous to incorporate and operate as a Limited Company as in the case of that uninsured claim, it is the Company’s assets that are at risk rather than yours unless there has been negligence on your part.
Also, Limited Liability Partnerships are widely used by Solicitors and Accountants in order to provide an element of comfort in cases of claims.
Holding Companies can also be used effectively where there are trading companies carrying risk so the Holding Company holds the majority of the assets and shares are held in that Company rather than in the trading company.
Research and Development Tax Credits
Many businesses incur costs in developing new products or equipment and this can attract government funding in the form of HMRC Research and Development tax credits of an additional 130% of the amount expended, in addition to the costs already incurred in your company financials. Whilst we do not undertake this service ourselves, we introduce our clients to a specialist company, The R & D Claims Company, who only deal with this area and are experts in this field. For further information, please visit www.rdclaims.com or send contact details to firstname.lastname@example.org.
One of the areas where many businesses need assistance is with the upkeep of Statutory Records and Shareholders’ Agreements for Limited Companies, and Register of Members and Partnership Agreements for Partnerships.
We can assist in keeping these vital records up to date or even maintain them on behalf of clients.
In the case of a Limited Company, it is the Statutory Records that are the “Bible” of documents and these records override what is filed at Companies House even to the extent that if an individual is not included on a Shareholder’s Register, they cannot receive dividend payments as they are effectively not a shareholder.
Business Sales and Exit Planning
Having been involved in several client business sales, we are experienced in the sale process and can also conduct the necessary due diligence process in conjunction with the purchasers’ advisers.
The disposal may be a trade sale, management buy-out, merger or simply passing shares down the generations and we can advise on every type of business sale.
Tax Architecture Review
Please use the form below to tell us about your business and the specific tax…
Shareholders’ Agreements and Partnership Agreements
Where there are multiple individuals involved in a business, it is vital to have a reference document in case of disputes or sale of that business and this is where the Shareholders’ Agreement comes into its own for Limited Companies and a Partnership Agreement is important in a partnership, including Limited Liability Partnerships.
We are able to assist clients in these areas using our many years’ experience in preparing such documents.
Our clients have the benefit of our pre-year-end reviews where we can assess the profitability of a business and calculate the tax consequences. We can then advise our clients on possible courses of action they could take to reduce taxes both corporate and individual. We can offer a wide range of planning solutions with some provided by outside specialists.
We have over thirteen years’ experience dealing with the Specialist Investigations arm of HMRC and enquiries by Local Office Inspectors and never shy away from problems experienced by clients in this area. We aim to take the worry and hassle away from our clients by acting as their “shield” and dealing with HMRC on their behalf.