Professional Services: Case Study 1

Background

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 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 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 Benefits to the Client

  • Adherence to FCA regulation for whistleblowing
  • Client was able to make an informed decision with confidence
  • Tax savings helped to facilitate succession planning and allowed client to accelerate plans to invest to grow the business
  • Project managed business transfer allowing client to focus on the business and avoid putting pressure on internal resource

The Plus Factor in Action

  • We helped our client make money by helping them transfer to a more tax efficient business structure which reduced their tax liabilities and allowed for increased investment in the business
  • We saved our client time by providing proactive advice and managing the transfer so that the client was able to continue managing the business
  • We gave our client peace of mind by providing them with illustrations and succinct advice which allowed them to see the key commercial and tax considerations clearly, with our experts taking responsibility for the complexities
  • We supported our client now and in the future by continuing to provide accounting, corporate finance and tax support and working closely with them to ensure they maximise the benefits of their new business structure

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