If you ever considered buying a business and operating it as an LLP then this case study with our LLP client Wolfgang Capital can help you answer some questions about the process. Wolfgang Capital is an M&A investment company that focuses on operational profitability and cash flow by investing in SMEs and converting them into limited liability partnerships (LLP). By utilising the LLP model and looking beyond the traditional metrics like revenue or profit margins into areas such as customer ratings, employee retention rates, productivity, people
If we were to ask you “What links Lawrence of Arabia, Edgar Allen Poe, and AC/DC?”, we expect you might be left stumped. Yet there’s a perfectly plausible answer in the “horror/comedy/musical road movie” known as Eldorado, alternative title Highway to Hell: Peter O’Toole narrates the film, it opens with a reading of Poe’s poem “Eldorado”, and its alternative title shares its name with one of AC/DC’s most famous hits.
To apply for Maternity Allowance you’ll need to fill out the application form which can either be filled out online and then printed or printed and filled out by hand. The application form then needs to be posted off along with the supporting documentation – proof of your income and your original MATB1 form.
VAT-registered businesses are required to submit VAT returns four times per year. You can, however, sign up for the VAT Annual Accounting Scheme if you are eligible (and it is worth your time). You will only have to file a VAT return once a year under this scheme. The scheme’s goal is to improve cash flow and make VAT administration as well as budgeting easier. But it is not all smooth sailing.
Making Tax Digital (MTD) is part of the Treasury’s vision to digitalise the UK tax system, which simply means that businesses must ensure that they maintain digital accounting records as opposed to continuing to do tax-related activities on paper. Hopefully, going forward, this will improve the speed and efficiency of the UK tax system as well as reduce errors.
Are you looking for a new way to incentivise your employees? A key part of restructuring your SME into a limited liability partnership (LLP), is having everyone share proportionately in the business’ success and profits. Essentially, having a profit share model in place. The best part about profit sharing is that it’s not just an incentive – it’s also a way of ensuring everyone can reap the benefits of the success. This all sounds good, but you may be worried that by sharing out profits, the business may be unable to reinvest, find out more.
Awesome! I Survived the pandemic restrictions to my business, I broke even and haven’t got any tax to pay! Or have I? To explore the subject of tax to pay, let’s drill into the numbers a little bit. Here is our imaginary company, Wobbly Candles Ltd. Find out more by reading the blog.
This is the first piece in a three-part series on our blog, shedding light on the creative industries reliefs made available to create content that is predominantly generated within the UK, checking out case studies where available, and perhaps looking at how things could be amended/improved. We kick things off by looking at Video Game Tax Relief, examining how it works, some of the hoops a developer would have to jump through, and discussing Grand Theft Auto.
As a small business owner you probably dread the thought of HMRC opening an enquiry on your business’ VAT returns. Over the last ten years we’ve assisted our clients with numerous routine VAT enquiries, and on the whole, we’ve found HMRC’s VAT officers to be supportive and helpful throughout the process. We’ve put together this article to give small business owners an idea of what to expect from a VAT inspection, and how to deal with the process.
In the UK today, most people work in service-based and knowledge-based industries. These are industries which deal in intangible assets such as intellectual property: knowledge and know-how, patents, trademarks, copyrights and brands. This wasn’t always the case, but the pace of change has been accelerating.
Have you thought about switching your business structure from a limited company to a limited liability partnership but you kept running into these three concerns: “it won’t work for my business because we are too big", “the industry we are in, I just don’t see it working", “management wise, what does it mean when everyone is a partner, do I lose control of the working relationship?” Although these questions may seem like dealbreakers, they actually have very simple solutions. Let’s take a look at them one by one.
The concepts of group structures and holding companies sound very corporate. Like, really, obnoxiously corporate. The idea of having several companies owned by another company which, in turn, is owned by a bunch of shareholders can be daunting. And that’s not even mentioning the extra statutory burdens it seemingly places on the business: more VAT returns, CT returns, multiple monthly payrolls, and multiple sets of accounts to file. If you are a small business owner, you’re probably on the verge of a headache having read that – sorry!