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Case Studies

Case Studies

Partnership Peter and Harry

Peter and Harry own a snooker club business in Lewisham. The business has been trading successfully for many years until the recession came and affected the business adversely. The local authority however, do not appear to have taken this into consideration and they increased the business rates year on year until it became so large that the partnership has difficulty in meeting its obligation to pay the business rates. The partnership was in real danger of going out of business.

One of our clients recommended CTM Partnership Ltd (CTMP) advising Peter and Harry that they should give us "a go". At the free introductory meeting at our office in Croydon, we explained to Peter and Harry that in addition to providing "normal" services provided by accountants we will endeavour to negotiate with the local authority to assist them with their problem.

We then successfully negotiated and convinced the local authority that the business rate charged is too high for that business taking into consideration various factors. Consequently, a hardship relief application was awarded thereby saving the business from financial collapse.

Your hard earned income is retained by you and your investment in your business saved.

Sale of business - Mustafa

Mustafa owns 3 dental practices in the London and Kent area. He has been a client of CTMP for many years and has decided to sell one of his dental practices.

At a meeting with Mustafa, he asked CTMP to help him with the disposal. Mustafa wanted to dispose of the business for a certain price but we advised him that we can negotiate a better price for his business.

We subsequently devised a plan which involved CTMP at every stage of the selling process. We managed to negotiate and increase the selling price of the dental business by more than 25% An agreement was reached and drawn with the buyer to ensure both parties agreed to the important issues about the sale/purchase. We also recommended a firm of solicitors to assist with the legal documents.

We also provided Mustafa with advice on Capital Gains Tax (CGT), entrepreneur's relief, etc as this was a great concern to him. We also advised that the solicitors should update his will at the same time to take account of his new circumstances.

Mustafa was very grateful for the help and to know that CTMP is readily available to assist with any future queries/ventures. Throughout the sale of the business, future transactions tax planning was at the top of the agenda.

We negotiate hard on your behalf and also ensure your hard earned income is retained by you and not taken by the tax man.

Changing Accountants - Alan

Alan, who lives in Croydon, operates his diner business as a sole trader. He was experiencing various problems with the taxman and was under tax investigation where previous accountants have all but given up. Alan was of the opinion that all accountants are the same. He was also concerned that changing accountants would be a complex issue. After talking to various people in the catering industry, he was recommended to contact CTMP.

At the free introductory meeting at our office in Croydon, we explained how simple it was to change accountants and also we can assist him in trying to resolve his problem with HMRC. We advised Alan that there would be no cost in changing accountants and simply involve CTMP contacting the previous accountants for standard information. The whole process took less than two weeks. To Alan's relief it was simple, quick and cost free!

Once appointed, we were quickly able to review the main items of concern regarding the tax investigation. We contacted HMRC and were proactive in our discussion with them, providing information as required by HMRC. During the whole investigation, we kept Alan fully aware of what is happening. The outcome of the tax investigation is that CTMP successfully defended the case with no tax payable. Alan was very pleased to know that CTMP is readily available to help, a period we call "hand holding". Throughout the process, addressing Alan's concerns and future issues, tax planning was, as always, at the top of the agenda. Our primary aim is to ensure -

Your hard earned income Is retained by you and not taken by the tax man.

Group of companies Ben

CTMP has been acting for a group of companies for several years. Unfortunately due to the economic climate, a major trading subsidiary of the group was facing severe financial difficulties. Like most businesses, it had cash flow problems. The existence of the group was dependent on this major trading subsidiary surviving the crisis.

The chairman and managing director of the parent company approached CTM Partnership Ltd and asked for our help in restructuring the group and negotiate with the bankers and shareholders to save the group. CTMP undertook the task of saving the group by assisting the directors of the parent company in writing up a detailed business plan for presentation to the bankers and shareholders. At the same time, we were advising the directors on the tax implications of the various changes to the group structure and improving the system further within the group; although we have always advised the group on improving the system on a yearly basis,

The outcome is that CTMP has successfully negotiated fresh finance for the group ensuring the loss making subsidiary did not bring down the group. Throughout the process, CTMP has provided the directors of the group with practical advice, both tax and non-tax and ensure the survival of the group.

We are on your side and ensure our expertise is always at your disposal.

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