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.
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.
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.
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.
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 management team (“MBO Team”) in a highly successful commercial vehicle assistance company had decided the time was right to approach the existing owners with a view to completing a Management Buy Out (“MBO”).
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Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
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