Sole Trader with £70,000 Turnover

The Challenges

Our client is a sole trader with gross turnover just over the VAT registration limit. The business owner employs several staff and processes the payroll personally. Both these issues are typical of small businesses and the associated paperwork and management of payments of VAT and PAYE result in less time being able to be spent on focusing on the main activities of the business.

The introduction of RTI (Real Time Information) is also relevant and needs dealt with in the coming months.

What we did

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Law Practice Dispute Valuation

Our legal sector team has a great deal of experience of valuing practices for a variety of purposes including retirements; disposals; mergers; incorporations; restructuring; and increasingly with disputes. We also have experience of being appointed as a single joint expert witness to value practices where the owners are in dispute. However despite all of that experience, each valuation is bespoke and presents different challenges, especially with disputes.

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Two Partner Law Firm in Yorkshire

The Budget of 21 March 2012 didn’t hold too many changes for a two partner law firm in Yorkshire we have been working with for a number of years. Yes, the top rate of tax will be reduced from 50 pence in the pound to 45 pence from April 2013, but income in excess of £100,000 per annum will still see personal allowances removed, creating an effective tax charge of 60% on a proportion of income.

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Growth by Acquisiton

Ambitious company operating in the equipment hire sector seeking to acquire a key local competitor whose owners were approaching retirement and wanted to sell the business.

Objectives

  • Secure the acquisition of the business against other interested parties
  • Raise the necessary borrowing to fund the acquisition
  • Structure the deal in the most tax efficient way for our client

What we did

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Approaching Retirement

Owner manager aged 60 had built a successful company specialising in the import and wholesale supply to the forestry and horticultural sector. The client wanted to exit the business and in turn realise sufficient capital to fund his retirement.  The opportunity was referred to us by a firm of local accountants who looked after the client’s compliance affairs but did not have a specialist corporate finance department to advise on business sales.

Client Objectives

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Family Owned Food Retail Company

Family owned food retail company - business owned and operated by 2 brothers

Challenges:

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John and Pam Cavanagh

After several years of having our tax affairs managed expensively and ineffectively by a well known major international auditing company we switched 3 years ago to Armstrong Watson. Facing a complex and unique set of legacy tax issues, Armstrong Watson researched every issue in great detail, consulted the appropriate specialists where necessary and proposed what turned out to be a very effective solution.

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Donald Engineering and Design Limited

 Donald Engineering and Design Limited are a small engineering firm based just outside Carlisle, which carries out design and development work for companies in the food, composites and road-marking industries.

 

The firm, unaware of the fact that its work qualified for a significantly enhanced tax relief, were approached by Armstrong Watson in November 2007, with the aim to identify if the company was eligible for the Research & Development tax relief available to companies carrying out qualifying activities.

 

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Engineered Assistance Limited

 Engineered Assistance Limited are an engineering firm based in Leeds, which carries out research and development work for a new form of patient handling technology for use in healthcare.

 
The company is only just starting to trade but with the help of Armstrong Watson it has applied to treat its pre trading R&D costs as expenditure qualifying for R&D tax credits. Accordingly, the company has obtained nearly £60,000 in tax-free cash back from HMRC despite that it has yet to pay any corporation tax.
 

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Get in touch

To find out more about how we can help you or your business, call us on 0808 144 5575 and speak to a member of our team. Alternatively use our contact form to send us a message or arrange a callback.

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