The Mature Business
After several years the 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 we adopted in our early years still fit for purpose?
- Are our reward and remuneration systems open to any attack for HMRC?
- Are we obtaining the maximum relief on our expenditure on plant, machinery, research and intellectual property?
- What are the issues if we expand our business overseas, both for the business and the individuals involved?
- What happens if one of our customers or contacts defaults on debt, and what tax relief can we get for this?
- What are the consequences of keeping money in the business or extracting funds to my private account?
- We are changing premises and also acquiring some investment property. What tax issues arise?
- I have grown my pension pot over the years and want to add more funds if possible. Are there any tax pitfalls I need to look out for?
The TACS Partnership can help guide the Mature business 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, and ensuring that whatever is put in place is the right fit for the business as it matures will be vital to ensure an optimal tax outcome.