Protect Valuable Assets from Business Risks

24th January 2015
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.
  • Protecting your data behind robust a robust IT infrastructure.

Insurance

  • Offering tax investigation 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
Ellen Carter
11th August 2022 Revisit your remuneration?

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…

Jaimie King
10th August 2022 Seeing Double: New Recovery Loan Scheme begins

While one government-backed Recovery Loan Scheme (RLS) ends, another opens.   The previous RLS closed on 30th June 2022, but to follow this the government have introduced a new RLS scheme to support businesses through the out-turn of the pandemic, expected to be accessible after 1st August 2022.   The New Recovery Loan Scheme Government…

Charlie Whittle
10th August 2022 Annual Allowance for NHS pensions

What is the annual allowance? The annual allowance for the 2022/23 tax year is £40,000 and each year this is compared with your pension input amounts. Your pension input is defined as the increase or growth in the capital value of your NHS pension benefits across all pension schemes. Any growth in excess of the…

Jake Day
8th August 2022 TRS Registrations: This deadline may apply to you

  1st September 2022 – This deadline may apply to you!   If you hold property or investments on behalf of another person, HMRC may consider this as a reportable trust arrangement. This may mean that you need to register on the Trust Registration Service (TRS) before 1st September 2022.   New legislation now in…

Megan Turner
4th August 2022 Charity Commission annual return: Planned Changes

The Charity Commission has launched a consultation regarding changes to the annual return.   There are a number of new questions, taking the total questions from 36 to 52, although only 32 will be compulsory. The aim of the new questions is to make the annual return more comprehensive, by gaining information around charity’s income…

Ben Beech
3rd August 2022 MP’s call for Government to Introduce Essential User Rebate

The All-Party Parliamentary Group for Road Freight and Logistics has today (27 July 2022) urged the Government to approve the introduction of an Essential User Rebate of no less than 15 pence per litre for operators within the logistics sector to combat the effects of soaring fuel prices and inflation.   The call has come…