Asset Protection

18th October 2016

Once clients have built up a successful business, their focus will naturally progress from business development to protecting the value they have built up.

We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation:

Robust Financial Management

  • Undertaking a voluntary or statutory audit as, both, a preventative and detective measure.
  • Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance.
  • Registering for the Companies House PROOF secure online submission system, to reduce the risk of being a victim of corporate identity fraud.
  • Converting higher risk property and equity investments into lower risk asset types.
  • Diversifying bank accounts and other assets, to spread your risk exposure and maximise the protection given by government backed investor protection schemes.
  • Offering cost health checks, to keep control over your key spends.
  • Undertaking competent tax compliance, to make sure you self assess the correct (minimum) amount of tax, declared and paid correctly before the appropriate deadline. This will minimise the risk of any back-taxes being identified through a future HMRC tax enquiry, records check or control visit.

Insurance

  • Offering fee protection insurance, to protect against the professional fees that would become payable from defending a claim for back-taxes from HMRC, arising after a tax investigation.
  • Advising on and offering appropriate stakeholder protection (life and keyman insurance) cover.

Corporate Finance Restructuring

  • ‘Wrapping’ a limited liability company or LLP structure around a high risk commercial activity,
  • Creating appropriate trusts and transferring wealth into these (perhaps before full succession to the next generation).
  • Establishing a group structure, to ‘ring fence’ the commercial risk into a separate subsidiary, away from valuable assets held within the parent company.
  • Holding valuable business assets, such as the tools of the trade, premises, cash and intellectual property in personal (or partnership) ownership.
  • Transferring trading premises to a self administered pension scheme.

Legals/Contracts

  • Having a succession plan, to cover retirement of key individuals or other planned ‘exit’.
  • Amending the company’s Articles of Association to amend the default company law rules on pre-emption rights, share transfers, tag along and drag along provisions, etc.
  • Advising in relation to creating appropriate shareholder/partnership agreements.
  • Making sure the Wills of key individuals are consistent with such agreements.
  • Introducing best practice HR documentation and processes.


 
Other items in Blogs
 
Ruth Pearson
25th February 2021 HMRC Advisory Fuel Rates

HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021.   They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter.   The advisory electricity rate for fully electric cars remains…

Read More »

Keith Day
19th February 2021 VAT deferral new payment scheme – join from 23 February

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can.   If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period.   The online service…

Read More »

Scott Butcher
19th February 2021 Deadline looms for CBILS & BBL schemes

We are now just over a month away from the 31st March 2021 deadline for applications for the Bounce Back Loan (BBL) and Coronavirus Business Interruption Loan Scheme (CBILS).   The schemes were introduced to provide businesses with much needed working capital during the global pandemic, businesses benefited from no capital repayments being required for…

Read More »

Fiona Mann
19th February 2021 News: HMRC announce no penalty charge for late Self Assessment

Today HMRC have announced that they will not be charging Self Assessment tax payers a 5% late payment penalty if they pay their tax, or set up a payment plan by 1 April 2021.   This year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set…

Read More »

Vanessa Pearson
18th February 2021 IR35 – HMRC announce ‘light touch’ approach to penalties

The new private sector off-payroll rules are due to start from 6 April 2021 and HMRC have published their latest guidance – here.   The changes move the responsibility for determining a contractor’s IR35 status from the worker’s personal service company to the end client engaging them, where the end client is a medium/large business.…

Read More »

Lisa Smith
11th February 2021 VAT payments deferred due to Coronavirus

If, due to Coronavirus, your business deferred VAT payments due between 20 March and 30 June 2020 and you still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme – the online service is open between 23 February and…

Read More »