Fishing partnership develop strategy to mitigate tax liabilities
Our Client
A profitable fishing partnership, with individual and corporate partners, who wished to consider their business structure and options to mitigate tax liabilities
Our Approach
- Reviewed current business structure and considering whether incorporation from a partnership to a limited company was an option; outlining the potential benefits of incorporating the partnership business including analysis of tax savings together with other non-tax considerations
- Prepared a Project Plan for implementation of business transfer, which included AAB acting as project leads
- Provided accounting and tax support throughout implementation to ensure all client objectives met
- Liaised with the client, legal advisors and bankers
- Assisting with on-going compliance matters following business transfer.
The Outcome
- AAB provided the client with a business structure that meets their needs for future growth plans and objectives
- By detailing the main considerations of an incorporation at the outset of our discussions, as well as the impact this would have on our client’s business, this gave our client reassurance that an incorporation was the right course of action for them and ensured no unexpected surprises arose during the process.
- Reduced overall tax costs and liabilities of the business and associated partners
- By acting as project leads for implementation and taking overall responsibility for the process, this allowed management to focus on day-to-day operations
Related services
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
Support for company in audit results in minimised tax liabilities
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
Business expansion through growth capital funds
Sign up for the latest industry insights
Blog29th Jul 2022
COVID recovery, labour shortages & supply chain issues: the resilience of Scotland’s food & drink sector
In the last two years we have seen some of the most challenging times in business. In particular, the Scottish food and drink industry has been hit hard by varying restrictions imposed across the country. Despite these challenges, the industry…
By Derek Mair
View moreBlog11th Mar 2020
SeedPod – What does this mean for Scotland Food & Drink Businesses?
At AAB, we have a dedicated team of Food & Drink specialists who hold a wealth of experience and knowledge of the sector – a nod to the significance of the industry in the context of the Scottish economy and to our business. Considering our involvement within the sector, we…
By Derek Mair
View moreBlog12th Sep 2019
Funding Growing Food & Drink businesses
Fundraising for start-ups or early stage companies has always been a challenging task as anyone who has seen the plucky contestants enter the Dragons’ Den on the hit television programme can agree. However, with a high number of food and…
By Derek Mair
View moreBlog4th Jul 2019
Scotland Food & Drink – the £30 billion pound opportunity – supporting companies unlock their potential
The Scottish food & drink industry is a globally recognised brand and continuing to strengthen this brand will be key to reaching the shared vision of the Scotland Food & Drink Partnership outlined in their “Ambition 2030” strategy. To achieve…
By Derek Mair
View more
