Are you going to pay the right amount of Inheritance Tax?

Losing a family member can be a very distressing time, especially when this comes suddenly and is unexpected.

One of our dairy farming clients faced an inheritance tax bill of over £220,000 on their fathers estate which included 2 working farms. The sons of the deceased individual came to Armstrong Watson as their trusted advisors to review the correspondence they had received from their solicitors and H M Revenue and Customs.

Different level of pro-activity leads to significant tax savings for new Armstrong Watson Client

"By listening to our needs and getting to know the business, Matt, Tom and the team were able to offer us a different level of proactivity that we had not seen before from our previous advisers”
 

Strategic business advice helps increase Oldfield Electrical Supplies turnover past the £10 million mark

“By listening to our needs and getting to know the business, David and the team were able to steer us in the right direction to achieve our expansion goals and increase our number of operational branches within 3 years.”
Matthew Bell, Managing Director, Oldfield Electrical Supplies

Background

Successful protection of interests in law firm closure

Armstrong Watson was engaged by Genus Law Limited to find a firm to acquire the ongoing matters, client relationships and successor practice status; monitor compliance and lead on interaction with the SRA; and to ultimately liquidate the business.

Challenges

Taking your team and setting up on your own – a law firm “MBO”

Armstrong Watson was engaged by a head of practice area who was keen to take his existing team and clients from his current multi-partner firm to create his own sole practice. We were therefore engaged to value his current position in isolation, negotiate an exit value, incorporate a new entity, register the new entity with the SRA, establish lines of financing with bankers and ultimately assist in the ongoing financial compliance of the new business (e.g. in respect to payroll requirements, HMRC etc.).

Challenges

MSI Case Study: The Quiet American

Mr Green moved to the UK ten years ago, having been born and brought up in the USA.  Given he had no income or assets left in the US he assumed that he had no further requirements in the US.  After all he was paying all his taxes in the UK. 

MSI Case Study: A Tale of Two Cities

Not all countries look as favourably on trusts as we do and if a beneficiary goes to live or work abroad the trustees need to know as such a move could create additional reporting requirements for them.  France in particular has very strict reporting rules.

Bonus Scheme

Background

Over the last year we have been approached by a number of firms looking at how they can maximise the output of their people.  They were all considering how they reward their people can influence performance.

What was the issue?

The firms were all keen to reward their people but were concerned about the impact the structure of the reward could have on the culture and staff of the firm.

Why the firms sought to work with us?

Restructuring, Recovery & Insolvency Achieve Multi Million Pound Property Development Sales

Two long standing Administrations, with Mike Kienlen acting as Administrator, and involving the same Bank as secured lender, has resulted in multi million pound commercial and residential property sales. The appointments were made in 2009 at the time of the financial and property crisis within the construction sector. Both sales have been achieved following lengthy marketing campaigns during 2016 and subsequent protracted contract negotiations.

Redundancy of Directors

When a company enters into an insolvent process, with insufficient monies to pay amounts due to employees in respect of:

• Arrears of pay – up to eight weeks
• Accrued holiday entitlement – up to six weeks
• Statutory notice pay – up to twelve weeks
• Redundancy pay – must have at least two years service

An employee must complete an RP1 form to make a claim for payment from the Redundancy Payments Service (RPS).