Professional services firm improves tax efficiency
Case Study26th Aug 2020
Contributors
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Our Client
A professional services LLP weighing the benefits of transferring their business to a limited company.
Our Approach
- Met with the client to gather key financial information and details of current business ownership, growth aspirations and succession plans
- Prepared a financial projections model based on assumed trading levels and partners’ drawings
- Prepared detailed illustrations to compare tax savings available between continuation as an LLP and transferring to a limited company
- Presented a report and recommendations to the partners on the optimum route to incorporate for their business
- Prepared a detailed project plan capturing legal, financial and other commercial steps required to implement business transfer
- Project managed the transfer of the business for the client
- Handled all necessary accounting and tax reporting following the business transfer
The Outcome
- Our client was able to make an informed decision with confidence, seeing the key commercial and tax considerations clearly, with our experts taking responsibility for the complexities
- Through moving to a more tax efficient business structure, tax savings helped to facilitate succession planning and allowed the client to accelerate plans to invest to grow the business
- Through using a project managed business transfer it allowed the client to focus on the business and avoid putting pressure on internal resource
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