The Mature Business
After several years your client’s business may have reached a point where it is running smoothly and turning profit on the back of experience and expertise that has been hard won over the years.
Whilst complacency can never be allowed to set in, businesses in this phase can often make significant gains by ensuring systems are monitored and appropriate steps are taken to optimise the position of the business. The TACS Partnership can provide guidance on key areas such as:
- Are the tax compliance structures your client adopted in their early years still fit for purpose?
- Are your client’s reward and remuneration systems open to any attack from HMRC?
- Is your client obtaining the maximum relief on expenditure on plant, machinery, research and intellectual property?
- What are the issues if your client expands their business overseas, both for the business and the individuals involved?
- What happens if one of your client’s customers or contacts defaults on debt, and what tax relief might be available for this?
- What are the consequences of keeping money in the business or extracting funds to the owner’s private account?
- If your clients are changing premises and perhaps also acquiring some investment property, what tax issues arise?
- Your client might have grown their pension pot over the years and want to add more funds if possible. Are there any tax pitfalls that they need to look out for?
The TACS Partnership can help guide your Mature business clients towards solutions which address both the changing needs of the business and the requirements of the owners and executives. Approaches may need to be adapted as the business and personal needs change. We plan to ensure that whatever is put in place is the right fit for the business as it matures, ensuring an optimal tax outcome.