Shipping: Case Study 2

Background

Profitable fishing partnership, with individual and corporate partners, who wished to consider their business structure and options to mitigate tax liabilities.

Our Approach

  • Reviewing 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
  • Preparation of Project Plan for implementation of business transfer, which included AAB acting as project leads
  • Accounting and tax support provided throughout implementation to ensure all client objectives met
  • Liaising with the client, legal advisors and bankers
  • Assisting with on-going compliance matters following business transfer.

The Benefits to the Client

  • Provide client with a business structure that meets their needs for future growth plans and objectives
  • Reduce overall tax costs of the business and associated partners

The Plus Factor in Action

  • We helped our client make money by reducing their annual tax liabilities
  • We saved our client time 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.
  • We gave our client peace of mind by acting as project leads for implementation and taking overall responsibility for the process, allowing management to focus on day-to-day operations
  • We supported them now and in the future through acting as the company’s business advisors post-incorporation for all compliance matters
More in this category: « Shipping: Case Study 1
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Key Contact

Derek Mair
Partner

derek.mair@aab.uk
+44 1224 625111