The challenge
A successful business, experienced in both e-commerce and retail selling looking for an accountant to advise on their tax position to ensure that they are paying the correct amount of tax and not too much!
What we did
We visited the clients at their premises to discuss the business, its activities and its key people. It was very soon apparent that much like Team CB, Headlights was all about teamwork and in this case was a team consisting of close family members, which immediately felt like a great match. We were given a clear insight of the business model and its past financial history and felt sure very early on that there was a solution that would work well for all involved. Looking at the structure of the business in its current state as a partnership there was a perfect opportunity to discuss the benefits of incorporation. Along with this, it was also prudent to explain the practical issues that this would involve such as; opening new bank accounts, transferring vat numbers, new invoice templates and the many other issues to overcome initially.
The results
Together we were able to address all of the initial concerns, set up the new entity and successfully make the move from Partnership to Limited Company ensuring that the client paid the correct amount of tax, at the right time and at the correct rate pursuant to a successful business such as Headlights. A very effective exercise to have undertaken and a great relationship between two fantastic teams.
Team Members who helped deliver this project
