Turner Accountancy was introduced to a client who was in the funeral industry. It was a family business very much in control of the parents.
As a result of the high quality of the service provided the business was expanding quickly and was outgrowing the existing premises. However with no Tax Planning the business was paying substantial amounts of Tax which was preventing them from investing in improved premises.
Turner Accountancy Ltd. put in place regular Tax Planning meetings which involved not only the parents but also the younger family members. These discussions involved our IFA with a view to improving their pension arrangements.
The business was restructured and within a few years new purpose built freehold premises were in place which significantly improved the business profitability. Even with the increasing profits the Tax liabilities were lower.
Regular Management Accounts meetings were introduced to review the performance of the business and discuss the best strategies for improving profitability.
Result
The parents were effectively, able to retire early from the business and buy their dream home abroad
The younger family members were able to successfully continue running the business.
The parents could retire knowing that performance was being carefully tracked and monitored and the younger family members had the relevant tools and back-up tools to make informed decisions when required.