Support for company in audit results in minimised tax liabilities
Case Study16th Jul 2021
Contributors
Related services
Our Client
A company with an overseas parent, which provides sales, rental and maintenances services for heavy lifting equipment. They required a statutory audit and ongoing accounting support following the departure of a key staff member. There was also a need to address historical taxation issues.
Our Approach
- Addressed the taxation issues and worked with our client and HMRC to agree a manageable payment plan which minimised interest and penalties due
- Provided ongoing accounting support to assist with processing and preparation of monthly management accounts
- Delivery of the year end audit and preparation of corporation tax computation by separate engagement teams within 2 months of the financial year end
- Support in the form of ad-hoc advice and provision of management information through a period of change for our client which seen significant changes in staffing and the eventual disposal of one of the key service lines offered.
The Outcome
- The business secured minimised tax liabilities
- Management and owners were provided with reliable monthly management figures
- Our client receives ongoing support meaning freed up management time to focus on the day job
- AAB helped to minimise liabilities relating to historical taxation issues
- Support through disposal process allowed for a return of value to shareholders and the management team to focus on the core business going forward
Related Case studies
Series of fundraising bids help shipping company grow
Cashflow issues turned round for haulage supplier
Audit reveals VAT issue for manufacturing company
Club reduce costs through improved daily financial recording
Pensions regulations change prompts process simplification
Venue saves time on weekly payroll for 250 employees
Business expansion identifies potential tax issues
Local business sells out to national retailer
Start-up spirits distiller benefits from expertise
Automated finance systems for start up coffee shop
International acquisition of privately owned UK business
Payroll review results in efficiencies for UK food manufacturer
Post-Brexit reporting and funding for EU markets
Minority shareholder retires selling equity
Fishing partnership develop strategy to mitigate tax liabilities
Business expansion through growth capital funds